Central banks are starting to factor nature-based risks into their economic stress testing, and some regulators, led by France, have begun setting the stage for companies to report such risks along with those tied to climate
The TNFD is modelled on the Task Force on Climate-Related Financial Disclosures , an extensive measurement and reporting framework. Begun in 2017, it is now the gold standard, with some jurisdictions making its use mandatory.
Canada has a “massive natural balance sheet” that is fraught with environmental risks when it comes to the extraction of natural resources, but also opportunities to protect and rebuild natural areas, Mr. Craig said. He is hopeful Canada’s participation in the framework’s development will lead to improvements in how resources are developed.
Mark Carney, the former central banker, and billionaire former mayor of New York Michael Bloomberg led the effort to develop the TCFD standards. Besides setting criteria for emissions disclosure, TCFD has requirements for explaining the role of executives in assessing climate risks and how they are integrated into overall corporate risk management. It includes methods for analyzing the potential impact of physical and policy changes given a range of long-term temperature scenarios.
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