CSO Press Release: Current TNFD draft fully entitles businesses to continue backing the violation of human rights and destruction of nature – so long as it doesn’t affect their profits

TNFD does not require companies or financial institutions to report their known harms and adverse impacts on nature or people. TNFD only requires a business to report on significant financial risks or opportunities. If a business is knowingly linked to environmental abuse but does not think this is financially detrimental it does not get reported. This is a major red flag for greenwashing and does not seem aligned with the approach of the European Securities and Markets Authority (ESMA) or the Global Reporting Initiative which back double materiality reporting. Further, despite TNFD receiving hundreds of thousands of dollars in funding from the UN Development Programme – TNFD is normalising the idea that we can fix the nature crisis while ignoring the human rights abuses that often underpin it.

Read the full CSO press release on TNFD, here.