WBCSD’s TNFD pilot

Purpose

本资料综合介绍了世界自然科学与发展委员会与自然有关的财务披露工作小组（TNFD）试点程序, summarizing pilot member business experience, learnings, challenges, illustrative applications and examples. Reflections draw on multiple sources including group workshops, spotlight sessions, bilateral discussions and TNFD maturity assessments. 它旨在为使用TNFD框架的公司提供见解，并为TNFD的LEAP方法（包括三个用例）和披露建议提供实用的“如何”指导. The pilot was conducted with 23 WBCSD member companies, in collaboration with PwC UK*, as part of broader work on Nature Action and Redefining Value in WBCSD.

*In this resource, "PwC" refers to the UK member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

Note

The TNFD pilot started in September 2022 based upon beta v0.2 of TNFD guidance and continued through beta v0.3 and v0.4 until June 2023. Accordingly, the piloting content was regularly updated according to the latest TNFD framework release.

While the pilot was conducted with beta versions 0.2, 0.3 and 0.4 of the TNFD framework, this resource includes version 1.0 of the TNFD recommendations where relevant, unless expressly stated otherwise.

WBCSD requested PwC’s support to set up and run the pilot, including the use of PwC UK’s TNFD maturity assessment methodology. 该方法旨在使组织了解其与TNFD和更广泛的自然景观相关的成熟度. WBCSD and PwC have collaborated in designing and executing this pilot throughout, and this resource is published by WBCSD with support from colleagues at PwC.

In addition, WBCSD engaged Environmental Resources Management (ERM) to provide additional support, in particular for the energy pilot.

Throughout references are made to various third party third-party nature-related tools and data providers. These references do not reflect endorsements by WBCSD or PwC UK but rather are stated as examples that were identified during this pilot process.

This content has been developed in the name of WBCSD. Like other WBCSD publications, it is the result of collaborative efforts by representatives from member companies and external experts. A range of member companies reviewed drafts, thereby ensuring that the material broadly represents the perspective of WBCSD membership. Input and feedback from stakeholders listed above was incorporated in a balanced way. This does not mean, however, that every member company or stakeholder agrees with every word.

The resource has been prepared for general guidance on matters of interest only, and does not constitute professional advice. 在未获得具体的专业建议之前，您不应根据本出版物中包含的信息采取行动. 对于本出版物中包含的信息的准确性或完整性，不作任何陈述或保证（明示或暗示）, and to the extent permitted by law, the authors and distributors do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

Introduction

Nature loss poses both risks and opportunities for business, with over half (55%) of the world’s gross domestic product (GDP) moderately or highly dependent on nature, equivalent to an estimated US $58 trillion . However, many businesses don’t have a comprehensive understanding of how their activities, positively or negatively, 影响自然或自然将如何影响其业务的财务业绩，无论是立即的还是长期的.

与自然有关的财务披露工作组（TNFD）于2021年启动，其最终目标是支持全球资金流动从对自然不利的结果转向对自然有利的结果. 它为企业提供了一个自愿的风险管理和披露框架，以报告和应对不断变化的与自然有关的风险，这将使金融机构（“fi”）和公司将与自然有关的风险和机会纳入其战略规划, risk management, investment and financing decisions.

《正规博彩十大网站》（2022年12月在蒙特利尔签署）中目标15的大部分语言，, mirrors that of the TNFD, is a testament to how this framework is already being used by policy-makers and businesses to identify, assess and disclose their nature-related dependencies, impacts, risks and opportunities (“DIROs”). Furthermore, the number of companies reporting DIROs under the framework, is one of the official monitoring indicators for the GBF’s Target 15.

In 2022, the World Business Council for Sustainable Development (WBCSD), Business for Nature, Capitals Coalition, TNFD, Science-Based Targets for Nature (SBTN), 世界经济论坛（WEF）和 世界自然基金会（WWF）合作，为企业提供一种一致的方法来加速对自然的保护. Leveraging WBCSD’s Building Blocks for Nature Positive alongside other key frameworks, this group developed the high-level business actions on nature , also known as the ACT-D framework: Assess, Commit, Transform and Disclose.

WBCSD has engaged more than 75 member companies to develop detailed Roadmaps to Nature Positive, which provide step-by-step guidance on this journey, including how to get started, and progress on ACT-D across all maturity levels, backed up by deep dives into specific value chain systems. 对优先价值链的深入研究正在支持公司扩大行动，以阻止和扭转自然损失, prepare to set science-based nature-related goals and targets, and disclose progress using quantifiable metrics.

To learn more about this work, see WBCSD’s Roadmaps to Nature Positive – Foundations for all businesses

Explore the foundations for specific systems:

Land-use: agri-food (row crops) and forest sectors
Built environment
Energy

Overviews for additional sectors are available on Business for Nature.

水务署被选为试点伙伴，通过知识分享和提供反馈，测试和指导TNFD框架的设计和开发. 在发布v1版本之前的12个月里，一直在不断地向TNFD秘书处提供TNFD测试版的投入.0 of the TNFD framework in September 2023.

WBCSD成员公司欢迎有机会分析TNFD框架的组成部分，并分享学习和反思, 同时利用WBCSD气候相关财务披露工作组（“TCFD”）编制者论坛的经验, Nature Action, Redefining Value and strategic value chain Pathways programs, plus experience with the Natural Capital Protocol.

A cohort of 23 WBCSD member companies were selected to participate in the pilot, representing a range of geographies and businesses, 有三组反映了可能对自然产生重大影响和依赖的社会经济系统：

陆基（农业-粮食和森林）系统通过造成水和土壤污染影响了72%的受威胁物种, deforestation, land degradation and habitat destruction.

The Built Environment (Infrastructure, Real Estate & Construction Materials) system impacts 29% of species threatened with activities driving increased flood risk, water, oil pollution and degradation of land and seabeds.

The Energy and Extractives (Oil & Gas, Electric Utilities, Bioenergy, Metal and Mining) system potentially impact 18% of species threatened, through activities that may contribute to land use change, freshwater use, pollution and landscape alterations.

These systems also present significant in ensuring a transition to a low carbon, nature-positive economy.

