This blog explores how COP16 presents an ideal opportunity for companies to integrate climate and nature into one reporting approach, saving costs and enhancing resilience.
By using the Taskforce on Climate-related Financial Disclosures (TCFD) and Taskforce on Nature-related Financial Disclosures (TNFD) together, companies can streamline reporting, cut compliance costs, and improve their business models.
Combining these two areas could save companies money on reporting while helping them stay strong in a changing world. The Taskforce on Nature-related Financial Disclosures (TNFD) is based on the same principles as the Taskforce on Climate-related Financial Disclosures (TCFD).
Why integrate climate change and nature?
Until now, most companies have focused on climate change and not thought as much about nature. We are seeing that climate and nature risks are connected; for example, damage to ecosystems can worsen climate change, and climate change can harm ecosystems.
To help companies address this, TNFD was created to work similarly to TCFD, so companies that understand climate reporting can now add nature reporting without extra hassle. This combined approach isn’t just good for the planet—it also makes business sense.
Using TCFD and TNFD together means companies don’t have to double up their reporting efforts. They can cover both climate and nature in a single approach, saving time, cutting costs, and simplifying the process.
Saving money on reporting
For companies already using TCFD or just starting out, COP16 is a perfect time to look at adding nature. With global standards constantly adapting and changing, companies that act now to bring climate and nature together will be more prepared for new regulations and stakeholder demands.
TNFD builds on TCFD, which means companies can pick it up faster and report more smoothly.
"My experience has shown that combining climate and nature reporting gives a more complete picture of environmental risks and makes companies more resilient. If you’re new to TCFD, adding TNFD at the same time helps create a future-ready approach that fits with upcoming regulations and what stakeholders expect." Jose Hopkins, Founder and CEO Simplify Climate.
How can we support you?
For companies that haven’t yet started, using TCFD or UK-CFD alongside TNFD provides a strong foundation for future reporting. It strengthens the company’s business model, supports better negotiation of lending rates and insurance premiums, and enhances brand reputation.
By combining climate and nature reporting, businesses can save on reporting costs, meet new regulations, and stand out as leaders in sustainability. The time to act is now, and with the right support, companies can make a positive impact on both their business and the planet.
Our team specialises in guiding companies through frameworks such as the TCFD, UK-CFD, IFRS S1, IFRS S2, and more. With our expertise, companies can establish a robust foundation for integrating climate-related, social impact, and sustainability factors by assessing and aligning your organisation’s strategy, governance, risk management, and reporting with relevant sustainability, social, and climate change frameworks creating a strong approach to managing environmental risks and helping you stay ready for what’s next.
Email help@simplifyclimate.co.uk to arrange a discussion with our consultants.
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