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The Science of Climate Change

Climate change is no longer a distant threat or just a possibility, it is now a reality for all of us. In this pathway, Kevin Trenberth, a renowned climatologist, delves into the science behind climate change. He first introduces the climate system, its main components and forces.

Tackling the Plastic Crisis

Plastic pollution is by far the biggest threat to our oceans and this remains an incredibly tough problem to solve. Plastic credits could potentially serve as one of the much needed solutions for this crisis.

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The Scale of the Net Zero Challenge

The price of meeting net zero is estimated to be between $100-150 trillion over the next 30 years. Regardless of this cost, we need to reach net zero before climate change does irreversible damage to the environment and the economy.

ESG, Sustainability and Impact Jargon Buster

ESG, sustainability, impact… they all just mean green, right? Not quite. Despite being used often interchangeably, there are distinct differences between these terms.

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The Science of Climate Change

Climate change is no longer a distant threat or just a possibility, it is now a reality for all of us. In this pathway, Kevin Trenberth, a renowned climatologist, delves into the science behind climate change. He first introduces the climate system, its main components and forces.

Tackling the Plastic Crisis

Plastic pollution is by far the biggest threat to our oceans and this remains an incredibly tough problem to solve. Plastic credits could potentially serve as one of the much needed solutions for this crisis.

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+1,000 expert presented, on-demand video modules

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The Scale of the Net Zero Challenge

The price of meeting net zero is estimated to be between $100-150 trillion over the next 30 years. Regardless of this cost, we need to reach net zero before climate change does irreversible damage to the environment and the economy.

ESG, Sustainability and Impact Jargon Buster

ESG, sustainability, impact… they all just mean green, right? Not quite. Despite being used often interchangeably, there are distinct differences between these terms.

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Introduction to the TNFD

Introduction to the TNFD

Keith Mullin

35 years: Capital markets editorial

In this video, Keith explains the TNFD and its mission to deliver a risk management and disclosure framework to help organisations report nature-related risks. He covers the TNFD's definition of nature-related risks, the concept of nature-related opportunities, and the TNFD's goal to shift financial flows towards nature-positive outcomes. He also provides a brief overview of the TNFD's recommended disclosures, its core components, and its comparison to other standards and reporting initiatives, such as the TCFD, CDP, SASB and GRI.

In this video, Keith explains the TNFD and its mission to deliver a risk management and disclosure framework to help organisations report nature-related risks. He covers the TNFD's definition of nature-related risks, the concept of nature-related opportunities, and the TNFD's goal to shift financial flows towards nature-positive outcomes. He also provides a brief overview of the TNFD's recommended disclosures, its core components, and its comparison to other standards and reporting initiatives, such as the TCFD, CDP, SASB and GRI.

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Introduction to the TNFD

8 mins 11 secs

Key learning objectives:

  • Outline what the Taskforce on Nature-related Financial Disclosures is

  • Understand the TNFD’s proposed recommendations

  • Outline how the TNFD differs from the other reporting initiatives

Overview:

The Taskforce on Nature-related Financial Disclosures, TNFD, was established to deliver a risk management and disclosure framework to enable organisations to report nature-related risks. This is due to the fact that more than half of the world’s economic output is moderately or highly dependent on nature. Similar to the TCFD, the TNFD will issue disclosure recommendations rather than standards.

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Summary

What is the Taskforce on Nature-related Financial Disclosures (TNFD)?

Convened in June 2021, the TNFD is aiming to deliver a risk management and disclosure framework to enable organisations to report nature-related risks, with the intention of shifting financial flows to ‘nature-positive outcomes’. It believes better information will allow financial institutions and companies to incorporate nature-related risks and opportunities into their planning, risk management and asset allocation.

Nature-related risks are defined as: “potential threats posed to an organisation linked to its and other organisations’ dependencies on nature and nature impacts. These can derive from physical, transition and systemic risks”.

Whereas nature-related opportunities are defined as: “activities that create positive outcomes for organisations and nature by avoiding or reducing impact on nature or contributing to its restoration”.

The Taskforce itself has 34 individual members from financial institutions, corporates and service providers with almost $20tn in assets.

What are the TNFD’s proposed recommendations?

The TNFD’s proposed disclosure recommendations have been designed to align with the TCFD recommendations on financial disclosure and builds on them. They will have the same pillars; governance, strategy, risk management and metrics and targets. They have come up with 12 recommended disclosures across the four pillars, which can be seen in the video. 

The four core pillars are structured around seven principles:

1. Market usability
2. Science-based
3. Embrace nature-related risks
4. Purpose driven and will target reducing risks and increasing nature-positive action by using the minimum required level of granularity to ensure the TNFD goals are achieved
5. Integrated & Adaptive, building effective measurement and reporting frameworks that can be integrated into existing disclosures and other standards
6. It will build a Climate-Nature Nexus i.e. an integrated approach to climate and nature-related risks, scaling up finance for nature-based solutions
7. Globally Inclusive

The TNFD’s final recommendations are due for publication in September 2023. 

How does the TNFD compare to the other reporting initiatives?

TNFD and TCFD will have a very similar feel; structure, process, language and organisations involved are similar. The focus is different however, with the TNFD focusing on nature and the TCFD on climate. 

The CDP, SASB and GRI are all supporting the development of the TNFD framework. However all three are reporting standards initiatives, whereas the TNFD will be recommendations. 

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Keith Mullin

Keith Mullin

Keith is the founder and director of KM Capital Markets, a media and thought-leadership consultancy. He spent the past 35 years working in specialist capital markets media and has had a ring-side seat at all of the major market events. Prior to setting up KM Capital Markets in 2017, Keith worked at Thomson Reuters.

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