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Comment: Taskforce on Nature-related Financial Disclosures (TNFD) framework

19 September 2023

Reacting to the publication by the Taskforce on Nature-related Financial Disclosures of its framework ‘for organisations to report and act on evolving nature-related dependencies, impacts, risks and opportunities’

Chair's comment

Environmental Audit Committee Chairman, Rt Hon Philip Dunne MP, said:

“Nature in the UK is in a worrying state of decline: of the G7 countries, the UK has the lowest level of biodiversity remaining.

“That is why I welcome the framework, unveiled last night, by the Taskforce on Nature-related Financial Disclosures. In our report considering the state of UK biodiversity published in 2021, we made clear that the financial sector needs to play its part in nature recovery. At present, financial institutions and systems around the world are tilted against nature, with too many assets exploiting the very things nature depend on.

“I am pleased that the TFND is seeking to reverse the decline through its framework. The UK Government is leading the way through imminent implementation of the Biodiversity Net Gain legislation. It should consider making these latest rules mandatory for companies. We are in a nature emergency and the rules need teeth. It is excellent news that GSK has already announced its plans to publish its disclosures and I hope other British companies follow suit so the UK continues to show global leadership in this important mission.

“We will be looking further at the TFND in our upcoming inquiry on ‘The role of natural capital in the green economy’ and I invite anyone with views on this important topic to submit evidence to our Committee.”

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