Are you ready for the TNFD framework?

27 October 2021

To read Part I of this article, please click here.

How to get involved with the TNFD development?

There are various ways to get involved in the TNFD development and to engage as banks, insurers and investors.

  1. Join the TNFD Forum

Organisations who share the vision and mission of the TNFD, and are willing to make themselves available to contribute to the work and mission of the Taskforce, should express their interest in joining the TNFD Forum by emailing the team at membership@tnfd.global

  1. Offer your expertise as part of the TNFD knowledge hub

Organisations or individuals interested in providing particular technical expertise can express interest to participate in the TNFD Knowledge Hub— an interdisciplinary group of technical contributors and knowledge partners available to support the Taskforce Members and the technical work of the Secretariat.

  1. Start asking the right questions

The first step in understanding nature-related risks and opportunities is by asking the right questions to the companies you invest in. For example, as an asset manager, the proposed technical scope of TNFD can be used to evaluate the biodiversity impact of your portfolio. Existing tools such as ENCORE can help assess the risks that environmental degradation, such as the pollution of oceans or destruction of forests, cause.

  1. Train your teams

Although there is a growing recognition that nature is a rising concern among financial services providers, there is a limited understanding of the topic and how to translate the impact on nature in the business process. UNEP FI is helping its members understand and develop action. For example, the Nature Positive Insurance series – a leadership series convened by UNEP FI’s Principles for Sustainable Insurance Initiative and the UN Convention on Biological Diversity (CBD) – highlights the key role of the insurance industry in addressing nature-related issues, and supports understanding of the disclosure and emerging regulatory and supervisory thinking.

  1. Join Testing of the TNFD framework

The testing of the draft TNFD framework, which is expected to commence in early 2022, provides the financial service provider with the opportunity to test the framework, whilst at the same time support the framework development, receive technical support in its application and ensure that it is realistic, robust, and practical. Participants will be asked to provide feedback on the key dimensions of scope and the pros and cons of different options, or on principal data, issues found when applying the framework.

  1. Influence global policy

The fifteenth meeting of the Conference of the Parties to the Convention on Biological Diversity (CBD COP15) will take place virtually from 11 to 15 October 2021. As a financial service provider you can join efforts to call on governments to protect and restore biodiversity. For example by joining the Finance for Biodiversity pledge, which to date has already 75 signatories from 17 countries with a total AUM of 12 trillion Euros.[1].

How can UNEP FI help?  

UNEP FI works with members and partners to embed sustainable decision-making into mainstream finance. We provide technical research and guidance, working with the financial community on cutting-edge innovations and frameworks, and developing industry-wide tools linking science, policy, economics and finance, bringing nature to the heart of financial decision-making.

The Nature team supports the development of the TNFD and is available to support you:

[1] https://www.financeforbiodiversity.org/

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