The pilot provided a space and structure for companies to learn about and engage with the TNFD framework, and as a consequence, provide user feedback as the framework evolved. Sector-specific learnings, experiences, challenges, 所有的案例研究和建议都经过了综合，并与TNFD秘书处分享，以便在TNFD指南的迭代中进行审议.

For more information on pilot summary feedback to the TNFD, please download appendix I here.
For more information on commonly asked questions by TNFD pilot members, please download appendix II here.
For more information on approach and methodology, please download appendix III here.
For more information on organizations engaged throughout the TNFD pilot, please download appendix IV here.

The TNFD Disclosure recommendations

TNFD制定了一个与自然有关的风险和机会管理和披露框架，以期提供信息, and feed into, 由国际正规博彩十大网站排名标准委员会（ISSB）等组织和特定市场监管机构制定的具体标准. TNFD认识到气候与自然相关问题之间的相互联系，并鼓励采取综合方法进行风险管理和披露. The framework outlines disclosure recommendations that are aligned to the TCFD, with organizations encouraged to disclose around four key pillars: Governance, Strategy, Risk & Impact Management, and Metrics & Targets (see here).

Figure 1:TNFD’s recommendations and recommended disclosures

Source: TNFD (2023). Taskforce on Nature-related Financial Disclosures (TNFD) Recommendations. Retrieved here.

Each of the four pillars are split into recommended disclosures. All 11 of the TCFD recommended disclosures are either included or have been slightly adapted. One exception to this is that the concept of Scope 1, 2 and 3 emission reporting in the TCFD has been changed to reflect direct, upstream, downstream and financed activities. 这反映在“风险和影响管理A”披露建议（在橙色框中）被分成两部分的事实中：

● A(i), covering direct operations; and

● A(ii) covering upstream, downstream, financed activities and assets. This allows differentiated approaches to nature-related issues in direct operations and value chain(s).

In addition to these 12 disclosure recommendations, the TNFD includes 2 additional disclosure recommendations:

● Strategy D (in the blue box), covering priority locations; and

● Risk and Impact Management D (in the green box), covering stakeholder engagement

However, despite the similarities between the TCFD and TNFD frameworks, 与TCFD相比，TNFD的挑战之一是没有单一的测量自然变化的度量（如二氧化碳当量）, CO2e, for climate). 这给试图将与自然相关的问题聚合到公司级别以进行报告的企业带来了挑战, or for comparison across business units or geographies. The TNFD have worked to take these complexities into account and provide a simplified, systematic process accounting for these differences. 在许多情况下，TNFD已经调整了框架，以确保企业进一步明确需求，以改善一致性. For example, the release of ‘core’ and ‘additional’ metrics will support the alignment of cross-sector metric reporting.

General Requirements

The TNFD has also set out six general requirements that cut across the four disclosure pillars. The TNFD has also set out six general requirements that cut across the four disclosure pillars. The general requirements consider varying levels of maturity, allowing report preparers to adapt their approach over time and increase the scope of disclosures.

The six general requirements relate to:

The approach to materiality;
The scope of disclosures made;
Links between nature-related dependencies, impacts, risks and opportunities (referred to collectively in the TNFD framework as nature-related issues);
The location specificity of nature-related issues;
Integration with other sustainability-related disclosures; and
Stakeholder engagement.

The LEAP approach

Along with the disclosure recommendations and general requirements, the TNFD has also created a voluntary process for assessing and managing DIROs called LEAP (“Locate, Evaluate, Assess, Prepare”).

Businesses may find that some of their existing practice and data collection aligns with TNFD’s LEAP approach. For examples from this pilot program, see the ‘Use cases’ section.

LEAP assessments are broken down into 16 analytic components, each framed by a guiding question. However, before commencing the LEAP assessment, TNFD建议审查评估的范围，以便优先考虑可能对业务重要的内容，并集中收集数据. The scoping stage reflects the type of business, 进入LEAP方法的不同入口点，以及适合于LEAP的每个组件的不同类型的分析, with different framing questions for corporates vs financial institutions.

For specific guidance on scoping for different systems, see Roadmaps to Nature Positive: Foundations for Built Environment, Land use: agri-food (raw crops) and forest sectors, and Energy systems.

Figure 2: The TNFD approach for identification and assessment of nature-related issues – LEAP

Source: TNFD (2023). Guidance on the identification and assessment of nature-related issues: the LEAP approach. Retrieved here.

To understand the baseline of TNFD maturity at the start of the pilot, PwC conducted maturity assessments* against v0.2 of the framework. Pilot members’ public disclosures were reviewed and assessed against TNFD disclosure recommendations.

*Given the TNFD maturity assessments were conducted against v0.框架2的结果没有根据TNFD最近的一些建议（例如关于可追溯性和利益相关者参与的建议）评估试点成员的成熟度。. The results are also based on disclosures from previous years which may have since been updated and improved. 成熟度评估结果强调了系统之间的可变性（基于该TNFD试点中涉及的23个全球企业的样本）。.

Some key themes and topics applicable across all systems:

Of the four phases of the LEAP approach, pilot members feel most confident in the Locate phase. However, pilot members found Locate more challenging for the downstream and upstream parts of the value chain with a lack of clarity around how to obtain location-specific data, especially in long and complex value chains.
Of the four pillars of TNFD, pilot members feel most confident in governance. This is in part due to its similarity with TCFD and other reporting frameworks. Strategy is the pillar that presents the most difficulty, 与自然相关的场景分析对于大多数试点成员尚未开始处理的公司来说是一个非常新的领域.
成员们确定的一些快速胜利包括提升内部团队的技能，绘制现有数据，以了解已经从业务运营和整个价值链中收集了哪些数据（例如）, for climate disclosures).

