Feedback from market participants and other stakeholders

Overview

The TNFD invited market participants and other stakeholders, including policy makers, regulators and scientific and conservation organisations, to provide feedback on the first beta version of the TNFD framework. An interim deadline was set of 25 May 2022 for initial feedback on the v0.1 release, in advance of the v0.2 release. The Taskforce’s initial responses to that feedback are provided here.

Further feedback on beta versions of the TNFD framework is welcome throughout the open innovation process until 1 June 2023, with subsequent releases during 2022 and 2023. The timeline for subsequent beta releases and the interim deadline for further feedback are outlined below.

Additional Content

In summary:

  • The beta framework has been viewed over 30,000 times online from viewers in over 70 countries.
  • Over 500 pieces of topical feedback were received through the TNFD online portal for the beta framework (framework.tnfd.global) or sent directly, from 138 organisations or individuals, in 37 countries.
  • Responses were received from financial institutions and corporates from a variety of sectors including the consumer goods, industrial, utility and material sectors, as well as public sector institutions, academic and research organisations, business associations, and intergovernmental, civil society and conservation organisations.
  • 70 of those who responded provided detailed, qualitative feedback. The remaining 68 provided quantitative feedback on the utility of different elements of the TNFD framework.
  • Based on those respondents who identified their country, feedback was provided from 37 countries across Africa, Asia, Europe, the Middle East, North America, Oceania and South America.
  • The 10 countries with the most respondents providing feedback (in order of feedback received) were the United Kingdom, Japan, Australia, France, the United States, Canada, Singapore, Brazil, Germany and Norway.
  • The TNFD Secretariat has also convened over 20 outreach and feedback meetings with market participants across sectors and jurisdictions.
  • 120 users provided responses via the online platform on the overall usefulness of different parts of the v0.1 beta release (very useful/fairly useful/not that useful), as summarised in the figure below. The figure demonstrates the overwhelmingly positive feedback from the market on the usefulness of different parts of the TNFD framework.
Additional Content

In response to feedback from 25% of respondents that the piloting section was ‘not that useful’, the TNFD has prepared a piloting guide included in this v0.2 release with its piloting partners to provide further support to market participants on pilot testing.

Key themes of feedback

The Taskforce has reviewed all of the feedback received on v0.1 of the beta framework.  On the basis that providers of feedback did so directly and confidentially to the Taskforce, the Taskforce is providing an aggregated summary of the feedback provided.  Three broad themes of feedback were received:

  • The need for further guidance;
  • Technical aspects of core components of the beta v0.1 framework; and
  • Approach to developing the TNFD framework, including communications and engagement.

The need for further guidance

Feedback on the need for further guidance for specific users and topics was requested, including:

  • Additional specific guidance for all users;
  • Guidance for financial institutions;
  • Guidance on – and work to address – data and analytic gaps and challenges;
  • Guidance on scenarios; and
  • Guidance on metrics and targets.

Further detail is provided in the table below on the guidance needs that were identified, what the Taskforce has included to meet these needs in the v0.2 release, and the Taskforce’s plans for further work to meet these guidance needs in subsequent releases, building towards the final framework publication in September 2023.

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Feedback on technical aspects of the core components of the v0.1 beta release

The TNFD received specific feedback on technical aspects of the v0.1 beta release of the TNFD framework, including the definitions of core concepts, the draft disclosure recommendations and the LEAP approach. The key themes in this feedback are summarised in the table below.

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Feedback on framework development process, communications and engagement

The TNFD also received general feedback on the overall framework, how it is being developed, communication of its work and its engagement with stakeholders and other initiatives, as summarised in the table below.

Additional Content
Please select an option from the matrix below.
Not useful at allNot that usefulFairly usefulVery useful
Hidden
Denotes what content item the feedback relates to