According to The Global Risks Report 2022, the World Economic Forum, biodiversity loss is one the top three threats in the next ten years. It would severely impact future generations’ access to essential resources.
CTBC Financial Holding Co. has been around for many years. ()The UN’s Sustainable Development Goals (SDGs) have been promoted as a positive influence.
Because four of the 17 goals are closely related (SDG 6, SDG 13 and SDG 14), and as protecting and supporting biodiversity is the cornerstone of a sustainable society, CTBC Financial became the first Taiwanese firm to join the Taskforce on Nature related Financial Disclosure. (TNFD) aims to collaborate with more than 250 members worldwide to provide cross-disciplinary expertise and to develop a reporting structure.
Photo: Lee Chin-hui, Taipei Times
An informal working group of 75 members launched the TNFD in June 2013. It included the UN Environment Programme Finance Initiative and the UN Development Programme.
Taking inspiration from the Task Force on Climate related Financial Disclosures’ (TCFD) success, the TNFDs mission was to develop a disclosure structure for companies to report on and take action on nature-related risks. This will allow them to support global capital markets to create positive values for nature.
CTBC Financial joined the TCFD in 2020. The initiatives framework was used to assess climate risk management governance and to promote low-carbon transformations in Taiwan and the Asia-Pacific region.
The participation in the TNFD will enable the company to address a wider variety of ecological and natural issues.
The company will comply with the TNFD by enhancing the disclosure of nature-related risk and countermeasures through five aspects: strategy, governance, risk management, metrics, targets, and governance.
CTBC Financial will also continue to talk with customers to encourage them to take positive steps to prevent related businesses having a negative effect on the natural environment. This will help fulfill their corporate responsibility to protect the natural ecology.
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