WSP in Canada Staff
The introduction of nature-related financial disclosures has added a layer of complexity to the reporting mechanisms at companies across the country. If it is not something that teams are familiar with, and can thus be seen as a daunting task with hours and hours committed to its completion.
It doesn’t have to be this way.
Thanks to the UN Global Compact Network Canada, in partnership with WSP in Canada, a group of early adopters and industry experts taking part in the Biodiversity Working Group have come together to deliver TNFD Essentials: A Beginner’s Guide to Nature-related Financial Disclosures. This new guide provides an easy-to-follow process to ensure that disclosures can be captured in an efficient and timely manner.
“Nature risks for businesses include loss of raw inputs and materials, supply chain disruptions due to extreme weather and other factors, and market risks like changes in legislation or customer perception. Protecting nature, then, safeguards resources, reduces risk, and equips businesses to lead the way into the more sustainable economy of the future.”
The Guide establishes a clear process for the TNFD journey, a step-by-step process to help successfully navigate the disclosure process:
- Situate Yourself – Understanding exactly where you are in the journey helps ensure successful execution of your objectives.
- Corporate Aspirations – Establishing your ultimate goal within your sector; where do you want to be compared to others in your space?
- Laying the Groundwork – Now that you know where you want to get to, understand the actions necessary to make this a reality.
- Materiality 101 – What areas of nature are relevant to, and currently impacting, your business?
- Prioritization – Creating an appreciation for the first actions to take and why.
- Risks and Opportunities – What happens to our business if we don’t address these priorities? Can we turn any of these risks into new opportunities for our business?
- Quantification – Knowing how you will measure the impact of your actions.
- Target-setting – Developing a series of realistic goals to help get your company to its desired outcome.
- Making the Business Case – Having the tools and resources needed to make the case for the investment to senior members of the company.
By following the process outlined in the Guide, a company is given the tools to successfully navigate the TNFD landscape. It provides the foundational knowledge needed to identify the opportunities to reduce harmful actions against nature, and make important investments that will help to protect and restore the planet.
“Remember, the journey towards sustainability is ongoing and evolving. As regulations develop and the global corporate community’s understanding of biodiversity impacts deepens, your continued engagement will be crucial. We encourage you to take this step forward, using this guide as your roadmap, and join a leading group of businesses that prioritize nature to ensure economic and environmental resilience.”
To learn more about how to start the journey towards nature-related financial disclosures, or to download a copy of the guide, please visit: TNFD Essentials: A Beginner’s Guide to Nature-Related Financial Disclosures | WSP
Still need some assistance with what comes next for your company’s commitment to nature? Our team of highly-skilled industry professionals is ready to help you successfully navigate your TNFD journey. To reach out to our team of experts, visit: https://www.wsp.com/en-ca/services/biodiversity-governance
