EFRAG, TNFD Partner on Nature-related Reporting

The European Financial Reporting Advisory Group (EFRAG) and the Taskforce on Nature-related Financial Disclosures (TNFD) have jointly committed to enhance corporate transparency related to biodiversity and ecosystems. The cooperation agreement builds on a multi-year collaboration reflected in the European Sustainability Reporting Standards adopted by the European Commission in July 2023, which are aligned with the TNFD’s recommended disclosures. All of the TNFD’s 14 recommended disclosures are addressed in the ESRS. Both the TNFD and ESRS emphasised the need to disclose on nature-related impacts, risks and opportunities, and the material risks generated from nature dependencies. EFRAG and the TNFD are also finalising detailed interoperability mapping which illustrates the high level of commonality achieved and is set to be published in early 2024. Patrick de Cambourg, Sustainability Reporting Board Chair at EFRAG, said: “This cooperation agreement between EFRAG and TNFD crystallises our joint dedication to enhancing nature-related disclosures in sustainability reporting. By aligning the ESRS disclosures and the TNFD recommendations, we pave the way for transparent, impactful reporting that acknowledges the critical link between business practices and biodiversity conservation.”

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