Corporate News Highlights: Week Ending 5 July 2024 | UK

TNFD: Increased implementation of TNFD and new sector guidelines

On 28 June 2024, the Nature-related Financial Disclosure Team (TNFD) announced that since January 2024, the number of people adopting its corporate reporting recommendations has increased by 30% and published a set of sector-specific guidelines, including recommended disclosure indicators for specific sectors, to support corporate and financial institution reporting.

The TNFD published its final recommendations, which include a set of general requirements for nature-related disclosures and a set of recommended disclosures (TNFD Recommendations), in September 2023. The TNFD has now published Additional Sectoral Guidance for eight sectors, updated Additional Guidance for Financial Institutions and Additional Guidance for Value Chains.

The additional sectoral guidance includes recommended sector indicators for disclosure in line with the TNFD recommendations and covers the following sectors:

Additional guidance for financial institutions includes guidance on the TNFD recommended disclosures and disclosure indicators for banks, reinsurance companies, asset managers and owners, and development finance institutions.

The additional guidance on value chains is intended to assist organisations in identifying and analysing their upstream and downstream value chains. It describes the characteristics of value chains that may create challenges in assessing nature-related issues and how organisations can approach these issues, including assessing when it is appropriate to pursue full traceability and where the use of secondary data is an acceptable alternative to directly measuring dependencies and impacts.

(TNFD, implementation of TNFD by over 400 organizations and issuance of new sector guidelines, 28/06/2024)