5 SG-based firms are amongst first to commit to nature-related disclosures

Most will begin including nature-related disclosures in their annual report for FY2025.

Singapore-headquartered companies, United Overseas Bank (UOB), City Developments Limited (CDL), Olam Agri, Olam Food Ingredients (ofi), and Oceonomy are amongst the early adopters of the Taskforce on Nature-related Financial Disclosures (TNFD) recommendations.

Globally, there were 320 firms which have signalled their intention to begin adopting the TNFD Recommendations and publishing TNFD-aligned disclosures as part of their annual corporate reporting for FY2023, FY2024 or FY2025.

CDL vowed to begin publishing nature-related corporate disclosures in FY2024 or earlier. Meanwhile, the other four Singapore-based firms will begin adopting the TNFD recommendations in FY2025.

In Asia-Pacific, there were 134 early adopters, accounting for 42% of the total.

The TNFD has 14 disclosure recommendations that follow the approach and structure developed by the Taskforce on Climate-related Financial Disclosures (TCFD) launched by Michael Bloomberg and Mark Carney in December 2015.    

The TNFD Recommendations have been designed to enable the achievement of the global policy goals outlined in the Kunming-Montreal Global Biodiversity Framework agreed to by 196 countries at the Convention on Biological Diversity (CBD) COP15 held in Montreal in December 2022.   

The recommendations have also been designed to be consistent with the new S1 and S2 standards on sustainability reporting published in mid-2023 by the International Sustainability Standards Board (ISSB) as well as existing nature and biodiversity impact reporting standards provided to market participants by the Global Reporting Initiative (GRI).