06.08.2024

GRI and TNFD launch tool for improved biodiversity reporting

GRI and the Task Force on Nature-Related Financial Disclosures (TNFD) published a collaborative interoperability mapping resource that provides a detailed overview of the alignment between the TNFD disclosure recommendations and indicators and the GRI standards.

Over the past two years, TNFD and GRI have worked closely together to support each other's development of guidance – notably GRI's contribution to the TNFD Recommendations, published in September 2023, and TNFD's contribution to the recently published GRI Biodiversity Standard .

Te developed a guidance document and compliance chart to help 14 GRI reporters worldwide align with TNFD recommendations and assist TNFD adopters in their sustainability reporting according to GRI standards.

"Natural risks are business risks that need to be measured and disclosed in a more robust way. Having adopted GRI 304: Biodiversity (2016) since 2017 and being the first company in Singapore to publish disclosures aligned with TNFD recommendations in 2024, CDL understands the importance of measuring and managing our nature-related dependencies, impacts , risks and opportunities for a long time - long-term sustainability. As we look towards the adoption of the new GRI 101: Biodiversity 2024 in our upcoming sustainability reports, we welcome the interoperability between TNFD and GRI to harmonize the global sustainability reporting environment,” commented GRI Chief Standards Officer Bastian Buck.

An interoperability mapping is now available

The mapping highlights the high level of alignment achieved between the TNFD recommendations and indicators and the reporting requirements and data points of the GRI standards, including:

  • The use of consistent nature-related concepts and definitions, including the five direct drivers of nature and biodiversity loss as defined by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES).
  • The reference and incorporation of GRI's impact-focused materiality approach in TNFD's recommendations and guidelines, following TNFD's flexible approach to materiality. The TNFD LEAP approach is designed to help organizations report on both impact and financial materiality.
  • All disclosures in GRI 101: Biodiversity 2024 are reflected in the TNFD recommendations. All of TNFD's recommendations are reflected in the GRI standards, except those that cover exclusively nature-related risks and the identification and assessment of opportunities.
  • Strong consistency between core TNFD global disclosure indicators and related indicators in GRI standards. The first mapping of the TNFD sector indicators and the corresponding GRI sector standards also highlights consistency at this level.
  • The TNFD LEAP approach – guidelines for the identification and assessment of nature-related issues – is referenced in GRI 101. It identifies where impacts on biodiversity are most likely to have significant impacts and provides guidance for measuring changes in the status of nature.
  • GRI 101 uses the TNFD definitions and criteria when considering an organization's location in or near environmentally sensitive areas.

This detailed mapping tool supports thousands of organizations worldwide by enabling them to seamlessly integrate TNFD recommendations, enabling simplified reporting from a single source. GRI and TNFD will continue to collaborate to prevent the need for double reporting and ensure that organizations can transparently and responsibly disclose their impacts.

"Today's release of mapping by GRI and TNFD will further support market participants who need or want to report on their nature-related dependencies and impacts using GRI's standards and indicators and in line with TNFD's recommendations. We look forward to continuing to work with GRI to provide clear, practical support to market participants in their internal assessment and external reporting needs,” said Esther Ann, Chief Sustainability Officer of City Developments Limited (CDL), a working group member group of TNFD and member of the GRI Supervisory Board.