Table 1: General learnings from PwC UK’s TNFD maturity assessments

Sector	Existing alignment to TNFD	Next steps for alignment
Energy	•Well established central risk and opportunity management processes •High TCFD maturity and alignment •High level nature positive commitments which consider Biodiversity, Water, Land use, atmosphere and resource efficiency	•Disclose how nature-related risks and opportunities are identified, assessed, monitored and how these impact business strategy •Use risk categories (e.g., physical) and sub-categories (e.g., acute or chronic) to disaggregate lists of environmental risks, using short- (<2), medium- (2-5) or long-term (5+) time horizons where possible. •Set interim targets to support high level commitments e.g. “water positive”, “nature positive”, etc. •Link DIROs to financial implications
Land Use	•Case studies that highlight location-specific risks (e.g., deforestation, unsustainable forest management) and/or opportunities (e.g. restoration) •Good TCFD structures which can be translated to TNFD, particularly around governance and risk management pillars •Clear nature strategies with associated high-level targets on nature	•Improve description of board and management level responsibility for nature •Align to TNFD classification of risks i.e., physical, transition and systemic •Analyze value of nature-related dependencies, impacts, risks and opportunities in various nature scenarios •Set targets now and adapt them later, including KPIs to monitor progress
Built Environment	•Description of nature-related impacts influencing business planning •There is some discussion on how nature-related risks are being managed, particularly for water and waste •Good inclusion of stakeholders e.g. for materiality review •Nature is frequently thought of in relation to other business risks •Clear targets for site level operations, with nature-related opportunities defined	•Leverage TCFD learnings on risk classification, description of business opportunities etc. •包括表示治理结构和风险管理方法的图表，以演示信息如何在组织中传递 •Describe strategic decision-making implications •Develop a more holistic approach to nature, covering a range of concepts, realms, assets

Getting started using the LEAP approach

Introduction

This section provides insights on implementing elements of the LEAP approach, collated by incorporating TNFD guidance and examples generated by pilot members, WBCSD and PwC during pilot workshops. 讲习班的重点是在成熟度评估期间与试点成员合作确定的TNFD框架中具有挑战性的具体方面. Each challenge area relates to a different stage of the LEAP approach.

The 5-step approach to scoping LEAP assessments outlined below was adapted from TNFD v0.3 guidance by PwC and does not constitute direct TNFD guidance. Each step outlined below can be thought of in a funnel approach as depicted by the diagram in figure 3, which together can generate a working hypothesis to take into further LEAP assessments.

Table 2: PwC’s suggested 5 step approach to scoping LEAP assessments

	Step	Suggested approach
1	Identify sectors present in the value chain	Map out and assess the value chain components (e.g. suppliers, intermediaries, customers, etc.) to identify which sectors are involved. 考虑在价值链中，使用行业分类系统，如全球行业分类标准（“GICS”）（用于ENCORE工具）或可持续会计准则委员会（“SASB”）（由TNFD推荐），行业分类从一个阶段变化到另一个阶段。.
2	Screen for potentially high risk sectors	Of the sectors identified, use a high-level screening tool such as ENCORE to understand which sectors and sub-sectors are potentially high risk. This can be calculated in a variety of ways as long as the method is disclosed (e.g. 所有影响和依赖关系的综合ENCORE得分乘以每个部门的运营规模和强度).
3	Screen for where in the value chain potential dependencies might occur	Identify which natural assets and ecosystem services you are potentially highly dependent on in these sub-sectors. For example, 使用ENCORE来了解每个子行业中哪些生产过程对自然正规博彩十大网站排名/生态系统服务有“高”或“非常高”的依赖.
4	Screen for where in the value chain potential impacts might occur	Which business processes have a potentially 对生态系统服务/自然正规博彩十大网站排名的高影响（在前面第(1)部分确定的高风险子行业内）. For example, 使用SBTN的部门重要性工具来了解哪些生产过程具有“高”或“非常高”的影响.
5	Explore potentially high impact products	根据价值链中存在的任何高影响力商品，进一步缩小范围，应优先进行更详细的探索. Potentially high impact commodities could be explored using SBTN’s high impact commodity list or tools such as TRASE.

Figure 3: Visualization of the suggested approach to scoping LEAP assessments

这种确定范围的方法为企业理解其业务操作或更广泛的价值链中潜在的高影响或高度依赖的部分提供了基础. These need to be explored in terms of financial magnitude, such as associated spend, cost or revenue data. In addition, TNFD suggests performing a high-level hotspotting.

表3：来自价值链的建筑环境成员的例子（步骤1 -确定价值链中存在的部门）

Type of business

Upstream

Direct operations

Downstream

Construction company

Material extraction

Transportation
of materials

Construction

Waste and demolition

Construction materials manufacturer

Procurement of raw materials

Materials extraction and processing

Transportation

of materials

Construction

Waste and demolition

For specific guidance on typical impacts and dependencies for different systems, see Roadmaps to Nature Positive , Land-use: agri-food (row crops) and forest sectors and, energy systems

Table 4: Built Environment members’ answers to steps 2, 3, 4 and 5 in the outline 5 step process

Potentially high risk sectors	Potential dependencies	Potentially high risk processes	Potential Impacts	Potentially high risk commodities
Precious metals and materials	Surface water	Construction materials manufacturing	Lowering water quality	Steel
Product provision	Ground water	Mining for materials	Lowering of the water table	Sand
Landscaping/ design	Soil quality	Construction	GHG emissions	Cement

这一过程使企业了解到，水的可用性（作为一个例子）可能是建筑环境部门的一项物质依赖，因此应该确定所有正在进行运营的水资源紧张地区. Tools such as the Aqueduct water risk atlas can facilitate this analysis as part of the ‘Locate’ phase of LEAP.

TNFD’s ‘Evaluate’ stage of LEAP is about identifying and analyzing impacts and dependencies (see here). TNFD defines impacts and dependencies on nature as follows_

Impacts: Changes in the state of nature, which may result in changes to the capacity of nature to provide social and economic functions. Impacts can be positive or negative. They can be the result of an organization’s or another party’s actions and can be direct, indirect or cumulative.

Dependencies: Aspects of ecosystem services that an organization or other actor relies on to function. Dependencies include ecosystems' ability to regulate water flow, water quality, and hazards like fires and floods; provide a suitable habitat for pollinators (who in turn provide a service directly to economies), and sequester carbon (in terrestrial, freshwater and marine realms).

Figure 4: Deep dive into the evaluate phase of the LEAP approach, focusing on impacts and dependencies, included in TNFD v0.4.

A list of potential dependencies for each sector was taken from the ENCORE platform. In order to assist identification of additional dependencies, other tools used by members were identified.

