At the annual meeting of the World Economic Forum (WEF) in Davos today (16 January), 320 organisations from 46 countries signalled their commitment to adopting the TNFD recommendations.

Among these were Local Government Pension Scheme (LGPS) pools Brunel Pensions Partnership and London CIV.

Other signatories included UK asset managers such as Fidelity International and Schroders, as well as the London Stock Exchange Group.

Several UK climate-focussed asset managers were also on the list, including Climate Asset Management, Impax Asset Management, Greensphere Capital, NextEnergy Capital, Quinbrook, SLM Partners and Tower Peak Partners.

Other firms included PwC, EY Global, Candriam, Cardano, Robeco, and Van Lanschot Kempen.

The signatories include publicly listed companies, financial institutions, banks and other leading institutions such as stock exchanges and accounting firms, and represent US$14trn (£11trn) assets under management.

Following today’s announcement, the firms will begin publishing their TNFD-aligned disclosures as part of their corporate reporting for 2023, 2024 or 2025.

The 14 recommendations were launched last year after a two-year design and consultation process which included four draft frameworks, and pilot testing by more than 250 global institutions.

Currently, large pension schemes (with assets of £5bn or more) and many large asset owners, companies and limited liability partnerships are required to report on and engage in governance processes aligned with the Taskforce on Climate-related Financial Disclosures.

However the TNFD is currently voluntary in nature and schemes are not yet required to report against the requirements.

TNFD co-chair David Craig said: “This is a milestone moment for nature finance and for corporate reporting. As climate-related sustainability reporting goes mainstream through the new International Sustainability Standards Board (ISSB) standards and regulation in a growing number of countries, this is a clear signal that investors, lenders, insurers and companies are recognizing that their business models and portfolios are highly dependent on both nature and climate and need to be treated as both strategic risks and investment opportunities.

“We are delighted to see such a strong, diverse and international group of companies and financial institutions step forward only four months after the release of our recommendations and look forward to even more stepping forward over the coming months.”

TNFD co-chair and UN Environment Programme deputy executive director Elizabeth Maruma Mrema said: “12 months ago the world came together to agree to the Global Biodiversity Framework to halt and reverse nature loss, including a specific target on corporate reporting.

“The release of the TNFD recommendations in September last year provided the tools to do that and today we have seen the market commit to start taking action.”

Cardano managing director Michael Bushnell said: “We are excited to play a part in redirection of global financial flows towards more nature-positive outcomes. As a TNFD early adopter, we will start reporting nature-related issues aligned with the TNFD recommendations by next year.

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