What are TCFD & TNFD?
TCFD (Task Force on Climate-related Financial Disclosures)
This framework, developed by the Financial Stability Board (FSB), is an internationally recognised reporting standard that helps companies identify and manage climate-related financial risks and opportunities. The TCFD guides companies in strategically managing their adaptation to climate change and the transition to a low-carbon economy.
TNFD (Task Force on Nature-related Financial Disclosures) Created to manage nature-related financial risks and opportunities, the TNFD enables companies to assess biodiversity loss, natural resource use and ecosystem risks, taking into account dependencies on nature and environmental impacts.
The TNFD provides comprehensive guidance for companies to better understand and effectively manage their dependence on, and impacts from, biodiversity and natural resources.
Strategic Benefits of TCFD and TNFD for Companies
Climate change and the loss of nature are among the most critical factors directly affecting companies' financial and operational strategies. In order to effectively manage these risks and opportunities, it is critical for companies to comply with global reporting frameworks such as the TCFD and TNFD.
TCFD and TNFD reporting enables companies to identify, manage and transparently communicate to stakeholders their climate- and nature-related dependencies, impacts, risks and opportunities. In this way, financial stakeholders can better assess the financial impact of companies on climate and nature.
The Power of TCFD and TNFD Reporting
The purpose of reporting is to explain management's approach to risks and opportunities, assess the impact of these factors on business strategy and financial planning, demonstrate risk management processes and report on objectives with metrics. It offers benefits such as strategy development, improvement of financial management processes and compliance with international standards through degree-based scenario analysis. It also helps companies gain the confidence of financial stakeholders and be prepared for future regulatory requirements.
At Greenlife Consulting, we offer TCFD & TNFD compliant solutions to help you manage climate and natural risks and opportunities. Our team of experts will help you to prepare the most appropriate reports for your financial and operational processes, taking into account your company's activities and sector dynamics.
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