Tools/methods used by members to support identification and evaluation of dependencies

Guidance. TCFD, ENCORE, Food, Land and Agriculture Guidance (“FLAG”) from the Science-based Targets Initiative or “SBTi”, GLOBIO, guidance from accepted certification standards, WWF Biodiversity Risk Filter and SBTN helped corporates to define scope and method for dependency analysis.
Tailor made tools. One example was the use of Integrated Biodiversity Assessment Tool (“IBAT”), in conjunction additional Geographic Information System (“GIS”) layers representing different ecosystem services, to show the footprint of potential dependencies for the organization.
Primary data inputs. 业务已经收集的关于使用或消费的数据可以帮助识别基于对生产和依赖关系之间联系的理解的与自然相关的依赖关系. For example, water consumption from local water bodies or use of land for growing crops.
Third party geospatial tools. 与自然相关风险相关的正规博彩十大网站排名/操作（包括可能的价值链操作）的地理映射. For example, the mapping of water risk using Aqueduct.
Stakeholder workshops. Methods identified to help the process of qualitatively evaluating the materiality of identified dependencies. For example, a pilot member suggested creating a spreadsheet to list out different dependencies, 它们发生的可能性有多大，以及根据与主要利益相关者举行的讲习班和讨论提出的潜在战略应对措施.

Dependencies and their related metrics

The TNFD provides an extensive table of ecosystem services and potential physical metrics, which could be used to measure potential ecosystem indicators for each (see Figure 5).

Figure 5: Example of ecosystem service metrics

Source: TNFD (2023). Guidance for corporates on science-based targets for nature, Annex 1. Accessible here.

这使企业能够了解他们对生态系统服务的依赖程度，并得出哪些对他们的业务最重要的结论. They should then be prioritized when considering risk and impact management or making strategic decisions. An example of a dependency identified as potentially material for each sector is highlighted in table 5 below, along with the potential ecosystem indicators, metrics and data sources to measure each one.

Table 5: Dependencies and their related metrics

System	Example dependency	Example ecosystem indicator	Example metric	Example data source
Energy	Surface water availability	Water consumption by source	Volume of water consumption by source (m³)	Consumption data from corporates
Land use	Soil quality	Soil Organic Carbon (SOC) level	SOC reported as a percentage of topsoil and converted to volume per hectare (t/ha)	Supplier land use data
Built Environment	Timber (upstream)	Carbon balance related to timber (i.e. net carbon emissions and storage)	Volume of timber used that was sustainably harvested/produced	Data collected by suppliers

The TNFD recommends 10 ‘core’ metrics which should be disclosed against ‘Metrics and Targets B’ and ‘Strategy A’, with relation to a business’ dependencies and impacts on nature. 这些“核心”指标与全球生物多样性框架（GBF）等全球政策保持一致，因此TNFD鼓励企业根据与商业模式相关的所有指标进行披露, sector(s), biome(s) and priority locations.

Further considerations regarding the ‘core’ metrics include:

the measurement baseline, for example, the percentage change from previous reporting years
direct operations should be disclosed separately from upstream, downstream or financed activities (in the case of FIs)
state the location the metric refers to
考虑将这些指标与TNFD关于“指标与目标B”和“策略A”的披露指南一起披露。
for impact drivers, organizations should ensure the metric enables report users to determine what the impact driver is (e.g. the type of pollutant emitted), where the impact is located, with reference to spatial data where possible and how much impact has taken place (e.g. the volume of pollutant emitted).

If organizations do not report against any of the core metrics, they should provide an explanatory statement as to why they have not reported.

Figure 6: ‘Core’ disclosure metrics for dependencies and impacts on nature

Source: TNFD (2023). Guidance on the identification and assessment of nature-related issues: the LEAP approach. Retrieved here. Please access the full TNFD Pilot report for a closer look at this figure, p.16-20.

For specific guidance on typical impacts and dependencies for different systems, see Roadmaps to Nature Positive, Foundations for Built environment, Land-use: agri-food (row crops) and forest sectors and , Energy systems

To evaluate key dependencies, TNFD建议考虑与依赖重要性评估相关的因素，并提供了一些示例(见 here).

Figure 7: Criteria for identifying potentially significant ecosystem services

Source: TNFD (2023). Guidance on the identification and assessment of nature-related issues: the LEAP approach. Retrieved here.

TNFD建议任何额外的重要性因素应该是那些已经在组织其他地方的重要性评估中使用的因素. TNFD allows organizations to choose their approach to materiality, rather than endorse one approach to materiality over another. For example, 可根据监管要求或报告和披露偏好选择“双重重要性”或“动态重要性”. This supports alignment with the emerging global baseline currently under development by the ISSB .

Examples of materiality factors being used by pilot members

Capacity of the business to influence or change the natural environment they impact / are dependent upon.
Business criticality, for example, using volumetric data on raw materials by country and region, or spend-based data on suppliers.
Stakeholders materiality assessment (internal and external) with quantitative targets.

Following the impacts and dependencies identified and evaluated in the ‘Evaluate’ phase of LEAP, the TNFD suggests overarching questions and supplemental guidance for the ‘Assess’ phase of LEAP (see here).

Figure 8: Overarching questions and guidance of the Assess phase of LEAP; and its relation to TCFD.

Source: TNFD (2022) TNFD Framework Beta v0.3. Annex 3.1: Guidance on the Assess Phase of LEAP. Retrieved here.

TNFD provides an example of a pathway for identifying risks based on impact drivers or dependencies (see here). 使用确定为材料的示例影响驱动程序（水提取）和示例依赖项（可用于提取的水量）, the diagram below shows how this information can help to identify nature-related risks and opportunities (“R&Os”). In this instance, a highly stressed water basin, which is unable to meet water demand.

Figure 9: Example of a Risks and Opportunities identification pathway

根据TNFD从确定的影响和依赖关系的途径确定的风险和机会, 下面正规博彩十大网站了为识别与自然有关的风险和机会而遵循的一些额外流程的示例.

For specific guidance on typical risks and opportunities for different systems, see Roadmaps to Nature Positive, Foundations for Built environment, Land-use: agri-food (row crops) and forest sectors, and energy systems.

