ANNOUNCEMENTS
Biodiversity loss is being considered under the top 5 risks by WEF and global regulators are pushing for corporate disclosures on Nature-related impacts and risks. Therefore, it has become important for corporates to have an in-depth understanding of Nature and its constituents, their reliance and impact on the nature and the firm’s management of negative impacts. For this purpose, the Task Force on Nature related Financial Disclosures (TNFD) aims to provide guidance on how to go about identifying and disclosing nature-related impacts, dependencies and risks. It is also encouraging corporates to pilot test the beta version of their framework. Another framework providing detailed guidance on the same is the Natural Capital Protocol (NCC) framework.
The purpose of this study was to identify gaps in the firm’s strategy for Nature and Biodiversity, based on, firstly, understanding the fundamental concepts, secondly, looking at emerging naturerelated disclosures required from corporates by standards like the GRI, DJSI, TNFD, BRSR, etc., and thirdly, peer practices in the area. Next step was to address the most important gaps by following the guidelines provided by relevant frameworks like TNFD, and NCC.
Results of the gap assessment will guide the firm in the following areas 1) Disclosure recommendations 2) What data needs to be gathered 3) Best management practices to be followed.
Keywords: Nature, Biodiversity, Task Force on Nature related Financial Disclosures (TNFD), Natural Capital Protocol (NCC).
