Swiss Re joins Taskforce on nature-related financial disclosures (TNFD) to tackle nature-related risks
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Senior executives from across financial institutions, corporates and market service providers representing major global markets have been selected to serve for two years as Members of the Taskforce on Nature-related Financial Disclosures (TNFD).
Led by TNFD Co-Chairs Elizabeth Mrema, United Nations Assistant Secretary General and Executive Secretary of the UN Convention on Biological Diversity (CBD) and David Craig, Former CEO of Refinitiv and Strategic Advisor to London Stock Exchange Group (LSEG), the Taskforce Members are convening for the first time on the 6th of October to kick off their work developing and delivering a risk management and financial disclosure framework to support a shift in global financial flows away from nature-negative outcomes and towards nature-positive outcomes.
The finalised framework is earmarked for release in late 2023. However, a draft beta version will be circulated in early 2022 to be tested and refined via an open-innovation approach with market participants throughout next year.
The 30 Taskforce Members including Swiss Re, have been selected for their sector and geographical coverage and their individual subject-matter expertise across nature and finance that can support TNFD’s mission. The Members represent sectors with the largest impact and dependencies on nature, such as agribusiness, the blue economy, food & beverage, mining, construction, infrastructure and others, and are globally representative coming from 14 countries across 5 continents.
Swiss Re Group CEO Christian Mumenthaler commented: "According to Swiss Re BES 55% of global GDP is highly dependent upon biodiversity and ecosystem services and our biodiversity is declining at an alarming rate. Through our membership of the Taskforce on Nature -related Financial Disclosure we partner with industry peers to help mitigate this risk and identify biodiversity positive models."