The responses are based on information available at the time of publication to assist members of CA ANZ and the Governance Institute of Australia to obtain an understanding of the landscape, and therefore be better placed to engage with nature-related risks and opportunities and supporting financial disclosures. [...] It is defined by the TNFD as: “The natural world, with an emphasis on the diversity of living organisms (including people) and their interactions among themselves and with their environment.” It refers to all the existing systems created at the same time as the Earth, all the features, forces and processes, such as the weather, the sea and mountains. [...] Understanding the interplay of planetary boundaries, especially climate and loss of diversity, is key in science and practice.5 The declining health and resilience of the earth’s system (left of image below) is reflective of the top 10 risk perceptions in the next 10 years (right of image below) as illustrated in the World Economic Forum’s (WEF’s) 2023, 18th edition of the global risks report. [...] The Australian Government contributed to the funding of the TNFD and the Department of Climate Change, Energy, the Environment and Water (DCCEEW), engaged EY to conduct pilots and published an Australian case study report on the Taskforce on nature-related financial disclosures. [...] How can I start The TNFD, in the Getting started with adoption of the TNFD recommendations publication outlined key steps to understanding and consider when getting started with nature-related assessment and disclosure include: talking about nature? - Deepening an understanding of the fundamentals of nature; - Making the business case for nature and buy-in from the board and management; - Starting.
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Table of Contents
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- Nature-related financial disclosures .................................................................................. 5 2
- Glossary ............................................................................................................................... 6 2
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- Term or Acronym Definition or Meaning 6
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- 1. What is the difference between nature and biodiversity 8
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- 2. What are nature- related dependencies 9
- 3. What are nature- related impacts 9
- 4. What are planetary boundaries 9
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- 5. How does nature relate to climate 12
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- 6. Is nature important for business 13
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- Nature Risk Rising Why the Crisis Engulfing Nature Matters for Business and the Economy 14
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- Assessing the Materiality of Nature-Related Financial Risks for the UK 16
- Our Planet Our Business 16
- Links 16
- 7. What are nature- related financial disclosures 16
- 8. What is TNFD 16
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- 9. What are the TNFD recommended disclosures 17
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- TNFD Recommended Disclosures 19
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- 10. How does TNFD fit into the global sustainability reporting landscape 20
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- 11. What is the difference between TNFD and TCFD 21
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- 12. Are TNFD recommendations aligned with other standards 23
- 13. What is the LEAP approach 23
- 14. Does the TNFD have any metrics for reporting 23
- The TNFD Nature-related Risk and Opportunity Management and Disclosure Framework 23
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- 15. Where has the demand for nature- related financial disclosures come from 24
- 16. Are nature related financial disclosures mandatory 24
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- 17. When will organisations be required to make additional disclosures relating to naturebiodiversity 25
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- 18. Is materiality applied to nature related financial disclosures 26
- 19. What are director obligations for nature 26
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- Corporations Act 2001 Cth 27
- 20. What is greenwashing 27
- 21. How does greenwashing arise 27
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- Disclosure 28
- Marketing 28
- 22. How can businesses make environmental claims appropriately 28
- Competition and Consumer Act 2010 Cth 28
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- 23. How can businesses avoid greenwashing 29
- Corporations Act 2001 Australian Securities and Investments Commission Act 2001 29
- Corporations Act 2001 Cth 29
- 24. What are biodiversity credits 29
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- 25. What sectors are most impacted by nature 30
- 26. Are there sector specific metrics 30
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- 27. What is nature positive 31
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- 28. What is natural capital 33
- 29. What is natural capital accounting 33
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- 30. How can I start understanding and talking about nature 34
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- For more information 36
- 31. Resources 36
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