TNFD, nature-related financial disclosures
The voluntary framework that converges with ESRS E4

The TNFD (Taskforce on Nature-related Financial Disclosures) is to nature what the TCFD was to climate: a finance-led voluntary framework designed to give investors a comparable reading of nature-related risks, dependencies and impacts. The 14 recommendations published in September 2023 structure reporting around four pillars (governance, strategy, risk & impact management, metrics & targets) and the LEAP approach (Locate, Evaluate, Assess, Prepare). The framework converges with CSRD ESRS E4, a company that has equipped its ESRS E4 with BPS can serve TNFD with the same body of data.

Scope a TNFD assignment See ESRS E4 biodiversity

The LEAP approach

Four steps to a nature-related disclosure.

Locate

The interface with nature, sites, value chain, sensitive ecosystems.

Evaluate

Dependencies and impacts on ecosystem services.

Assess

The material nature-related risks and opportunities.

Prepare

To respond and report, aligned with the four TNFD pillars.

FAQ

Frequently asked questions

TNFD is a voluntary international framework. But it converges strongly with the mandatory CSRD ESRS E4, so the data prepared for one largely serves the other, and investors increasingly expect TNFD-aligned nature disclosures.

Both cover impacts and dependencies on nature. A company that has built its ESRS E4 evidence base (e.g. via BPS) can reuse it for TNFD reporting under the LEAP approach, one dataset, two frameworks.

By producing the measurable biodiversity data (via the BPS, operated independently by IRICE under ISO/IEC 17065) and structuring the LEAP steps, so the nature-related disclosure rests on defensible, verifiable evidence.

Position

Voluntary, investor-facing, and structurally compatible.

The TNFD recommendations are a voluntary framework for disclosing nature-related dependencies, impacts, risks and opportunities. They are built on the same four pillars as climate-related disclosure, governance, strategy, risk management, metrics, which makes them familiar to anyone who has reported on climate.

They are investor-facing rather than regulatory, and they overlap substantially with ESRS E4. Companies subject to CSRD generally use TNFD as a method for organising the work rather than as an additional report.

Use

The value is in the dependency analysis.

The pillar that adds most for companies already reporting under CSRD is dependency: what does the business rely on from nature, water availability, pollination, soil stability, flood regulation, and what happens to the business if that changes. That question is financial, and it is the one boards engage with most readily.

Answering it needs site-level knowledge, which returns to the same evidence base as E4: field survey and characterisation of the ecological setting of each significant site.

Going further

Related pages.

TNFD connects to these subjects.

ESRS E4: biodiversity — the regulatory counterpart
Double materiality assessment — the CSRD equivalent exercise
Biodiversity transition plan — where the analysis leads
CSRD sustainability reporting — the overall framework
Four-season surveys — the site-level evidence
Working with ESG investors — the intended audience
Working with agri-food groups — where dependencies are most direct
Effinature biodiversity certification — verified performance on assets

Scope a TNFD assignment

Measurable nature data via the BPS and a structured LEAP approach, reusing your ESRS E4 evidence base.

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TNFD, nature-related financial disclosures The voluntary framework that converges with ESRS E4