Thursday 18 January 2024

Davos: 320 global organisations to adopt green financial disclosures

Davos: 320 global organisations to adopt green financial disclosures

More than 320 organisations from 46 countries have committed to adopting recommendations from the Taskforce on Nature-related Financial Disclosures (TNFD).

The diverse group includes publicly listed companies, financial institutions, banks, insurers and market intermediaries.

With a combined market capitalisation of $4 trillion (£3.1tn) and $14 trillion (£11tn) in Assets under Management (AUM), these entities plan to integrate TNFD-aligned disclosures into their annual corporate reporting between 2023 and 2025.

The announcement was made during an Issue Briefing event at the World Economic Forum.

Notable participants include NBIM, one of the largest single owners in the world's stock markets, and seven of the 29 Globally Systemically Important Banks (GSIBs).

The TNFD adopters, by disclosing nature-related information, aim to secure their businesses' operations for the long term while contributing to the broader goals of environmental preservation and sustainability.

Jesper Brodin, Chief Executive Officer of Ingka Group IKEA, and Jon Abrahamsson Ring, Chief Executive Officer of Inter IKEA Group, said: "Nature loss is one of the biggest challenges facing humanity, deeply connected with the climate crisis, and growing social inequality around the world.

"Nature urgently needs attention and collaboration from us all, which is why we are delighted to become a TNFD early adopter. We see nature-related issues as a strategic business issue and believe the TNFD recommendations and guidance will support us in further assessing risks and opportunities and allowing more targeted positive action."

Masayuki Hyodo, Representative Director, President and Chief Executive Officer of Sumitomo Corporation, said: "As a conglomerate, we conduct business in multiple sectors including infrastructure, mining, forestry and agriculture.

"Undoubtedly, we are largely dependent on nature across the globe and therefore, integrating nature into our business decision-making is crucial for the sustainable future of the company."

Written by

Sumit Bose

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