Six more international organisations sign-up for Global Canopy’s TNFD piloting programme

Drastic shifts in the state of nature around the world are posing ever greater risks to, but also opportunities, for companies and financial institutions. These can be linked to organisational and wider societal dependencies on nature and nature impacts. Six new international organisations are now working closely with Global Canopy and technical expert organisations to better understand their nature-related risks and opportunities.

Later this year, following four beta versions, the TNFD will release its final nature-related risk management and disclosure framework to market for companies and financial institutions to report and act on evolving nature-related risks.

Increasingly, more organisations are recognising the importance of better understanding their nature-related impacts, dependencies, risks and opportunities with approximately 200 organisations having already tested, or who are in the process of testing, beta versions of the TNFD’s framework.

Early testing of the framework is helping these organisations get ahead of the curve as nature-related issues continue to rise in importance in business and regulatory agendas.

Piloting organisations are also rapidly transitioning into implementation and starting to align with the disclosure recommendations currently laid out in the TNFD.

As an official piloting organisation of the TNFD framework, Global Canopy is working with Frontierra, Nature-Based Insetting and The Biodiversity Consultancy to support forward-looking organisations to better understand their nature-related risks and opportunities. The six new organisations participating in Global Canopy’s in-depth piloting programme include: AECOM, Grupo Sura, JGP, IndusInd Bank, PIDG and Tesco.

We spoke with each organisation to find out why they are involved and why it matters to their business.

Jo Hughes, Senior ESG Advisor – Nature, AECOM

“At AECOM we have been working with our clients to assess and guide their impact on biodiversity for many decades, aligned to environmental impact assessment and business sustainability studies.

More recently, we’ve been delighted to support our clients in their exploration of the emerging frameworks and standards designed to provide consistent assessment of their dependencies and impacts on nature, including SASB, SBTN, TNFD and the Ipieca Principles. AECOM’s purpose is to deliver a better world, and we are committed to using our influence and expertise to help move the world towards a nature positive economy.

We are thrilled to work with Global Canopy within the TNFD piloting programme; it allows us to support the important work that the TNFD is undertaking and to deepen our understanding of the TNFD framework.”

Lina Maria Uribe Palacio, Director of Sustainability, Grupo Sura

“As a Latin American investment manager with a portfolio of investments focused on financial and related services and the purpose to create well-being and development for people, organisations and society, we are aware of the relevance and the threats posed by human activity to the natural capital of the region, one of the most biodiverse regions in the world.

Thus, we recognise the potential significance of the risks that derive from the depletion of this capital. As a strategy to anticipate and understand these risks and impacts on nature across our portfolio, we have decided to participate in Global Canopy’s TNFD piloting programme.

We must continuously develop knowledge and internal capacities to manage risks, opportunities and impacts associated with nature, as well as reporting tools to communicate this adequately to the market so assets can be priced correctly and transparently.”

Ms. Roopa Satish, Head of Sustainable Banking, Portfolio Management & CSR, IndusInd Bank

“At IndusInd Bank, we are deeply committed to responsible banking practices. With its deep presence across geographies, a wide array of products and domain expertise, IndusInd Bank caters to all types of clientele right from farmers to corporates across entire value chains in the agriculture sector.

Joining Global Canopy’s TNFD piloting programme is a testament to our commitment towards making holistic lending decisions that benefit not only the Bank but also the ecosystem that the Bank serves. From this pilot program, IndusInd Bank seeks to generate an in-depth understanding of how best the Bank can factor nature related externalities to make holistic lending decisions and support the agriculture sector while contributing towards a sustainable future.”

Jose Pugas, Head of ESG, JGP

“As Brazilian managers, we primarily concentrate our investments in Brazil, a megadiverse country that is highly susceptible to nature-related risks. It is incumbent upon us to comprehend how the companies we invest in affect and are affected by the environment, and to guide our investors transparently and using science-based methods. This is precisely why we put ourselves forward to participate in Global Canopy’s TNFD piloting programme.

We must continually improve our capacity to manage risks and opportunities associated with nature, as well as our reporting tools and our awareness of the national and international financial markets.”

Cheryl Ng, Group Lead, Biodiversity and Nature, PIDG

“PIDG recognises the importance of nature and the intrinsic role it plays in climate resilience. As a sustainable infrastructure investor in developing and emerging economies where access to basic infrastructure is at unacceptably low levels, we see our natural world increasingly under pressure, further undermining long term sustainable development.

Our participation in Global Canopy’s TNFD pilot programme is an important step on our journey to consider nature more holistically across our investments, including our risk exposure, to identify projects that would benefit from nature enhancements and synergies between positive nature outcomes, climate outcomes and socio-economic development. We urgently need infrastructure investments to promote sustainable, resilient and inclusive development and putting in place rigorous disclosures on climate, nature and inclusion will play a key role in ensuring that finance aligns with these goals.

We are excited to be part of this programme so that we can continue to build this field, while learning and improving our own capacity and understanding of how we can align nature considerations with infrastructure development.

Thomas Hollick, Tesco Sustainability Manager for Forests

“As we make progress towards only sourcing deforestation and conversion-free commodities in our supply chains, it’s vital we continue to develop traceability tools that can help us identify and mitigate areas of potential risk.

Global Canopy’s TNFD piloting programme will help us improve traceability right across the supply chain, as well as build our presence on the ground in key production landscapes where we operate. The programme will also help us report on our nature-related risks under the TNFD framework across our wider supply chains.”

It is vital for all organisations to be assessing and reporting their nature-related risks and opportunities, and the TNFD framework can help support this process. The feedback deadline for informing the development of v1.0 of the TNFD framework is the 1st June 2023, however pilots can continue to be implemented beyond this date. Piloting can help highlight organisational skills and knowledge gaps, increase internal assessment capabilities, and prepare organisations for future market adoption of the TNFD. If organisations are interested in learning more about TNFD piloting, they can email [email protected], including on Global Canopy’s forthcoming piloting and education programs. 

We also plan to publish insights and learnings from the piloting organisations in September 2023.