The Commission joins the Taskforce on Nature-related Financial Disclosure Forum
12th May 2022The Commission is pleased to announce that its application for membership of the Taskforce on Nature-related Financial Disclosure (TNFD) Forum has been accepted.
In joining the TNFD Forum - whose membership already includes major environmentally focused regulators such as the Bank of England and Banque de France - the Commission aims to further the Bailiwick’s aim of developing as a leading centre for sustainable finance.
The TNFD was established to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related risks, with the aim of supporting a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes.
Last week, the Commission published proposals for the introduction of a Natural Capital Fund designation for funds that are committed to making nature positive investments1. Together with the Guernsey Green Fund, the proposals would allow Guernsey funds a choice of complementary sustainability designations based on globally agreed environmental standards. Being a member of the TNFD Forum will help the Commission to gain greater insights into global developments within nature finance and ensure an enabling framework in the Bailiwick for good firms that wish to be become more active in sustainable finance.
As a member of TNFD Forum, the Commission intends to contribute to the TNFD’s ongoing innovative work, an example of which is its new risk management and disclosure framework which aims to enable organisations to report and act on evolving nature-related risks2.
1. See the Commission’s website for the announcement made: https://www.gfsc.gg/news/enhancing-sustainable-finance-bailiwick The Commission’s consultation papers with proposals to enhance sustainable finance in the Bailiwick including proposals to counter the risk of greenwashing are available at https://consultationhub.gfsc.gg