Ipieca is supporting the Taskforce on Nature-related Financial Disclosures (TNFD) as a new piloting programme partner providing global oil and gas industry technical input to the beta framework, ahead of its launch in September 2023.
The emerging TNFD framework builds on the approach taken by the Taskforce for Climate-related Financial Disclosures to enable businesses to report and act on nature-related risks and opportunities and direct financial flows towards nature-positive outcomes. By taking an open innovation approach to co-creating the framework, TNFD aims to ensure its final recommendations are both science-based and practical to implement by market participants globally.
Ipieca has mapped all versions of the beta framework against the Ipieca-API-IOGP Sustainability reporting guidance for the oil and gas industry and Ipieca biodiversity guidance and materials, to identify commonalities and gaps and propose corrective actions to support alignment with existing sustainability reporting standards and practices. The exercise will also enable Ipieca members to better understand the scope and extent of the TNFD framework, benchmark their current practices and anticipate new requirements.
Ipieca will provide feedback on the latest beta framework (v0.4) by 1 June 2023 to feed into the final recommendations to be published in September.