Talking ESG: TNFD launches a final nature reporting framework

Oct 5, 2023

Daniel O'Brien, PwC's Sustainable Business Solutions lead and TNFD member, discusses the launch and implementation of the TNFD framework, addressing the urgency of nature-related issues and the integration of nature in climate risk assessments. He emphasizes the need for phased adoption, global data sets, and subject matter expertise in hotspot analysis. The challenges of standardizing scenario analysis and the importance of qualitative approaches are also highlighted.

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Introduction

00:00 • 2min

Dan O'Brien's Background and Work with the Task Force on Nature-related Disclosures

01:50 • 2min

Launching the TNFD: A Common Framework for Understanding Nature-related Financial Disclosures

03:51 • 20min

Implementing the TNFD Reporting Framework: An Iterative Process

23:50 • 2min

Approach to Addressing ESG Issues

26:11 • 11min

Urgency of Addressing Nature-Related Issues and Integrating them into Climate Risk Assessments

37:29 • 2min

Challenges of Standardizing Scenario Analysis for Climate and Nature Reporting

39:37 • 2min

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The Taskforce on Nature-related Financial Disclosures (TNFD) released its final disclosure recommendations for nature-related dependencies, impacts, risks and opportunities on September 18. Given the interrelationship between climate and nature — and the dependence of business on nature — companies may want to consider this new framework as a tool in communicating their full sustainability story.

This week, Heather Horn is joined by Daniel O’Brien, PwC Canada’s Sustainable Business Solutions leader and TNFD member, to discuss what companies should do now to prepare to make effective nature-related disclosures.

In this episode, you’ll hear discussion of:

4:18 - Background on the TNFD, including how the taskforce was formed and its mission
8:11 - The key principles of the TNFD framework and interoperability of the TCFD framework with existing climate reporting frameworks
13:36 - Complexities in critical areas of the TNFD framework
20:08 - Recommendations for how companies should approach TNFD disclosures
29:29 - How companies should approach data collection for qualitative and quantitative nature disclosures
31:10 - Best practices and common pitfalls in reporting nature-related disclosures
37:33 - Final thoughts on why companies should consider utilizing the TNFD framework

Looking for more information on nature related reporting? Check out a podcast from our “Becoming nature positive” series on Committing, measuring, and reporting.

Daniel O'Brien is PwC Canada’s Sustainable Business Solutions leader, helping clients to align their business strategies with the environmental and social challenges and opportunities of the future economy. Daniel has over 18 years of experience in environmental consulting and management. He is also a member of the Taskforce on Nature-related Financial Disclosures (TNFD).

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.