Approach to societal dimensions of nature-related risk assessment and disclosure

Approach to societal dimensions of nature-related risk assessment and disclosure

Recognising that the impacts and dependencies on nature of an organisation are location-specific and inextricably linked to society and local communities, the Taskforce is also considering societal dimensions of nature-related risk management and disclosure. Following the release of v0.2 of the beta framework, the Taskforce commenced a process of engagement with a range of stakeholders, including leaders of Indigenous Peoples and Local Communities (IPLCs) and consultations with a range of civil society organisations (CSOs). These groups have provided valuable perspectives and considerable feedback to the Taskforce and this dialogue will continue throughout the remainder of the open innovation process through to June 2023.

Building on these early discussions and feedback, the Taskforce has made several modifications and additions to the LEAP approach and the draft disclosure recommendations, as outlined above and further detailed below. It also publishes a discussion paper on ‘Societal dimensions of nature-related risk management and disclosure – Considerations for the TNFD framework’ alongside this v0.3 of the beta framework.

The discussion paper outlines the specific points of feedback received to date and sets out a series of important and interrelated dimensions of relevance to the TNFD beta framework. The Taskforce looks forward to further input on these topics as it continues to assess how to incorporate societal considerations into the TNFD framework. Draft guidance on engagement with stakeholders, including rights-holders, is planned for the v0.4 release in March 2023.