Processes for identifying nature-related risks and opportunities

Third party geospatial tools. For example, STAR, WWF Risk Filter Suite and Aqueduct.
Third party methodologies and decision-making tools. For example, 企业生态系统服务评估提供了一种方法来帮助识别和评估风险和机会.
Internal tools. 可以利用的现成技术，如农田或林地属性的地理空间分析.
Additional guidance. The most cited guidance was SBTN guidance and the IUCN standards.
Existing risk screening processes. Screening processes that capture risks at a more generalized level which might include nature-related risks. 如果现有的企业风险管理（ERM）过程没有考虑到自然积极战略，则可能需要对这些过程进行审查和改进.
Local/site level environmental assessments. For example, surveys to collect relevant, granular data might reveal significant changes in natural capital.
Existing risks. An organization’s internal risk register is likely to have previously captured risks, which are related to nature. For example, water-related risks if there is a significant presence in a water-stressed area.
Existing opportunities. Opportunities previously captured related to nature. For example, conservation and restoration of important habitats, or implementation of nature-based solutions.

Once the potential risks and opportunities have been identified, these can be used to populate the TNFD’s template R&O register (see here).

Figure 10: TNFD’s example Nature-related Risk Register

Source: TNFD (2022). Risk and Opportunity Registers. Retrieved here.

下面是“由于火灾增加而造成的森林资源损失”的风险和机会登记册在实践中可能是什么样子的一个例子. The TNFD suggests potential metrics to measure exposure and magnitude, which can be utilized to determine materiality of each risk/opportunity (see full list here).

Table 6: Land Use members’ example risk and opportunity register

Risk Registry Category	Example Response
Type of risk/opportunity	Physical – chronic
Illustrative example	Loss of forest resources due to increasing wildfires
Realm	Land
Organizational level	Product
Location	Worldwide
Risk generated by	Change in state of nature
Exposure metrics	Change in wildfire frequency Change in wildfire severity (i.e. damage to trees and biodiversity) Wildfire preparedness Wildfire speed of onset
Magnitude metrics	Increased costs of forest resources/reduced supply Increased capital expenditure on adaptation, e.g. increased costs with fire prevention and control systems/measures Reduction in revenue due to interruption of operations/supply chain
Risk rating	4 – Very high
Responsibility for management	Site level operations
Connection to other environmental and social risk/opportunities	Potential disruption to local water supplies as a result of soil erosion caused by wildfire Potential for reduced carbon sequestration in area Potential for mortality and morbidity depending on the size, speed and proximity to the fire

Following identification of magnitude and exposure metrics, TNFD建议探索可能与您的组织相关的任何其他优先级标准(参见 here).

Figure 11: TNFD’s prioritization criteria for nature-related risks and opportunities

Source: TNFD (2023). Guidance on the identification and assessment of nature-related issues: the LEAP approach. Retrieved here.

Examples of additional prioritization criteria

Some examples of additional prioritization criteria are provided below.

Opportunity for positive impact. The size of the opportunity to reverse the negative risk into a positive impact. For example, any opportunities for realizing co-benefits such as carbon sequestration.
Ease of risk mitigation. Risks that have an easy solution (technically, financially etc.) would be less material.
Social aspects of the risk’s location. For example, in countries with less strict regulations, the risk may be more material.

It is important to note that as corporate maturity on nature increases over time, 内部和外部的期望都在增加，以了解不同性质相关情景下每个风险/机会的重要性. 这种自然情景探索将建立在现有气候情景工作的基础上，如世界气候与发展委员会的《正规博彩十大网站排名》和《正规博彩十大网站》 & Ag Scenario Explorer to incorporate nature-related factors.

Following identification of all relevant prioritization criteria, each nature-related risk/opportunity identified should be scored against magnitude, likelihood (exposure) as well as any other relevant criteria (see here).

Figure 12: Criteria for prioritizing nature-related risks and opportunities

Source: TNFD (2022) TNFD Framework Annex 3. Retrieved here.

The multiplication of these factors will allow prioritization of each R&O, with those scoring highest being the most material (see here).

Figure 13: Example from TNFD’s Aquaculture case study on risks and opportunities

Source: TNFD (2022). TNFD aquaculture case study. Retrieved here.

The TNFD provides guidance on ‘core’ risk and opportunity metrics that should be included in disclosures (see here). These metrics support TNFD disclosures against ‘Metrics and Targets A’, ‘Strategy A’ and ‘Strategy B’. If businesses do not report against any of the metrics listed in figure 14, they should provide an explanatory statement as to why they have not reported.

Figure 14: TNFD core global disclosure indicators and metrics for nature-related risks and opportunities

Source: TNFD (2023). Taskforce on Nature-related Financial Disclosures (TNFD) Recommendations. Retrieved here.

还有“额外的”风险和机会指标，可以帮助指导业务处理最重要的风险和机会, for optional disclosure.

与自然相关的场景分析是复杂的，应该将其视为业务随着时间的推移而日益成熟的旅程. TNFD specifies the importance of understanding the world in which the business may have to operate, before making any decisions. As part of the pilot, a maturity scale was developed based on TNFD v0.4指南，为公司从定性风险和机会评估一直到考虑财务的定量分析提供建议的途径, strategic and operational impacts as well as resilience.

Approach to scenario analysis maturity assessment

Figure 15: Illustrative scenario maturity steps

To identify risks and opportunities and inform strategy thinking, TNFD recommends initial qualitative exploration of “what if” scenarios following its 2x2 scenario frame . For example, 通过探索TNFD情景“#2要么快走，要么回家”，企业可以了解他们在“生态系统高度退化”但“市场和非市场力量高度一致”的未来如何运作。, which form the two axes of TNFD ‘uncertainty axes’ (see figure 16).

The TNFD outlines a 4 step approach (see here), that businesses can follow for further exploration of each scenario. Below we have outlined some practical suggestions following these steps, including the development of financial impact pathways.

Figure 16: TNFD’s default nature-risk scenarios

Source: TNFD (2023). Guidance on scenario analysis. Retrieved here.

Figure 17: TNFD’s Step-by-step approach to scenario analysis

Source: TNFD (2023). Guidance on scenario analysis. Retrieved here.

Scenario Analysis step 1: Identifying the relevant driving forces

Step 1 involves identifying relevant driving forces for the scenario being explored. A description of driving forces relevant for TNFD’s scenario #2 is included below.

