COP16 reflections: Collaborating for nature

by David Craig,Co-Chair​ Taskforce on Nature-related Financial Disclosures​ | September 17, 2025

Authored by David Craig, Co-Chair of the Taskforce on Nature-related Financial Disclosures (TNFD), for which the GFI co-chaired the working group to establish the initiative, hosts the Secretariat, and convenes the UK Consultation Group. ​

Nearly two years since the launch of the Taskforce on Nature-related Financial Disclosures (TNFD) recommendations in September 2023 in New York, momentum continues to build with significant strides in the last few months. ​

As announced at COP16 in Cali in October last year, over 500 organisations across 54 countries or areas have now committed to publishing TNFD-aligned disclosures, including more than 70 from the UK (1). This global coalition spans 62 of the 77 Sustainability Accounting Standards Board (SASB) sectors, includes 25% of the world’s Global Systemically Important Banks, and collectively manages over USD$17.7 trillion in assets. Since Cali, more adopters have been stepping forward as we build towards COP30 in November. ​

he case for assessing nature-related risk is now clear. The TNFD, in partnership with the University of Oxford’s Environmental Change Institute (as part of the Resilient Planet Finance Lab) and Global Canopy, recently published an evidence review on the financial effects of nature-related risks. This open-source database consolidates over 600 pieces of evidence from 360 sources showing that nature-related risks are financially material for business (2). It includes empirical business-level examples such as flood damages to Toyota and Nissan factories, the relocation of Starbucks bottling facilities due to water scarcity, and litigation costs to JBS linked to deforestation. The database builds on previous research on macro-economic impact by the GFI, the Universities of Oxford and Reading, and United Nations Environment Programme World Conservation Monitoring Centre (UNEP-WCMC), which forecast that nature degradation could reduce UK GDP by up to 12% over the next decade (3).​

As of June 2025, we are aware of more than 200 TNFD-aligned reports in the public domain, with almost 100 of those documented on the TNFD website (4). These include major global corporate and financial institutions such as Bunge, Holcim, ING, NBIM, Orsted, Schroders, Teck Resources and UBS. ​

From disclosure to transition​

With more companies moving through their assessment of risk, there is also a growing demand from the market to better understand how to move from disclosure to tangible action – putting investment to work to build resilience.​

The TNFD has several active programmes which directly aim to support companies through this journey. In October 2024, the TNFD published a discussion paper which sets out draft guidance for corporates and financial institutions developing and disclosing a nature transition plan. This guidance is now being pilot tested with 15 global companies. ​

The case for assessing nature-related risk is now clear​

As companies begin to structure transition plans and investments, there is a strong focus on how these unlock commercial opportunities such as improved efficiency, increased resilience, and greater market access. More recently in June this year, the TNFD published a call for evidence on nature-related opportunities. This aims to improve corporate and financial institutions’ understanding of these opportunities, the challenges in identifying and assessing them, and how these can be overcome. ​

A range of businesses are already leveraging commercial opportunities from developing products and services that help address one or more of the key drivers of nature loss. Bloomberg published new analysis in June identifying nearly 900 UK-based businesses working to advance technologies, processes and business models that inflict significantly less harm on nature than incumbent practices. These businesses generated £2.2 billion in revenue in 2024, are estimated to be growing at 25% p.a,and employ over 21,000 people (5).

To help scale up this investment, the GFI and WWF-UK are working to develop Nature-Positive Transition Pathways (NPPs) for the UK economy, sector-specific roadmaps that define how businesses can contribute to national nature targets. These will identify the technologies and business changes that companies in every sector will need to invest in to reduce their impacts on nature. They will highlight barriers to these new models, unlocking investment and driving economic growth. The GFI and WWF-UK published an evidence paper providing over 40 examples of UK businesses that have invested in nature restoration or measures to reduce nature harms and seen financial gains as a result.​

Looking ahead to COP30, the TNFD is looking forward to announcing the latest cohort of businesses adopting the TNFD recommendations, and together with its UK Consultation Group, convened by the GFI, will continue to support those businesses in assessing, managing and disclosing their nature-related dependencies, impacts, risks and opportunities.

This article was originally published in the September edition of Green Finance Quarterly. Read the full publication here. 

1. TNFD – TNFD Adopters (2025)​
2. Integrating Finance & Biodiversity – The Nature-related Financial Risks Database (2025)​
3. Green Finance Institute – Assessing the Materiality of Nature-Related Financial Risks for the UK (2024)
4. TNFD – Example TNFD reporting (2025)
5. Bloomberg NEF – The Growing Role of Nature-Related Business in the UK Economy (2025)

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