Report by the Taskforce on Nature-related Financial Disclosures: “Developed in close collaboration with a wide range of technical experts and market participants across the nature data value chain, these recommendations represent the culmination of four years of research and pilot testing about how best to respond to the nature data challenges identified by companies and financial institutions around the world.
The eight recommendations proposed by the TNFD seek to catalyse a whole-of-value-chain mindset shift about the discoverability, quality and accessibility of nature-related data as a strategic global public good. Together, they also seek to unlock a much-needed new source of finance for the collection of essential state-of-nature data through the operation of a global common data facility.
Summary of recommendations
The eight recommendations cover both state-of-nature data used by companies in their assessment of nature-related issues as well as reported data produced by companies, for example about their impacts and dependencies on nature.
- A set of nature data principles to help enhance the quality of state-of-nature data over time
- An accompanying set of metadata standards for state-of-nature data
- Proposed harmonisation of licensing and usage agreements to reduce the time and cost experienced by market participants to access state-of-nature data to support their assessment and reporting activities
- A Nature Data Public Facility (NDPF) to provide open access to state-of-nature data related to key use cases for business and finance, including SMEs
- Incentives and mechanism for companies to provide qualifying state-of-nature data they have collected on a proprietary basis back into the global public commons through the NDPF
- A new international institution, a Nature Data Trust, to generate additional funding for state-of-nature data collection and aggregation by operating the NDPF and drive quality improvements across the value chain in accordance with the principals, metadata standards and common licensing arrangements recommended
- A nature data measurement protocol to provide market participants with common measurement methodologies for a core set of nature-related dependency and impact metrics, including state-of-nature metrics
- Proposal to develop a universal data collection and sharing protocol to streamline the sharing of company data on nature-related impacts and dependencies across value chains…(More)”.
