Why we may need yet another reporting framework

The alphabet soup of sustainability is ever expanding, with the newly created Taskforce on Nature-related Financial Disclosures now being thrown in the mix. But its co-chair insists its creation will eventually lead to a simplified space.

by Silvia Pavoni

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Why we may need yet another reporting framework

The former CEO of data provider Refinitiv, David Craig, has now joined the newly created Taskforce on Nature-related Financial Disclosures (TNFD), which has recently published its prototype framework with updates planned for June and October this year, and a final structure by the third quarter of 2023. The TNFD was established in June 2021 with a mandate from the G7 and now counts on 34 members to help design its framework. Its members represent more than $18tn in assets or assets under management, notes Mr Craig, including the Norwegian pension fund, BlackRock, UBS, BNP Paribas and the Singapore Exchange. Mr Craig spoke to Silvia Pavoni ahead of the framework release.

Q: Why do we need nature-related financial disclosures in addition to the existing Task Force on Climate-related Financial Disclosures (TCFD)?

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Silvia Pavoni

Silvia Pavoni is editor in chief of The Banker. Silvia also serves as an advisory board member for the Women of the Future Programme and for the European Risk Management Council, and is part of the London council of non-profit WILL, Women in Leadership in Latin America. In 2019, she was awarded an honorary fellowship by City University of London.