Taskforce on Nature-related Financial Disclosures (TNFD)

With growing awareness of biodiversity risks across the world, organisations are increasing their focus on developing and implementing a biodiversity strategy.

Biodiversity loss – a reduction or disappearance of the variety of living beings on our planet – can cause disruption to supply chains, increase regulatory compliance costs and has the potential to cause reputational damage if companies are not tackling their responsibilities. It may be some way behind climate change on the business agenda, but early adopters are already seeing the benefits.

Bureau Veritas has a team of experts ready to help you navigate the complexities and demonstrate your commitment, including disclosure under the TNFD initiative.

WHAT IS THE TNFD?

While methodologies for companies to calculate carbon emissions are relatively well established, measuring biodiversity can be complex and multi-faceted. The Taskforce for Nature-Related Financial Disclosures is a science-based global initiative, providing organisations with a risk management and disclosure framework on nature-related dependencies, impacts, risks and opportunities.

This voluntary framework, continuously updated in line with changing science, provides a blueprint for companies to measure, report and disclose how they are reducing negative impacts on (and ideally enhancing) biodiversity, alongside their decarbonisation strategies.

It covers four disclosure pillars; Governance, Strategy, Risk & Impact Management and Metrics & Targets.

WHY DOES BIODIVERSITY MATTER?

While much of the attention relating to environmental risk relates to climate change and carbon reduction, biodiversity remains a significant global challenge. According to the recent WWF Living Planet Report, global biodiversity has declined by an estimated 69% since 1970. Recent figures suggest that biodiversity loss could put $44 trillion at risk globally.

The UK has lost more biodiversity than many other countries in the world, 189th of 218 countries assessed on the Biodiversity Intactness Index (BII). The most recent State of Nature report shows that 16% of species are at risk of extinction in Great Britain and the species studied have declined by 19% on average since monitoring began in 1970. This is largely due to increased population density, which has contributed to declining crop areas and high intensity agriculture.

$44 trillionBiodiversity loss could put $44 trillion at risk globally

39%of companies provide biodiversity reporting, providing an opportunity for early adopters to drive competitive advantage

16%of species are at risk of extinction in Great Britain

WHAT ARE THE BENEFITS OF TNFD DISCLOSURE?

Demonstrate your commitment to biodiversity alongside climate change and carbon reduction strategies
Boost social value - drive competitive advantage and cement your position as an early adopter
Enhance access to funding - investors are also increasingly directing capital towards companies that can demonstrate and report on their biodiversity strategy
Support biodiversity net gain and protect species, which can minimise disruption to supply chains
Optimise costs associated with regulatory compliance

OUR TNFD AND BIODIVERSITY STRATEGY SERVICES

Bureau Veritas offers a team of environmental specialists, working with organisations to deliver specialist support. Working in collaboration, we can help develop your biodiversity strategy within the framework required for TNFD disclosure. Our services include:

Gap analysis to identify readiness for assessment with recommendations
Support with identifying nature-related impacts, dependencies, risks and opportunities following the TNFD LEAP (Locate, Evaluate, Assess, Prepare) guidance
Materiality assessments to understand your material dependencies and impacts on nature

WHY CHOOSE BUREAU VERITAS FOR YOUR BIODIVERSITY STRATEGY?

Using TNFD to enhance decision making and disclosure requires involvement and buy-in from a number of internal and external stakeholders. Successful disclosure can be a complex process, often requiring skills and resources that might not be available in-house. We can help you overcome any challenges by providing:

Experienced and professional team of environmental specialists
Impartial support from a global leader
Full range of environmental and sustainability support services including achieving net zero, environmental risk, sustainability assurance and sustainability performance
Combined solutions from one supplier for economies of scale