RIAA will help drive the consideration, input and uptake of the TNFD framework in the Australian and New Zealand markets.
The Responsible Investment Association Australasia (RIAA) has partnered with the Taskforce on Nature-related Financial Disclosures (TNFD) to drive engagement in nature-related business and finance issues and the future adoption of global TNFD framework.
The TNFD was established in 2020 to develop and deliver an integrated risk management and disclosure framework for organisations to report and act on evolving nature-related risks. Final recommendations from the Taskforce are due in September 2023.
RIAA, which advocates for responsible investing and a sustainable financial system in Australia and New Zealand and has about 500 members, said its role in the partnership will be to provide a central point to drive the consideration, input and uptake of TNFD in the Australian and New Zealand markets.
“This will leverage the existing work RIAA is leading including through its very active Nature Working Group, and partnerships with the Australian Department of Agriculture, Water and the Environment.”
RIAA CEO Simon O’Connor says more than half of global economic output is dependent on biodiversity and ecosystem services, and as such there is “strong momentum” in Australia and New Zealand to better account for and value assets on the basis of nature-related risks and how they are managed.
“RIAA’s convening of investors through our Nature Working Group and now through the TNFD are critical elements in building investor capacity and ultimately, protecting our natural capital,” O’Connor said. “This is of utmost importance to our investor members, and the Australian and New Zealand economies.”
RIAA is meanwhile calling for Australia’s newly elected government to establish a ‘national sustainable finance strategy’ which can unlock investment opportunities and underpin strong action on climate change
and other key societal issues.
In a statement, RIAA called for a “whole of government approach” to embedding sustainability into the financial system to underpin a strong and prosperous economy, position Australia competitively and help address local and global challenges.