Webinar: Insights from key practitioners and businesses embarking on the TNFD journey
On the 26th of March, we held a webinar on the Taskforce for Nature-related Financial Disclosures (TNFD) and the journey that some organisations in Aotearoa, New Zealand are taking. For those who couldn't join us, here's a summary of what was discussed.
New Zealand is facing disturbances caused by climate change, because we lack healthy natural capital. This is compromising not only our environment but our economic resilience, putting our prosperity as a nation at risk. Understanding our business dependencies on nature in a changing environment is critical if we want to continue operating well into the future. Global pressure for nature-related financial disclosures is also mounting and the TNFD is a framework for responding to this. The LEAP process is a good starting point in understanding dependencies on nature, and potential business risks.
A big thank you again to our speakers Dr Crystal Lenky (Lyttelton Port Company), Annabell Chartres (PwC NZ), Tina Frew (Meridian Energy), Annalise Davies (Fonterra) for taking part the panel discussion.
Tips for starting a nature-related financial disclosure assessment:
Assess: Understand your interface with nature. Use the LEAP approach to understand the intersects of nature and your business.
Educate. Ensure your board and executive team are up to speed on what nature means for your business.
Prepare: Get ready for disclosures and regulation. Identify data needs and gaps. Integrate nature positive strategy into your sustainability reporting.
Strategy: Developing a nature positive strategy. There is going to be a significant first mover and early-adopter advantage in this space. Mitigate your nature-related risks. Create value by gearing your strategy for nature-positive opportunities.
Data: You don’t have to start from scratch. Nature-related data can be collected from operational data or collected for other disclosure requirements or entities. Identify what is required but make early decisions on data sets. Considering the level of granularity you need is important. It can make a material difference to how you assess risks. To progress assessments, hold data lightly, use working hypotheses and make qualitative assessments.
Test: Engage internal and external stakeholders to test and validate findings.
Read more:
Getting started with the TNFD Recommendations – TNFD
Nature-related risks, opportunities and disclosures
Watch more:
Nature and the TNFD in Aotearoa New Zealand
If you have any additional questions, please reach out to us