Commons Sense

House of Commons · Ministers' Questions

Taskforce on Nature-related Financial Disclosures: Recommendations

Tuesday 19 December 2023 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • The Government have been a major donor to the TNFD initiative.
  • The Government will consider how to incorporate TNFD recommendations into policy and legislation.
  • The Treasury's green finance strategy includes plans to advance sustainability disclosure requirements.

Topics (select to filter)

Questions & Answers

Q1 Therese Coffey Con
Climate Environment
Context

The taskforce on nature-related financial disclosures has recommendations for reporting. A year ago, the global biodiversity framework was agreed upon in Montreal to restore biodiversity loss.

Question

If he will make mandatory the recommendations on reporting of the taskforce on nature-related financial disclosures. I am encouraged by my hon. Friend's answer. It was a year ago today that the global biodiversity framework was agreed in Montreal, and it was absolutely necessary to restore biodiversity loss. The TNFD initiative was launched by the UK G7 presidency in 2021 and featured in the green finance strategy.

Answer from Bim Afolami

This Government have been one of the largest donors to the global market-led taskforce on nature-related financial disclosures—TNFD—initiative. We will consider how best the TNFD's recommendations should be incorporated into policy and legislative architecture in a manner that is coherent with global sustainability reporting.

Partly answered

Not addressed: Whether the recommendations of the taskforce on nature-related financial disclosures will be made mandatory

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Q2 Therese Coffey Con
Climate
Context

The TNFD initiative was launched by the UK G7 presidency in 2021 and featured in the green finance strategy. The taskforce on climate-related financial disclosures has already been implemented.

Question

I am conscious that there was a lot of support from the Treasury previously and that we should try to accelerate the International Sustainability Standards Board standards so that we can bring in this initiative just as successfully as we have done for the TCFD—the taskforce on climate-related financial disclosures.

Answer from Bim Afolami

I thank my right hon. Friend for her question. She mentions the Treasury's green finance strategy, which contains plans to bring forward the sustainability disclosure requirements, building on the global commitments. We have already implemented the climate-related financial disclosures, and we are looking very carefully at the nature-related financial disclosures. We hope to update the House in due course.

Partly answered

Not addressed: Specific plans or timelines for accelerating the implementation of nature-related financial disclosures

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