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case study:

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

we are proud to have carried out one of the very first North Sea operator TNFD pilot studies for our client

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at a glance

challenges

  • One of the first to report – newly launched framework - limited knowledge base within the company and wider industry​

  • Required collection and assessment of large amounts of highly varied data​

outcomes

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

  • Biodiversity inclusion in corporate decision making and risk assessment​

  • LEAP* Assessment completed​

  • Nature-related metrics and measurement indicators drafted​

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* LEAP = Locate, Evaluate, Assess, Prepare to report (recommended TNFD process)​

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“Seamlessly navigate TNFD reporting with us to showcase your commitment to nature-related financial disclosures."​

objectives

As part of their broader ESG strategy, a North Sea oil & gas operator wished to align with the TNFD framework to increase their biodiversity resilience. ​

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This grew from a recommendation by key stakeholders to improve the  understanding of their impact on nature-related issues and communicate this to their lenders. ​

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The company saw the importance of integrating risking of their impact on nature into decision making, to complement their commitment to TCFD.​

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As a new framework, the company needed to understand the complexity involved and so a pilot study was run on one of their assets.​

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As we had already assisted with their TCFD planning so we were well placed to also assist on their TNFD setup.​

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steps taken

  1. Detailed review of TNFD framework to identify what actions and outputs were required to demonstrate full compliance

  2. Ran a pilot LEAP assessment to identify nature-related dependencies, impacts, risks, and opportunities resulting from the company’s activities

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

  4. Assess materiality of the various items to focus future planning and improve their corporate risk register

  5. Initiate TNFD framework pilot reporting​

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results

technical pilot TNFD project for North Sea asset

Full pilot run demonstrating requirements for company to be fully aligned and demonstrate workflow.

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company prepared for full reporting on TNFD

Clear roadmap for the company to follow to be aligned with TNFD as fitting with their future development and operational plans.

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initial TNFD disclosure content prepared

Draft content for publication on work to date and future plans.​

Initial TNFD disclosures drafted.

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