Easier Reporting On Biodiversity - Thanks To GRI And TNFD

(MENAFN- 3BL) August 26, 2024 /3BL/ - Global Reporting Initiative (GRI) and the Taskforce on Nature-related financial Disclosures (TNFD) have today published a joint interoperability mapping resource that gives a detailed overview of alignment between the TNFD Disclosure Recommendations and metrics and the GRI Standards.

Over the past two years, the TNFD and GRI have worked closely together to support the development of each other's guidance – notably GRI input into the TNFD Recommendations published in September 2023, and TNFD input into the recently published GRI Biodiversity Standard .

Responding to feedback from market participants, the TNFD and GRI have developed a guidance document and correspondence table to help GRI's 14,000 reporters globally align with the TNFD Recommendations, and assist TNFD adopters in their sustainability reporting according to GRI Standards.

The mapping underscores the high level of alignment achieved between the TNFD Recommendations and metrics and the GRI Standards reporting requirements and datapoints, including:

• The use of consistent nature-related concepts and definitions , including the five direct drivers of nature and biodiversity loss, as defined by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES).
• The reference and incorporation of GRI's materiality approach focusing on impacts in the TNFD Recommendations and guidance, following the TNFD's flexible approach to materiality. The TNFD LEAP approach has been designed to help organizations report in line with both impact and financial materiality.
• All the disclosures in GRI 101: Biodiversity 2024 are reflected in the TNFD Recommendations. All of the TNFD Recommendations are reflected in the GRI Standards, except those exclusively covering nature-related risk and opportunity identification and assessment.
• Strong consistency between the TNFD core global disclosure metrics and the related metrics in the GRI Standards . A first mapping of the TNFD sector metrics and the relevant GRI Sector Standard also highlights consistency at this level.
• The TNFD LEAP approach – guidance for identifying and assessing nature-related issues – is referenced in GRI 101. It pinpoints where impacts on biodiversity are most likely to be present and significant and provides guidance on measuring changes in the state of nature.
• GRI 101 uses the TNFD definitions and criteria when considering an organization's location in or near ecologically sensitive areas .

Bastian Buck, Chief Standards Officer at GRI, said:

Esther An, Chief Sustainability Officer of City Developments Limited (CDL), TNFD Taskforce Member and GRI Supervisory Board Member said:

Tony Goldner, Executive Director of the TNFD said:

The Global Reporting Initiative (GRI) is the independent not-for-profit organization and standard-setter that is the architect of the common global language used to assess and report on environmental, social, and economic impacts. GRI provides standards, tools and training that enable organizations of all sizes to harness the skills, capabilities and data they need to create sustainable, long-term value and unlock positive change in the world.

In January 2024, the GRI published GRI 101: Biodiversity 2024 , a major revision to its earlier Biodiversity Standard, which is aligned to the TNFD Recommendations released in September 2023.

The Taskforce on Nature-related Financial Disclosures (TNFD) is a market-led, science-based and government-backed initiative providing organizations with the tools to act on evolving nature-related issues. It was launched in June 2021 with the support of the G20 Sustainable Finance Working Group and financial support from a number of governments and philanthropic foundations.

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