Taskforce on Nature Related Financial Disclosure (TNFD) – Pilot Program
Project: Pilot program
Industry sector: Resources – Mining
Services: Natural capital
Location: Illawarra NSW
Nature related risks and opportunities
The nature-positive movement has achieved significant global and local momentum and within the context of this increasing trend towards nature accountability and disclosure, the Taskforce on Nature-related Financial Disclosures (TNFD) released a draft framework to support industries with reporting their nature-related risks and opportunities.
Pilot program – refining the TNFD framework
Niche was engaged by a client in the resources sector to run a pilot program to test the draft framework for their operations in the Illawarra region of NSW.
The pilot program was one of several being undertaken within the metals and mining sector with feedback being collated by the International Council on Metals and Mining (ICMM) and directly contributing to further refinement and finalisation of the TNFD framework.
“Road-testing the TNFD framework will allow for natural capital assessment tools to be improved so that the movement towards nature positive is robust and meaningful.”Simon Tweed – Manager – Natural Capital Strategy
Locate, Evaluate, Assess, Prepare: the LEAP assessment approach
The scope of the pilot study was limited to the Locate and Evaluate components of the TNFD LEAP assessment approach. A modified prioritisation approach was trialled to address key limitations identified with the draft framework.
Outcomes of the pilot program
Building upon the outcomes of the pilot program, Niche will continue to work with our client to further refine the scope for any nature-related disclosures including implementation of the Assess and Prepare stages of the TNFD framework.
Niche’s natural capital specialists were able to provide our client with insights into the TNFD and how it applies to their operations, and to identify supply chain and associated nature risks.
As a result of the pilot program, our client gained important knowledge of the types of disclosures that may come from applying the framework, as well as recommendations for further geospatial data collection and assessments of ecosystem assets within the business footprint.
Need to know more about TNFD and how it applies to your operations?
- Find out more about our Natural Captial and Offsetting services
- Meet Simon Tweed, Manager – Natural Capital Strategy
- Read about the framework: https://framework.tnfd.global/
- Contact our Natural Capital team for advice: https://niche-eh.com/contact/