ISF, CPA Canada named Canadian co-convenors for the Task Force on Nature Related Financial Disclosures
Toronto, September 18, 2023 - Nature-related reporting by companies will be vital to meeting global biodiversity targets. In a major step forward, the Task Force on Nature Related Financial Disclosures (TNFD) released its finalized recommendations today.
The Institute for Sustainable Finance (ISF) and Chartered Professional Accountants of Canada (CPA Canada) are proud to announce that they have been named co-convenors in Canada for the TNFD. The role includes capacity building and supporting market adoption of TNFD’s final recommendations, and coordinating the Canadian consultation group.
“The private sector has an enormous role to play in preserving natural assets and TNFD’s recommendations will help pave the way,” said ISF Director of Research, Ryan Riordan. “Congratulations to the TNFD on the launch of its framework. There is great momentum building for meeting Canadian and global biodiversity targets.”
“Protecting nature is foundational to healthy societies and resilient economies. Halting and reversing nature loss depends on the ability of businesses of all sizes and industries to understand their dependencies and impacts on nature,” said CPA Canada vice president of Research, Guidance and Support, Rosemary McGuire. “We applaud the efforts of the TNFD and are proud to build awareness and capacity in Canada to support them in enhancing transparency of nature-related risks and opportunities.”
Context
In December 2022, COP15 in Montreal saw the successful adoption of the Kunming-Montreal Global Biodiversity Framework — a landmark agreement to preserve at least 30% of earth’s land and water by 2030. The private sector will make a vital contribution to this agreement through aligning capital flows with nature-positive outcomes. Changes in the natural world such as land degradation and deforestation can materialize as financial risks to business that will pass on to the financial system via loans, investments, insurance, etc. Similarly, on the opportunity side, restored ecosystems with greater biodiversity can enhance current business operations and even create new markets.
Resources
Learn more about the TNFD’s finalized disclosure guidelines, additional guidance and next steps, by attending the launch webinar on September 19. Register here.
For more on Natural Assets check out ISF’s Primer Article.
About the Task Force on Nature Related Financial Disclosures
The Taskforce (TNFD.global) consists of 40 individual members representing financial institutions, corporates and market service providers with over US$20 trillion in assets. TNFD’s mission is to develop and deliver a risk management and disclosure framework for organizations to report and act on evolving nature-related risks, with the ultimate aim of supporting a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes.
About the Institute for Sustainable Finance
ISF (ISFCanada.org) was launched in 2019 as a Canadian-specific hub of expertise and collaboration for advancing sustainable finance. Housed at Smith School of Business, Queen’s University, ISF is independent and non-partisan. It focuses on developing research, education, and collaborations among academia, industry and government to improve Canada’s capacity for sustainable finance as the shift to a low-carbon economy occurs. ISF’s work is generously supported by Ivey Foundation (inaugural supporter), McConnell Foundation, McCall MacBain Foundation, Chisholm Thomson Family Foundation, Smith School of Business, Queen’s University and Founding Contributors BMO, CIBC, RBC, Scotiabank and TD Bank Group.