As the globe embarks on its journey to gear up for COP29 in the city of Baku, Azerbaijan, set to commence on November 11, 2024, we once again witness nearly 200 nations, NGOs, and businesses converging in Cali, Colombia for COP16, commemorating the biodiversity summit under the banner of the Kunming-Montreal Global Biodiversity Framework (GBF) that was embraced in 2022.
This gathering is crafted to tackle the alarming decline in biodiversity, which has dropped by a staggering 73% over the past five decades, casting the spotlight on pivotal themes such as financing for biodiversity preservation, the invaluable role of Indigenous communities, and the execution of national biodiversity strategies. Once more, this presents a golden opportunity to think about the tangible risks that the loss of biodiversity poses for global investors.
With the conference drawing to a close on November 1, 2024, significant declarations were unveiled. As per the Taskforce on Nature-related Financial Disclosures (TNFD), based on their recommendations, the tally of companies and financial institutions committing to launch voluntary reporting on their nature-related challenges now reaches 502. This signifies a remarkable 57% surge since the inaugural formal announcement of TNFD Adopters in January 2024.
These commitments follow the unveiling in September 2023 by the TNFD of its conclusive recommendations for managing and disclosing nature-related risks, culminating a two-year journey since its establishment. These publicly-listed entities collectively represent over USD 6.5 trillion in market capitalization, showcasing an 8% rise since the TNFD’s previous formal adoption announcement during London Climate Action Week (LCAW) in June 2024.
The Taskforce on Nature-related Financial Disclosures (TNFD) embodies a market-driven, science-based, and government-supported initiative, equipping organizations with essential tools to navigate the evolving landscape of nature-related challenges. It was inaugurated in June 2021 with the backing of the G20 Sustainable Finance Working Group, alongside financial contributions from a multitude of governments and philanthropic entities.
To explore and delve deeper into the TNFD press release, Click here.
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