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: Summary of feedback on v0.2 of the TNFD beta framework

In March 2023, the TNFD will conclude its open innovation process with a 60-day formal consultation where organisations can submit responses to a full draft of the beta framework (v0.4). The Taskforce will consider all feedback received to inform its complete framework for publication in September 2023. Comment letters received in this formal consultation will be published on the TNFD website, following the approach of international standards organisations.

In summary:

• The TNFD beta framework has been viewed over 60,000 times by stakeholders in over 140 countries.
• Over 475 pieces of topical feedback were received on v0.2 through the TNFD online portal or sent directly to the TNFD, from 94 organisations or individuals.
• Responses were received from financial institutions and corporates from a variety of sectors, including consumer goods, industrial, utility, materials, energy and information technology, as well as public sector institutions, academic and research organisations, business associations and intergovernmental, civil society and conservation organisations.
• 52 of the respondents provided detailed, qualitative feedback. The remaining provided quantitative feedback on the utility of different elements of the TNFD beta framework (see Figure 1).
• Based on those respondents who identified their country, feedback was provided from 21 countries across Africa, Asia, Europe, Oceania, and North and South America.
• The 10 countries with the most respondents providing feedback (in order of feedback received) were the United Kingdom, Japan, the United States, Australia, Brazil, India, Mexico, Switzerland, Canada and France.

Figure: User responses (n=54) on usefulness of components in the v0.2 beta framework

ExpandFigure: User responses (n=54) on usefulness of components in the v0.2 beta framework

The metrics and targets approach received some critical feedback, with 50% of respondents stating that it was very useful, but 25% of respondents stating that the metrics and targets approach was not that useful and a further 25% that it was not useful at all. In response, the TNFD has continued to build out the approach to metrics and targets, with additional guidance on risk and opportunity assessment metrics and science-based targets included in this v0.3 beta release. Further work is planned on disclosure metrics in the final v0.4 beta release, as well as streamlining of the overall approach to metrics and targets.

The Taskforce has reviewed all of the feedback received on v0.2 of the beta framework. On the basis that providers of feedback did so directly to the Taskforce and on a confidential basis, an aggregated summary is provided here.

The feedback on v0.2 follows four broad themes:

• The need for disclosure of impacts on nature and related social considerations;
• The need for further guidance that helps users apply the framework in practice;
• Technical aspects of definitions, disclosure recommendations and the LEAP approach for risk and opportunity management
• The Taskforce’s approach to developing the TNFD framework, including consultation and engagement processes, and alignment with other initiatives.

An ongoing theme in feedback to the Taskforce since publication of the v0.1 beta framework has been the importance of disclosure of impacts on nature, and consideration of social dimensions of nature-related issues.

Further detail is provided in the table below on this feedback, what the Taskforce has included in the v0.3 release to meet those needs, and the Taskforce’s plans for the v0.4 release, building to the complete framework publication in September 2023.

Building on feedback on v0.1, feedback on v0.2 reinforces that market participants would like additional guidance to help interpret and apply the TNFD framework, including guidance for specific sectors and biomes, for financial institutions specifically, and on technical components, particularly scenarios, metrics, targets and data.

Further detail is provided in the table below on guidance needs identified through feedback, what the Taskforce has included in the v0.3 release to meet those needs, and the Taskforce’s plans for the v0.4 release, building to the complete framework publication in September 2023.

The TNFD continued to receive specific feedback on technical aspects of v0.2 of the beta framework, including the definitions of core concepts, the draft disclosure recommendations and the LEAP approach. The Taskforce responses to the most significant technical feedback are summarised in the table below.

The TNFD continues to receive feedback on its open innovation framework development process, communication of its work and its engagement with stakeholders, rights-holders and alignment with other initiatives. This is summarised in the table below.