320 organisations committing to nature reporting: TNFD announce their list of early adopters

2024’s World Economic Forum Annual Meeting in Davos is now in full swing, and today we’re thrilled to see the Taskforce on Nature-related Financial Disclosures (TNFD) announce their inaugural list of 320 early adopters. 

Since the initiative was first announced in July 2020 and formally launched the following June, we have been eagerly tracking TNFD’s progress throughout its pilot testing phases, four framework iterations, and final guidance published in September 2023. 

As we shift our understanding away from nature falling solely within the realm of corporate social responsibility towards nature as an essential business investment upon which our global economy depends, this announcement is a fundamental milestone.

TNFD will allow businesses to properly integrate nature into their decision making. They’ll be better informed to take actions to reduce their nature-negative impacts, mitigate their nature-related financial risks, and take steps towards becoming nature-positive.

The CEOs of early adopters Ingka Group IKEA and Inter IKEA Group, Jesper Brodin and Jon Abrahamsson Ring, commented:

“We are delighted to become a TNFD early adopter. We see nature-related issues as a strategic business issue and believe the TNFD recommendations and guidance will support us in further assessing risks and opportunities and allowing more targeted positive action. We also know that our future relevance, success and resilience of our business is directly linked to how we address this now, in order to prepare for the future generations." 

As we face a global biodiversity crisis, it's important to have a framework in place that will enable businesses to report on their nature-related impacts, risks, and dependencies consistently. The TNFD framework is fully aligned with the goals and targets of the 2022 Kunming-Montreal Global Biodiversity Framework which aims to halt and reverse biodiversity loss by 2030. 

Since it launched in 2015, the Taskforce on Climate-related Financial Disclosures (TCFD) has been instrumental in allowing companies to report on their climate-related impacts and take steps to reduce their carbon footprint. This has crucially helped to shift global finance towards climate-positive outcomes. 

While the TNFD framework is currently voluntary, we expect it to follow in TCFD’s footsteps and become mandatory in the very near future. This list of early adopters therefore marks these organisations as proactive in their approach to nature and financial strategy – and this kind of approach is so essential if we are to meet our key environmental targets.