Jamshedpur, September 30: Koushik Chatterjee, ED & CFO of Tata Steel, along with other senior executives from across financial institutions, other corporates and market service providers representing major global markets have joined the Taskforce on Nature-related Financial Disclosures (TNFD) as its members.
The 30 Taskforce Members of TNFD have been selected for their sector and geographical coverage and their individual subject-matter expertise across nature and finance that can support TNFD’s mission. The Members represent sectors with the largest impact and dependencies on nature, such as agribusiness, the blue economy, food & beverage, mining, construction, infrastructure and others, and are globally representative coming from 14 countries across 5 continents.
Officially launched in June 2021, TNFD aims to provide a framework for organisations to report and act on evolving nature-related risks, in order to support a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes.
T V Narendran, CEO & MD, Tata Steel, said: “Tata Steel has a long history of leadership in sustainability practices, including measurement and awareness of our consumption of natural capital. Given our large operations, we understand the need to preserve bio-diversity around our several manufacturing and mining sites. I fully support Tata Steel and Koushik’s association with TNFD, which will drive more effective and practical measurement, mitigation and solutions for nature-related risks – something that is essential for the sustainability of our planet, our economies and our businesses.”
Led by TNFD Co-Chairs Elizabeth Mrema, United Nations Assistant Secretary General and Executive Secretary of the UN Convention on Biological Diversity (CBD) and David Craig, Former CEO of Refinitiv and Strategic Advisor to London Stock Exchange Group (LSEG), the Taskforce Members are convening for the first time on the 6th of October to kick off their work developing and delivering a risk management and financial disclosure framework to support a shift in global financial flows away from nature-negative outcomes and towards nature-positive outcomes.
The finalised framework is earmarked for release in late 2023. However, a draft beta version will be circulated in early 2022 to be tested and refined via an open-innovation approach with market participants throughout next year.
The Taskforce membership will ultimately consist of up to 35 individuals. Selection of the remaining senior executives is currently underway, bringing in further specialists from sectors and geographies to broaden the Taskforce’s geographic and sector coverage and its diversity of expertise.
“The business and financial world’s race towards net zero emissions will only succeed if they race equally fast towards nature-positivity. While the importance and urgency of our work is clear, so is the complexity of the challenge ahead for the TNFD. The TNFD initiative is by the market for the market. Therefore, development of a practical framework for nature-related risks will only be achievable by bringing together market practitioners and experts in biodiversity, data, metrics and standards, risk management and disclosure frameworks into a unique collaborative endeavour. We are looking forward to immediately starting the work with our Taskforce Members,” said TNFD Co-Chairs, Elizabeth Mrema and David Craig.
Each Taskforce Member will be part of at least one of five initial Working Groups through which the specific, technical work will begin to develop the TNFD framework.
The five Working Groups comprise, and their work will focus on:
Defining nature-related risks
Landscape of standards and metrics
Development of a Beta framework
Pilot testing and integration
Supporting the work of the Taskforce itself is a broader consultative body of institutional supporters and partners known as the TNFD Forum.
The TNFD Forum is a global multi-disciplinary consultative group of institutions launching with over 100 Forum members. These institutions share the vision and mission of the TNFD and have expressed the willingness to make themselves available to contribute to the work of the Taskforce. The TNFD Forum is open for membership and expected to grow over time as more organisations become aware of the importance of their engagement and come on board to support a shift in financial flows towards nature-positive outcomes. In addition to the already confirmed Forum members, a further 100 institutions have also expressed interest in joining the Forum in the short term.