表7:TNFD情景#2中生态系统服务高度退化的驱动力描述

Driving Forces	High Ecosystem Service Degradation
Local ecosystem and asset interactions, dependencies and impacts	Nature-crisis where immediate and material business harms are broadly experienced

表8:TNFD情景#2中市场和非市场驱动力高度一致的每种驱动力的描述.

Driving Forces	High Alignment of Market and Non-market Driving Forces
Regulators, legal and policy regimes	Faster and more systematic action
Stakeholder and customer demands	Public attention and policy focus shifts towards nature
Direct interaction with climate	Nature subsumes carbon and climate
Macro and micro economy	Macroeconomic disruption reduces time for action
Finance and insurance/Relevant technology and science	Investment in nature related technologies skyrockets

Scenario Analysis step 2: Placing the business or facility along the uncertainty axes

Step 2 suggests placing the business along the ‘uncertainty axes’ (see scenarios quadrant above), 这提供了一个包括各种涉众观点的机会，以考虑每个指定的未来业务的当前和预期状态是什么. For example, 可以讨论提示问题，例如“在生态系统服务退化的不确定性轴上，业务位于何处。?或“在市场和非市场驱动力的一致性方面，业务在不确定性轴上处于什么位置？?

Scenario Analysis step 3: Using scenario storyline descriptions

步骤3促使企业思考在确定的每种情况下会出现哪些新的风险和机会. 作为步骤3的一部分，重要的是在该情景的趋势和驱动力的背景下考虑已确定风险（和机会）的财务影响途径. 公司可以使用情景影响路径来探索不同未来状态下风险和机会的潜在影响.

Figure 18: Generic impact pathway used to track business and financial impacts of different scenarios, trends and driving forces.

Through exploring an example of a nature-related risk, in this instance the ‘increased incidence in drought conditions and water shortages’, 下面的示例显示了在“#2要么快走，要么回家”TNFD情景下，风险如何转化为企业的潜在财务影响.

图19：影响路径，用于跟踪干旱条件和水资源短缺情况增加对业务和财务的影响

以下是与“要么快走，要么回家”情景相关的更多特定行业的财务影响途径示例.

表9：不同系统的影响路径，用于跟踪风险和机会中不同变化对业务和财务的影响

Sector	Change in risk or opportunity	Outcome: The direct consequence of the risk if it materializes	Business Impact: How does the outcome affect business activities and operations?	Financial Impact: What’s the impact on cost, savings, revenue and financial performance?
Energy	Transition to processes with reduced negative impacts on nature/ increased positive impacts on nature	Example risk: Difficult to build new sites/increase capacity if placed in high biodiversity areas.	Not achieving business targets at company level or even national level (European RES targets, for example).	Increased liability costs and blocked revenues from non finalized projects.
Energy		Example opportunity: 太阳能农场计划包括共同创造合适的栖息地，以鼓励传粉昆虫并提供连接走廊.	Local community acceptance of the proposed projects, faster approvals and energy consumers shift towards the company.	Increased revenue.
Land Use	Increased demand/ competition for land	Example risk: Prices increase for plant based inputs for agriculture e.g. seeds, biologicals and animal feed.	Increased operational costs lead to increased cost of goods/products e.g. animal protein.	Higher prices reduce attractiveness of the market, therefore reducing revenue.
Land Use	Increased demand/ competition for land	Example opportunity: Restoration of degraded land for plantations.	Improve local communities and customers perceptions whilst meeting customer demand for products.	Increase in revenue as a result of increase in products and enhanced consumer sentiment.
Built Environment	Shifting consumer preferences to products with lower impacts on nature	Example risk: Customers don’t want to buy as much cement as previously due to its high impact on water consumption.	Reduced sales in cement.	Reduced revenue.
Built Environment		Example opportunity: Progressive rehabilitation on quarries.	Improved image of company, positive stakeholder sentiment.	More access to investor capital and increased land expansion approvals.

Step 4: Identifying high-level business decisions

Following identification of the possible implications of each plausible future scenario, step 4 encourages businesses to discuss how this might:

Inform medium to long-term decision making about governance, strategy, risk and impact management, targets and capital allocation
Surface key insights about potential changes that could make the organization’s core business model and processes more resilient to climate change and nature loss
Identify new business models, such as nature-based solutions, that are aligned with net zero and nature-positive goals and societal outcomes
Determine what the company would disclose in line with TNFD’s Strategy C disclosure:
- ‘Describe the resilience of the organization’s strategy to nature-related risks and opportunities, taking into consideration different scenarios’

TNFD has various scoping questions, which can help guide companies through the 4-step process, for example:

在这种情况下，有哪些新的业务目标和机会是相关的/需要放弃的?’

It is crucial to engage key stakeholders in this step, ensuring a diverse range of expertise from different parts of the organizations, such as legal, corporate, regulations, sustainability and commercial, to enrich the conversation.

情景分析将帮助企业与投资者接触，了解他们如何以及为什么要进行与自然有关的评估, for example, focusing on specific commodities or locations.

It will also help to anticipate views from different stakeholders, ranging from investors to the public, 通过回答双重重要性问题"大自然给我的企业带来的潜在风险是什么以及我的企业给大自然带来的风险是什么?”

For specific guidance on priority business actions for different systems, see Roadmaps to Nature Positive, Foundations for agri-food, Foundations for Built environment, Land-use: agri-food (row crops) and forest sectors and, Energy systems

TNFD provides an architecture to help companies frame their targets. 这表明，企业应该根据目标是否在全球会议上设置，为目标使用不同的度量框架, National or Local level (see here).

Figure 20: The architecture for measurement and target setting – Climate and nature

Source: TNFD (2023). Taskforce on Nature-related Financial Disclosures (TNFD) Recommendations. Retrieved here.

The TNFD has aligned its guidance with other global initiatives such as the SBTN target setting guidance (see here).

Figure 21: TNFD and SBTN fundamental areas of alignment on target setting

Source: TNFD (2023). Guidance for corporates on science-based targets for nature. Retrieved here.

Examples of global and local targets for businesses across each sector are displayed below, however, national targets are lacking. Many countries are still developing targets as part of revisions to National Biodiversity Strategies and Action Plans (“NSBAPs”), to be submitted by COP-16. The majority of targets identified in the pilot, center around water, land use and atmospheric emissions, showing how targets set as part of TCFD and SBTi implementation have been adapted for use in TNFD disclosures.

