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

To ask His Majesty's Government what plans they have to support the incorporation of the Taskforce on Nature-related Financial Disclosures framework into UK corporate reporting and decision-making practices; and what is the timetable for incorporating this framework.

The Government continues to be a strong supporter of the Taskforce on Nature-related Financial Disclosures (TNFD). Defra funds the Green Finance Institute to support UK companies to engage with the TNFD’s recommendations and the UK now has the second highest number of TNFD adopters globally.

The Government has also been a strong supporter of the International Sustainability Standards Board (ISSB) since it launched with the goal of creating a global baseline for sustainability reporting standards. The Government has established a process for assessing and endorsing the ISSB’s standards for the UK context and recently published the UK versions of the ISSB’s first two standards: UK SRS S1 and UK SRS S2. ISSB is now progressing work on standard-setting for nature, drawing on the work of the TNFD, and aims to publish a draft later this year. Defra, DBT and the Financial Reporting Council are following the ISSB’s work on standard-setting for nature and stands ready to use the established process to assess and endorse it when it is finalised.