TNFD calls for open source nature data
August 18th, 2023
The Taskforce on Nature-related Financial Disclosures (TNFD) has recommended creating a global nature-related public data facility.
TNFD claimed the facility would meet the growing demand for nature-related data it found in its study to evaluate the case for such a data facility.
Nature-related data is crucial in addressing the global challenge of accelerating nature loss, helping organizations overcome nature-related risks, delivering sustainable development and facilitating the flow of capital to nature positive outcomes.
A global nature-related public data facility would also help data providers and users take advantage of new nature-related data technologies and solutions which are emerging rapidly, such as satellite data and eDNA. Many new technologies are led by recently formed collaborations between scientific institutions and market data providers.
The study follows a nature data landscape analysis TNFD undertook in 2022, which concluded that a significant amount of nature-related metrics and data already exist and are in use today. However, the analysis found that critical challenges remain.
It highlighted: a lack of standardization of methods and definitions; the growing need to improve accessibility for a growing list of interested data users; and a lack of comparability to help policy making, business strategy and capital allocation decisions by financial markets.
In 2022, the TNFD launched a nature-related Data Catalyst to address data challenges and gaps identified in the analysis.
Twelve organizations, including Global Commons Alliance Accountability Accelerator (GCAA), Capitals Coalition and Global Reporting Initiative (GRI) participated in the study to explore possible options for better scaling, connecting and funding nature-related data improvements.
The study follows news in June that the UK’s House of Lords added an amendment to the Financial Services and Markets Bill that adds nature to the upcoming regulatory principle on net-zero emissions.
Last Updated: 18 August 2023