Tata Steel welcomes TNFD recommendations on nature-related issues
~ The TNFD recommendations are a key milestone in positioning the importance of nature risk alongside financial, operational, and climate risk and helping to shift capital flows to nature-positive outcomes ~
~ The TNFD recommendations provide companies and financial institutions of all sizes with a risk management and disclosure framework to identify, assess, manage and, where appropriate, disclose nature-related issues ~
Executive summaryersion 1.0 September 2023
Mumbai: Tata Steel welcomes the publication of the Taskforce on Nature-related Financial Disclosures (TNFD) final recommendations on nature-related risk management and disclosure. After a two-year open innovation process, these recommendations will guide companies and capital providers towards more informed decision-making and ultimately contribute to a shift in global financial flows toward nature-positive outcomes and the goals of the Kunming-Montreal Global Biodiversity Framework.
Koushik Chatterjee, Executive Director and Chief Financial Officer, Tata Steel, and a member of the TNFD Taskforce, welcomed the guidelines and said: “The TNFD has taken important steps in promoting nature-related risk management and disclosure, and we look forward to applying these recommendations towards addressing nature-related risks, impacts, and dependencies, enabling us to align our corporate reporting with global policy goals and mark a significant step towards a sustainable future.”
The release of the TNFD’s 14 disclosure recommendations and implementation guidance comes at a critical time, with rapidly growing interest across policymakers, regulators, asset owners, asset managers and leading global companies, on nature and biodiversity issues.
The recommendations build on those of the Task Force on Climate-related Financial Disclosures (TCFD) and are consistent with the global sustainability standards of the International Sustainability Standards Board (ISSB) and the impact materiality approach used by the Global Reporting Initiative (GRI) and incorporated into the new European Sustainability Reporting Standards (ESRS).
Importantly, the TNFD recommendations are also aligned with the requirement of Target 15 of the Global Biodiversity Framework for corporate reporting.