IB1 is collaborating with the Taskforce on Nature-related Financial Disclosures (TNFD) using our data sharing expertise to support the adoption of robust data sharing criteria that help drive forward a shift in global financial flows towards nature-positive investments.
The goal is to arrive at an integrated, robust and detailed set of recommendations and principles for nature data that will meet the future assessment and reporting needs of market participants.
TNFD has identified the need for a strategic, long-term approach that addresses distributed and decentralised data sharing with a Nature Data Public Facility (NDPF) for market participants. Rather than creating a central database, this will focus on the adoption of robust data sharing criteria (Principles) to enable markets to discover, access and use disclosures.
The government-backed initiative has developed a set of disclosure recommendations and guidance that encourage and enable businesses and financial institutions to report and act on their nature-related dependencies, impacts, risks and opportunities. TNFD’s integrated assessment approach, LEAP, aims to help organisations conduct the due diligence necessary to inform disclosure statements aligned with the TNFD recommendations.
By improving access to decision-useful, nature-related data for markets, TNFD aims to enable the widespread adoption, monitoring and implementation of its recommendations.. IB1 will employ its Icebreaking process, contributing to the delivery of a set of principles that address data sensitivity, verification and assurability. The collaboration will identify nature-related data providers and data layers that are of specific relevance to corporate and financial use cases of corporate reporting, science-based target setting and transition planning.
IB1 will help to establish the foundational principles and practices to support this, which can be adopted as best practice by nature-related data providers to meet the needs of the markets – financial institutions and corporates adopting frameworks such as TNFD’s. These recommendations will help to drive global reporting solutions that are interoperable, scalable, aligned with current data standards, and that enable data providers to retain control and ownership of their data. This will support the broader market-based nature data value chain to develop value-adding data solutions.
If you (or someone in your network) would like to learn about opportunities to contribute to this work, we will be conducting interviews and hosting insightful workshops: contact icebreaking@ib1.org