Financial institutions to create a task force on nature-related financial disclosures

Wednesday 22 July 2020 08:53 CET | News

The UK and Swiss governments and ten financial institutions have announced intentions to create a Task Force for Nature-related Financial Disclosures (TNFD) by joining an Informal Working Group that will lead to the creation of a TNFD in 2021.

Thus, AXA, BNP Paribas, DBS Bank, Rabobank, Standard Chartered, Storebrand, Yes Bank, and World Bank have declared support to create a new reporting mechanism.

The initiative is being coordinated by Global Canopy, the United Nations Development Programme (UNDP), the United Nations Environment Programme Finance Initiative (UNEP FI), and the World Wide Fund for Nature (WWF), who are setting out a plan to bring together a Task Force by Q1 of 2021, starting with the formation of a working group in Q3 of 2020. This is set out on a new ‘Bringing Together a TNFD’ website.

UK environment minister Zac Goldsmith endorsed the initiative, which is funded by the UK government and driven by the Department for Environment, Food and Rural Affairs (Defra), at a Finance for Nature virtual summit.

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Keywords: AXA, BNP Paribas, DBS Bank, Rabobank, Standard Chartered, Storebrand, YES Bank, World Bank, Nature-related Financial Disclosures
Categories: Banking & Fintech
Countries: Switzerland, United Kingdom
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Banking & Fintech

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