OGRI and the Taskforce on Nature-related Financial Disclosures (TNFD) on the 30th of July published a joint interoperability mapping resource that gives a detailed overview of alignment between the TNFD Disclosure Recommendations and metrics and the GRI Standards.
In a significant move to simplify corporate environmental reporting, the Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) have unveiled a new interoperability mapping resource. This joint initiative, announced on July 30, aims to harmonize biodiversity disclosure standards, potentially affecting thousands of organizations worldwide.
RELEVANT SUSTAINABLE GOALS
The mapping resource provides a detailed overview of the alignment between the TNFD Disclosure Recommendations and metrics and the GRI Standards. This collaboration marks a crucial step in addressing the growing concern over nature-related business risks and the need for more robust measurement and disclosure practices.
Bastian Buck, Chief Standards Officer at GRI, emphasized the importance of this development, stating, “Nature risks are business risks that should be measured and disclosed in a more robust manner.”
The new guidance document and correspondence table are designed to assist GRI’s 14,000 reporters globally in aligning with the TNFD Recommendations, while also supporting TNFD adopters in their sustainability reporting according to GRI Standards. This dual-purpose approach underscores the high level of alignment achieved between the two frameworks.
Key areas of consistency include the use of nature-related concepts and definitions, such as the five direct drivers of nature and biodiversity loss as defined by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES). The mapping also highlights the incorporation of GRI’s materiality approach in the TNFD Recommendations.
Notably, all disclosures in GRI 101: Biodiversity 2024 are reflected in the TNFD Recommendations, with the TNFD’s LEAP approach for identifying and assessing nature-related issues referenced in GRI 101. The alignment extends to definitions and criteria for considering an organization’s location in or near ecologically sensitive areas.
This collaboration is expected to enable organizations to integrate TNFD recommendations seamlessly into their existing GRI-based reporting processes, potentially eliminating the need for double reporting. As environmental concerns continue to shape corporate governance and investor decisions, this streamlined approach to biodiversity reporting could prove instrumental in enhancing transparency and accountability in corporate sustainability practices.
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