The Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) are deepening their collaboration to support the corporate reporting needs of market participants globally.
Over the past two years, TNFD and GRI have worked closely to support the development of each other’s respective recommendations, standards and guidance, notably GRI input into the TNFD Recommendations published in September 2023; and TNFD input into the recently published GRI 101: Biodiversity 2024 standard, which was updated to align with the TNFD Recommendations.
Responding to feedback from both TNFD Forum member organisations and GRI Community members (as well as other organisations using or considering GRI standards and disclosures aligned to the TNFD Recommendations), the TNFD and GRI have announced plans for further implementation and capability building support:
- A TNFD-GRI interoperability mapping document will be published in Q2 2024, providing a detailed overview of alignment between the TNFD disclosure recommendations and metrics and the GRI Standards, including GRI 101: Biodiversity 2024.
- Illustrative joint case studies and guidelines on the links between nature related dependencies, impacts, risks and opportunities. This will support the use of the TNFD’s LEAP assessment, which already incorporates the approaches to materiality guidance from GRI (for impact) and the IFRS (for risks and opportunities).
Both organisations also underscored their ongoing commitment to drive towards further alignment and interoperability through collaboration with other standards organisations and interested regulatory authorities, as the global sustainability reporting landscape on nature-related issues continues to advance.
Eelco van der Enden, CEO of GRI
Eelco van der Enden, CEO of GRI said:
“We are fully committed to working with partners to improve alignment in the sustainability reporting landscape. This further collaboration between GRI and TNFD is significant because it comes at time of increased demands from regulators, investors and other stakeholders for companies to demonstrate transparency for their impacts on nature and biodiversity as well as related risks and opportunities.
The good news is that the thousands of organizations globally that already report their material nature-related impacts through the use of GRI’s standards are now well-positioned to start making disclosures aligned to the TNFD recommendations – and we are pleased to see that over 360 organisations have already committed to do so. Our ongoing collaboration with TNFD will enable other GRI reporters to start their TNFD aligned reporting”.
Tony Goldner, Executive Director of TNFD
Tony Goldner, Executive Director of TNFD said:
“The first decision of the Taskforce when it was formed was to build on what already existed from both the science on nature and biodiversity, and the corporate reporting standards arena. GRI’s experience over several decades on impact assessment and reporting has been instrumental in informing the approach and recommendations now published by the TNFD and we are delighted by the high level of alignment achieved.
As market participants across over 45 countries start to assess and report on their nature-related issues aligned with our recommendations, they have asked us for further guidance and examples on how to do so in a manner consistent with their existing GRI impact analysis and reporting. We look forward to continuing close collaboration with GRI to develop that practical implementation guidance for market participants.”
ABOUT GRI
Global Reporting Initiative (GRI) is an independent, international organisation that helps businesses and other organisations take responsibility for their impacts, by providing the global common language to report those impacts.
The GRI Standards, which are the world’s most widely used sustainability reporting standards, are developed through a multi-stakeholder process and provided as a free public good.
On 25 January 2024, the GRI published GRI 101: Biodiversity 2024,an update to its earlier Biodiversity Standard, which is aligned to the recommendations of the TNFD released in September 2023.
ABOUT THE TNFD
The Taskforce on Nature-related Financial Disclosures (TNFD) is a market-led, science-based and government-backed initiative providing organisations with the tools to act on evolving nature-related issues. It was launched in June 2021 with the support of the G20 Sustainable Finance Working Group and financial support from a number of governments and philanthropic foundations.
In September 2023, after a two-year design and consultation phase with market participants, the TNFD published its disclosure recommendations and supporting implementation guidance to encourage and enable business and finance to assess, report and act on their nature-related dependencies, impacts, risks and opportunities aligned to Target 15 of the Global Biodiversity Framework (GBF).
With its corporate reporting recommendations published, the Taskforce is now focused on encouraging and enabling voluntary market adoption and supporting efforts to address the knowledge, capacity building and data needs of market participants.
The Taskforce is comprised of 40 senior executives drawn from leading financial institutions, corporates and market service providers, with combined assets of over US$20 trillion. Twenty core knowledge partners from leading science, standards, and data bodies support the work of the Taskforce. A group of over 1,400 organisations support the work of the Taskforce as institutional members of the TNFD Forum. Over 360 organisations globally have now committed to start reporting on their nature-related issues aligned to the recommendations of the TNFD.
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