Table 10: Examples of pilot members’ targets

Sector	Global Architecture	Local Assessment
Energy	‘We commit to producing a net positive impact on biodiversity, confirmed by a third-party institution, for each new project on sites located in an area of priority interest for biodiversity, that is, IUCN (“International Union for the Conservation of Nature”) Protected Area Categories I to II and Ramsar areas.’	‘Reduce the freshwater withdrawal of the sites located in water stressed area by 20% between 2021 and 2030’
Land Use	‘Add 100 thousand hectares for conservation and/or protection by 2030 from a 2018 baseline’	‘All tobacco growing areas to perform a local water risk assessment and develop mitigation plans by 2025’
Built Environment	‘Reduce our freshwater withdrawal specifically related to cement by 33% by 2030 from our 2018 baseline’	‘Making 25% of manufacturing facilities (individual sites) landfill-free by 2025’

For specific guidance on interim targets for different systems, see Roadmaps to Nature Positive, Foundations for Built environment, Land-use: agri-food (row crops) and forest sectors and , Energy systems.

金融机构和企业之间举行了圆桌讨论，以了解金融机构如何将与公司性质相关的披露纳入其决策, and how implementing TNFD guidance will support corporates to meet FI requirements. FIs outlined their approach to implementing TNFD guidance in practice, highlighting where data from corporate disclosures would feed into decision-making.

The approach to nature-related assessments used by a sample of FIs

During engagement with FIs conducted over the pilot, it was observed that it may not always be possible for FIs to follow the LEAP approach, for example, it was difficult to obtain location-specific data, which is a prioritization criteria for the ‘Locate’ stage of LEAP. This stage was deemed to be too granular for some FIs, 因此，大多数人在开始LEAP方法时，要么是在初始范围确定之后的“评估”阶段，要么是在“评估”阶段.

下面正规博彩十大网站的四步风险评估方法综合了试点期间参与的八个金融机构样本目前使用的方法, of which, there was a clear variance in maturity. Less mature FIs were solely relying on third-party data as described in step 1 below, whilst more mature FIs were additionally collecting corporate data on material impact drivers, 必要时使用第三方工具补充数据缺口（步骤2），以允许他们设置重要性阈值（步骤3）并采取任何必要的进一步行动（步骤4）。.

As maturity in this area increases, 预计将有更多的金融机构寻求与TNFD保持一致，并利用公司信息为与自然有关的战略决策提供信息. TNFD has specific guidance for FIs, including specific metrics. TNFD明确指出，企业应披露重大diro的财务影响，以实现这一决策过程. Therefore, it is in the best interest of businesses to disclose the necessary information, 这样就不会使用第三方工具来补充数据缺口，因为这可能会使金融机构高估其风险敞口, leading to potential negative consequences for the businesses involved.

Figure 23: A synthesis of the risk assessment approaches used by a sample of financial institutions to date

金融机构还表示，TNFD的响应指标对于衡量和比较企业在供应商参与等定性因素方面采取的行动非常有用. The response metrics were often cited as a way of deciding what further action needed to be taken.

Moving from LEAP to disclosures

This section focuses on using LEAP assessment outputs to draft TNFD disclosures. Suggestions for improving disclosures were discussed over the course of the pilot program, often informed with input from the TNFD secretariat. 针对TNFD建议的披露是一个复杂且高度技术性的过程，在试点之前，成员之间的成熟度参差（参见“试点成员TNFD成熟度”部分）。. 某些披露建议的显著差距突出了大多数企业目前尚未实现的细节和粒度的需求.

The TNFD recognizes that nature-related disclosures will be new to many organizations, and that it may be prudent to start with a narrow scope (for example, 重点披露与自然相关的风险和机会最为重大的具体操作)，然后随着时间的推移而扩大. There is an expectation that after no more than 5 years, 组织将考虑其直接操作以及上游和下游活动的所有物质影响和依赖关系. Therefore, before implementing TNFD guidance, it is important to understand your organization's current level of maturity and ambition. In light of this, the TNFD recommends that an organization provides a statement outlining the scope of disclosures, and what further disclosures are planned in the future.

In order to better understand what an initial TNFD disclosure might look like, 每个揭露建议的行动都是为那些刚刚开始的人确定的，以及可以采取的额外行动来帮助那些准备好包括更多细节的人. These suggestions provide practical actions for businesses which have been informed by the discussions, workshops and insights gained throughout the pilot program.

Disclosure recommendation	Actions to help you get started	Continuing the TNFD journey	FI expectations for disclosures
A. Describe the board’s oversight of nature-related dependencies, impacts, risks and opportunities	在正规博彩十大网站排名官员和董事的角色描述中确定与管理与自然有关问题的责任有关的具体标准 at the management and board level.	提高董事会对与自然有关的问题的重要性的认识，以确保将这些问题纳入所有关键的决策过程.	Transparency over internal nature-related management and board level structures.
B. Describe the management’s role in assessing and managing nature-related dependencies, impacts, risks and opportunities	Upskill management and staff internally on the topic of nature by reading through TNFD resource bank, beginning internal dialogue and engagement across teams, or hiring external experts to provide training on key topics.	与当地非政府组织（ngo）等外部合作伙伴合作，以扩大对组织重要的关键主题的理解，并确保将这些主题整合到更广泛的企业风险管理流程中.	Transparency over the processes in place to manage nature-related risks and opportunities.
C. Describe how affected stakeholders are engaged by the organization in its assessment of, and response to, nature-related dependencies, impacts, risks and opportunities.	Comply with national, regional and local regulations regarding the state of nature.	Expand ambition beyond compliance with regulations, collaborating with external stakeholders, including Indigenous Peoples and Local Communities (IPLCs) to apply the mitigation hierarchy (‘avoid, minimize, mitigate, offset’) for action.	Clear classification and scoping of stakeholders, including rights holders, explanation of representation and nature context, including benefit sharing and just transition, for example.

* Note, 与利益相关方参与相关的披露C最初在之前的beta版本的“风险与机遇”项下考虑. 我们在本报告的“风险与机遇”栏目中保留了与利益相关者参与相关正规博彩十大网站排名和反馈.

