Tata Steel welcomes TNFD recommendations on nature-related issues

TBB BUREAU

MUMBAI, SEPT 20, 2023

Tata Steel welcomes the publication of the Taskforce on Nature-related Financial Disclosures (TNFD) final recommendations on nature-related risk management and disclosure. These recommendations will  guide companies and capital providers towards more informed decision-making and ultimately contribute to a shift in global financial flows toward nature-positive outcomes and the goals of the Kunming-Montreal Global Biodiversity Framework.

Welcoming the guidelines,  TNFD Taskforce Member and Tata Steel Executive Director & CFO Koushik Chatterjee said, “The TNFD has taken important steps in promoting nature-related risk management and disclosure, and we look forward to applying these recommendations towards addressing nature-related risks, impacts, and dependencies, enabling us to align our corporate reporting with global policy goals and mark a significant step towards a sustainable future.”

The release of the TNFD’s 14 disclosure recommendations and implementation guidance comes at a critical time, with rapidly growing interest across policymakers, regulators, asset owners, asset managers and leading global companies, on nature and biodiversity issues.

The recommendations build on those of the Task Force on Climate-related Financial Disclosures (TCFD) and are consistent with the global sustainability standards of the International Sustainability Standards Board (ISSB) and the impact materiality approach used by the Global Reporting Initiative (GRI) and incorporated into the new European Sustainability Reporting Standards (ESRS).

Importantly, the TNFD recommendations are also aligned with the requirement of Target 15 of the Global Biodiversity Framework for corporate reporting.