TNFD launches nature data catalyst
July 21, 2022
Will have focus on “high-quality” data on nature-related risks and opportunities to overcome data challenges
The Taskforce on Nature-related Financial Disclosures (TNFD) has launched a nature-related Data Catalyst to address data challenges and gaps identified in its March 2022 TNFD’s Data Landscape Discussion Paper.
The paper highlighted the main challenge associated with the assessment of nature-related risks and opportunities and its disclosure is not down to a lack of data.
It was revealed how measurements are interpreted as well as elements such as accessibility, quality, format, relevance, scale and transparency.
The Data Catalyst will help industry participants overcome these challenges by high-quality, trusted decision useful information and data on nature-related risks and opportunities, TNFD explained.
Additionally, the Data Catalyst will bring together a range of actors from across the nature-related data landscape.
Through a series of workshops, participants in the Data Catalyst will identify shortcomings in current nature-related data and analytics, and recommend ways to accelerate the development of nature-related data, analytics and tools.
According to TNFD, the aim is to improve the ease, speed, and scale of adoption of the TNFD framework, once the Taskforce launches their final recommendations in September 2023.
TNFD wants existing providers of sustainability data, analytics, and workflow tools to join the Data Catalyst to improve their internal understanding of the beta framework being developed.
By joining the Data Catalyst, participants will improve their “current and potential contributions to the nature-related data required to apply the framework, while supporting TNFD in ensuring its framework for nature-related risk and opportunity assessment and disclosure is practical for market participants to implement”, TNFD said.
TNFD’s second beta version disclosure framework, released in June, includes an approach to metrics, specific sector guidance, and additional guidance to support pilot testing.
Meanwhile, v0.3 and v0.4 of the beta framework are set for November 2022 and February 2023 respectively.Last Updated: 22 July 2022