Disclosure recommendation	Actions to help you get started	Continuing the TNFD journey	FI expectations for disclosures
A. Describe the nature-related dependencies, impacts, risks and opportunities the organization has identified over the short, medium and long term	建立潜在diro的长列表，并通过举办研讨会与业务中的相关利益相关者进行接触，对相关的时间范围进行定性评估.	Expand the assessment to consider how nature-related R&Os might impact other risks e.g. climate-related risks over short, medium and long term.	Comprehensive and systematic classification of DIROs at different levels of granularity with appropriate context, reflecting materiality processes and a range of time horizons.
B. 描述与自然有关的风险和机会对组织业务已经或可能产生的影响, strategy, and financial planning	与内部关键利益相关者讨论成熟度和目标水平，以确定与自然相关的风险偏好水平以及R&Os may impact the business.	在内部强调如何结合与自然相关的风险和机会来加强业务战略, creating a nature-related roadmap to avoid siloed assessment or risks and opportunities.	从当前状态的定性描述和过程开始，但最好提供更多前瞻性的产品/服务定量信息, investment, research and development etc.
C. Describe the resilience of the organization’s strategy to nature-related risks and opportunities, taking into consideration different scenarios	Scenario analysis can be treated as an iterative process, and the scope can be broadened over time. An initial assessment may be qualitative and focus on certain commodities, regions or biomes that are most relevant to the organization.	The assessment can develop to include material R&Os under different scenarios, as well as considering different magnitudes and time frames. As maturity increases scenarios can become more quantitative providing estimates of financial impacts.	Alignment between nature and climate scenarios where possible. Sensitivities (e.g. $ impact or relative % change) provided to key scenario conditions/ parameters.
D. Disclose the locations where there are assets and/or activities in the organization’s direct operations, and upstream and/or downstream and/or financed, where relevant, that are in: high integrity ecosystems; and/or areas of rapid decline in ecosystem integrity; and/or areas of high biodiversity importance; and/or areas of water stress; and/or areas where the organization is likely to have significant potential dependencies and/or impacts	了解已经收集的组织和价值链位置数据，这些数据可用于告知可能存在的优先位置.	Develop collaborations with nature-related data providers to improve access to location-specific data.	Clear classification, traceability and appropriate transparency, connecting location with nature of activity and implications/effects.

Disclosure recommendation	Actions to help you get started	Continuing the TNFD journey	FI expectations for disclosures
A(i). Describe the organization’s processes for identifying and assessing nature-related dependencies, impacts, risks and opportunities in its direct operations A(ii). Describe the organization’s processes for identifying and assessing nature-related dependencies, impacts, 其上下游价值链中的风险和机遇以及融资活动和正规博彩十大网站排名进行评估	通过识别业务部门的重大依赖关系并将其转化为风险来披露关键风险.e. a singular approach to risk identification.	Carry out additional risk assessments to identify further risks i.e. use multiple approaches to identify risks. For example, using primary data sources to identify risk hotspots in your operations or value chain.	披露了识别所有与直接作业有关的材料性质问题的过程，以期扩展到查看与上游和下游性质有关的问题. Disclosure of quantitative absolute or relative assessments (e.g. value at risk).
B. Describe the organization’s processes for managing nature-related dependencies, impacts, risks and opportunities and actions taken in light of these processes	Identify a long list of potential mitigation and management actions that can be taken. From this list, identify “no regret” actions that can be taken in the immediate future to help drive momentum. For example, engaging with suppliers in high risk priority locations.	Assess varied risk mitigation and management actions through use of the risk mitigation hierarchy. This can be done through ranking actions based on their level of protection and reliability.	Description of the types of monitoring, reporting and verification (MRV) systems in place, including use of any third-party tools and how decisions are made using these systems.
C. Describe how processes for identifying, assessing and managing nature-related risks are integrated into the organization’s overall risk management	Start with nature-related DIROs assessed separately from traditional Enterprise Risk Management (ERM) processes.	Integrate nature-related DIROs with ERM processes over time. Considering additional assessment criteria and time horizons.	在关键地点或关键业务线进行环境风险评估的方法和实质性产出已明确纳入更广泛的环境风险管理流程.

Disclosure recommendation	Actions to help you get started	Continuing the TNFD journey	FI expectations for disclosures
A. 披露组织用于根据其战略和风险管理流程评估和管理与自然相关的重大风险和机会的度量标准	Start with qualitatively assessing DIROs, 使用第三方工具并与利益相关者合作，通过“自上而下”的方法来理解重要性.e. without inclusion of any corporate data. For example, this might involve use of sector or country averages.	更成熟的组织可以使用“自下而上”的方法来量化他们确定的diro，该方法结合了公司特定的原始数据. For example, nature-related impact drivers such as water consumption will show a more accurate reflection of impact.	Overall mix of risk exposure, sensitivity and opportunity investment, resourcing, development sought. Important to disclose metrics to assess and manage risks and opportunities in high-risk areas e.g. Key Biodiversity Areas (KBAs).
B. Disclose the metrics used by the organization to assess and manage dependencies and impacts on nature	Narrow the scope of data based on what is material to your organization. For example, focusing on water use in water scarce regions if water is a material dependency. In addition, 替代指标可用于指示影响程度，例如测量土壤有机碳作为土壤健康的替代指标.	范围可以随着时间的推移而扩展，以包括在优先位置管理这些影响和依赖关系的度量. For example, the proportion of sites producing nature action plans (%).	Examples of metrics some FIs look for: ● Hectares of land use change to prioritize conservation or restoration; ● Certified percentage of sustainably sourced soft commodities.
C. Describe the targets and goals used by the organization to manage nature-related dependencies, impacts, risks and opportunities and its performance against these	Set targets related to material impact drivers. 一些组织决定通过关注与其价值链相关的特定影响驱动因素和/或关键压力领域来接近目标设定.	Expand target-setting to include actions that drive nature-positive outcomes. For example, targets for nature-related opportunities regarding land restoration, rather than focusing on minimizing nature-negative outcomes.	Examples of targets some FIs look for: ● ‘Zero deforestation’ target ● Context based water use target ● Targets relating to land use restoration and recovery