The Taskforce on Nature-related Financial Disclosures (TNFD) has added seven new members from global organisations, as well as two new knowledge partners, and a new strategic funding partner.

Announcing the news at COP27, the TNFD confirmed that seven new senior executives from companies and financial institutions around the world would be joining the taskforce, taking the total number of taskforce members to 40.

The new taskforce members, which were drawn from the TNFD forum, are from Acciona in Spain, Bayer in Germany, Dow in the USA, LVMH from France, Norinchukin Bank of Japan, Swire Properties in Hong Kong SAR, and Reckitt.

Five of the new members have already begun or have completed pilot testing the beta framework released by the TNFD in March of this year, with all seven new members are existing Task Force on Climate-Related Financial Disclosures (TCFD) supporters, and Dow is also on the TCFD taskforce.

The Olam Group, meanwhile, has stepped down from the taskforce due to internal commitments, although it will continue to contribute as a TNFD Forum member and through pilot testing of the TNFD framework.

Alongside the new member additions, the TNFD announced the appointment of two new knowledge partners: NatureFinance and the Center for Global Commons at the University of Tokyo.

Additionally, the Macdoch Foundation has joined the initiative as a new strategic funding partner, and will also be joining the TNFD’s Stewardship Council.

More broadly, the TNFD confirmed the launch of three new TNFD consultation groups in Brazil, Colombia and France, bringing the total number of consultation groups around the world to nine.

Other national and regional groups are also expected to be formed in the future as the TNFD continues to consult market participants on the design of its draft framework, ahead of the release of its recommendations in September 2023.

Commenting on the news, TNFD co-chairs, Elizabeth Mrema and David Craig, stated: “This expansion of the taskforce is both strategic and timely: enhancing our sector coverage and issue expertise as we work towards the publication of our final recommendations due in September 2023.

"As we enter the second year of our design work, the taskforce is now looking forward to defining disclosure metrics and developing additional guidance for a diverse range of future users of the TNFD framework across sectors and geographies.”

Indeed, the third iteration of the TNFD beta was also shared earlier this week, with "significant updates and enhancements", including an expansion of draft disclosure recommendations "to incorporate dependencies and impacts on nature alongside risks and opportunities to [an] organisation".

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