Boost to Taskforce on Nature-Related Financial Disclosures

Ninety-six more organisations have adopted the corporate recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) since January this year.

This increase of 30% means the 416 companies will publish aligned disclosures for 2024 or 2025 outcomes, which represents more than US$6trln in market capital, says TNFD.

The International Council on Mining and Metals (ICMM) welcomes the TNFD's Sector Guidance: Metals and Mining as an important step to shift the economy to supporting nature.

The ICMM comments that this will enable mining and metals companies to identify, assess, manage and disclose nature-related issues.

The ICMM is the official piloting partner for this industry and has collaborated with 13 companies and partners, including Birdlife International and Flora & Flora, to develop sector-specific guidance.

The Council highlights a recent report from Oxford University, UK, which reveals shocks to the global economy from biodiversity loss and ecosystem damage could cost more than US$5trln.

The taskforce notes that 114 financial instutions are now signed up as adopters, representing US$15.9trln in assets under management, including 25% of the world's systemically important banks.

This includes LGIM, Generation Investment Management and Acciona.