Question to the Department for Environment, Food and Rural Affairs:

To ask the Secretary of State for Environment, Food and Rural Affairs, what steps he is taking to implement the recommendations of the Taskforce on Nature-related Financial Disclosures.

Internationally, Defra is one of the largest donors to and supporters of the Taskforce on Nature-related Financial Disclosures (TNFD), providing funding to enable voluntary market adoption and to address knowledge, capacity-building and data needs of market participants.

Domestically, Defra is funding the TNFD’s UK National Consultation Group – convened by the Green Finance Institute - to support UK companies and financial institutions in building awareness and capacity on nature and the TNFD, building the case internally for TNFD-aligned reporting and collecting feedback on the recommendations.

HMG has backed the International Sustainability Standards Board (ISSB) to develop standards that provide globally comparable and decision-useful information for investors regarding sustainability-related financial disclosures. Following ISSB’s consultation on future priorities, we welcomed and look forward to the results of their work to research disclosures on risks and opportunities associated with biodiversity, ecosystems and ecosystem services – drawing on the work of the TNFD. I met recently with the Director of Sustainable Finance for the Financial Conduct Authority to discuss these matters.