Biodiversity loss is one of the top three risks in the next 10 years and would seriously affect future generations’ access to essential resources, the World Economic Forum said in The Global Risks Report 2022 last month.
For a long time, CTBC Financial Holding Co (中信金控) has focused on promoting the positive influence of the UN’s Sustainable Development Goals (SDGs).
As four of the 17 are closely related to nature (SDG 6, SDG 13, SDG 14 and SDG 15), and protecting and supporting biodiversity is the foundation of realizing a sustainable society, CTBC Financial on Monday last week became the first Taiwanese company to join the Taskforce on Nature-related Financial Disclosure (TNFD), aiming to work with more than 250 members around the world to contribute cross-disciplinary expertise and experience, and to develop a reporting framework.
Photo: Lee Chin-hui, Taipei Times
The TNFD was in June last year launched by an informal working group comprising 75 members, including the UN Environment Programme Finance Initiative, the UN Development Programme, the WWF, Global Canopy, Citi Group Inc, AXA SA, BNP Paribas SA, and other financial institutions, governments, think tanks and corporations.
Taking a cue from the successful experience of the Task Force on Climate-related Financial Disclosures (TCFD), the TNFD’s mission is to develop a disclosure framework for companies to report and act on nature-related risks, thereby supporting global capital markets to create positive value for nature.
CTBC Financial signed on to the TCFD in 2020, using the initiative’s framework to assess climate risk management and governance, as well as to promote low-carbon transformation in Taiwan and the Asia-Pacific region.
The company expects to reach a wider range of natural and ecological issues through participation in the TNFD.
In accordance with the TNFD, the company aims to strengthen the disclosure of nature-related risks and countermeasures from five aspects: governance, strategy, risk management, metrics and targets.
In addition, CTBC Financial is to continue to discuss with customers and encourage them to take positive actions to prevent related businesses from having a negative impact on the natural environment and fulfill corporate responsibilities of protecting the natural ecology.
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