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As nature-related issues make their way into policies and regulations, you need to understand how to account for nature in your strategy and measure and report on nature’s impacts on your business.
Our former Senior Sustainability Specialist Rosie Dodd and our Head of Strategy and Disclosures Martin Fryer tell us why you probably already know more than you think, how nature- and climate reporting is connected and how to get started.
What we have learned
Accounting for nature isn’t all new
Most companies will not need to start from scratch. Many nature-related considerations are already built into existing reporting. For example, most organisations’ sustainability strategies already consider natural resources in some way.
You can work on your nature and climate strategies together
The TNFD has been designed for companies and investors to look at climate and nature together. The TNFD uses the same four pillars (governance, strategy, risk management and metrics and targets), the same language and even the same recommendations.
Nature is specific to location, sector and business
While your greenhouse gas emissions can be measured in the same way no matter where you operate and whatever you do, nature is different. Metrics for TNFD will look different depending on your sector and location.
You have some time before the gavel drops – but it will drop
The TNFD is currently voluntary, but it’s likely that the International Sustainability Standards Board (ISSB) will incorporate the advice in its frameworks as it has done for the TCFD.
Dare to take a LEAP
The TNFD recommends the LEAP approach. This involves four phases:
- Locate where your business impacts nature and where nature has an impact on your business
- Evaluate your dependencies and impacts on nature
- Assess your nature-related risks and opportunities
- Prepare to respond to, and report on, material nature-related issues, using the TNFD’s recommended disclosures.
You can start now!
Start with analysing where you are in taking climate and nature into account in your decisions. Build on existing disclosure processes and frameworks. Consider how nature is relevant to your activities, value chain and business.