International Council of Metals and Mining (ICMM) has published the Taskforce on Nature-related Financial Disclosures (TNFD) guidance paper to identify, assess, manage and disclose nature-related issues.
The organization collaborated with 13 leading companies and cross-sector partners including NGOs to develop sector-specific guidance and reporting metrics for environmental issues. This will help integrate nature-related issues into mining companies’ governance, strategic planning, risk management and disclosures.
“With a recent report from Oxford University suggesting that shocks to the global economy related to biodiversity loss and ecosystem damage could cost upwards of $5 trillion – ICMM recognises the imperative of putting nature at the centre of decision-making,” it said in a statement.
ICMM’s members represent around one-third of the global mining sector, and in January they committed to taking urgent action on nature-related issues across their direct operations, value chains and wider landscapes by means of transparent disclosures on performance outcomes, including publishing the results of nature-related impact and dependency assessments, and setting targets to address these.
Even though companies in the mining sector have been reporting on their impacts on biodiversity for decades, this guidance goes much further to capture how their interactions with nature impacts businesses, the ICMM said.
Theodor Lisovoy, Editor in Chief, Rough&Polished
