The release of the first UN Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) report in April 2019 made clear that the world’s natural capital is in sharp decline – especially in inter-tropical areas – and that without rapid and systemic change, biodiversity loss, deforestation and land degradation will severely disrupt ecosystems, social stability and the world economy. The COVID19 pandemic, which has been linked to illegal wildlife trade, environmental degradation, and poverty, is demonstrating the huge impact of un-recognized biodiversity related risk, to both the economy and humanity. A key driver of that situation is the financing flowing to economic activities that harm natural capital with no market recognition of the costs to ecosystems and decline in global environmental benefits.
This GEF project will support the establishment of a Taskforce on Nature-related Financial Disclosures (TNFD) to develop and disseminate a global framework for corporates and financial institutions to assess, manage and report on their dependencies and impacts on nature. The TNFD will address threats to the health and value of natural capital derived from the conduct of corporate activities that do not adequately consider the financial materiality and impacts of biodiversity loss. Initiatives such as TNFD will enable governments to better integrate knowledge on nature risk of those financial flows within their national policies and make the relevant strategic plans more effective in responding to emerging country priorities. A common, credible, and widely supported TNFD recommendations framework for reporting on nature-related risks and impacts can pave the way for companies and Financial Institutions (FIs) to better identify and address them in their supply chains and portfolios
Focal Area: Biodiversity
Project Status: CEO Approved
GEF Project ID: 10755
Implementing Agency: World Wildlife Fund, Inc.
Executing Agency/ Partners: United Nations Environment Programme Finance Initiative (UNEP FI)
GEF Project Grant: USD $1,698,829
Co-Financing: USD $4,312,858
GEF Agency Fee: USD $152,895
Agreements and Consultancies:
|Agreement/Consultancy Summary||Consultant/ Recipient||Amount||Start/End Date||Deliverables|
|This consultancy is to support the ongoing work for developing and finalizing the one-step MSP Project Document for the “Task-force on Nature-related Financial Disclosure” project, and, in close coordination with the Project Development Team (PDT) and the TNFD WG, develop four documents according to the WWF GEF templates and in compliance with WWF and GEF Policies and requirements.||Lucia Chuquillanqui||3,o00 USD||12/1/2020 to 1/21/2021||
Photo © Andre Dib / WWF-Brazil
The Global Environment Facility is a partnership for international cooperation in which 183 countries work together with international institutions, civil society organizations, and the private sector to address global environmental issues.
World Wildlife Fund is proud to be accredited as a GEF Project Agency.