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case study:

task-force on nature-related disclosures (TNFD)​

reviewing company nature-related dependencies, impacts, risks, and opportunities linked to their operations to initiate TNFD framework reporting

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at a glance

challenges

  • As a new reporting framework, there was limited knowledge base around TNFD reporting within the company​

  • Small team without sufficient internal resources required to commence TNFD reporting​

outcomes

  • An outline of the company’s activities linked to nature-related dependencies, impacts, risks, and opportunities​

  • LEAP Assessment with key outputs for TNFD reporting​

  • Lists of nature-related dependencies, impacts, risks, and opportunities​

  • List of nature-related metrics and indicators for measurement and monitoring over time​

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“the sustain:able team helped us build an understanding of Scope 3 emissions in addition to assessing the relevance of each emissions category so we can focus our data collection and reporting efforts on the key areas.”​

client rep​

objectives

As part of their broader ESG strategy, a European oil & gas operator aims to align with the TNFD framework in anticipation of future mandatory reporting. This move underscores their commitment to robust governance and proactive consideration of their operational impact on nature-related issues to lenders and stakeholders. ​

Additionally, the company aims to identify and understand nature-related dependencies, impacts, risks, and opportunities associated with its operations. Despite being a smaller company with limited resources, the operator recognizes the importance of navigating the TNFD framework. The initial prospect appeared overwhelming, and they sought guidance on the most effective starting point to streamline the reporting process.​

steps taken

  1. Detailed review of the new TNFD framework and the sector guidance notes to identify what actions and outputs are required to demonstrate full compliance with the various disclosures​

  2. Review of the company's activities that interface with nature-related issues​​

  3. Set up the LEAP assessment to identify nature-related dependencies, impacts, risks, and opportunities resulting from the company’s activities

  4. Review and update nature-related dependencies, impacts, risks, and opportunities associated with the company operations or activities in the short, medium and long term

  5. Define nature-related metrics and indicators for measurement and monitoring to demonstrate performance

  6. Initiate TNFD framework pilot reporting​

results

roadmap for TNFD reporting going forward

Building a robust understanding of nature-related dependencies, impacts, risks, and opportunities associated with the company’s operations ensures our client understands the requirements of the TNFD reporting.​

A roadmap for alignment with the TNFD framework included:​

  • Outputs and actions required to align with the four pillars for TNFD disclosure reporting​

  • Highlighting the gaps in the data required to initiate TNFD reporting​

 

This enabled the company to be better prepared for future TNFD reporting requirements.

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