STRATEGY

Latest pilot framework launched for nature-related financial disclosure

The Taskforce on Nature-related Financial Disclosures (TNFD) has released the latest pilot version of its framework to help corporates outline and disclose nature-related risks and impacts in alignment with corporate reporting, as it builds towards a full release in 2023. After “overwhelmingly positive” feedback from more than 130 market participants and stakeholders across 37 countries and all five continents, minor changes were implemented to the first version of its framework. The latest version features adjustments to metrics and targets to support pilot testers of the framework, as well as further guidance to undertake impact evaluations. There has also been a further overview to help with sector classification aligned with the approach taken by the ISSB, the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD). (edie)

REPORTING

GRI unveils sustainability reporting standard for agriculture, fishing sectors

International ESG standards organisation the Global Reporting Initiative (GRI) has announced the launch of a new disclosure standard for the agriculture, aquaculture and fishing sectors. The new ‘GRI 13: Agriculture, Aquaculture and Fishing Sectors 2022’ standard includes new disclosures for the sectors on food security, land and resource rights, living wage and income, natural ecosystem conversion, animal welfare, soil health, and pesticides, and supports companies in the sectors in making connections between their impacts and all 17 UN Sustainable Development Goals. The release of the new standard follows the publication of other sector-specific standards, including the oil, gas and coal sectors. GRI plans to release additional sector standards going forward, including mining, textiles and apparel, and food and beverage. (ESG Today)

BIODIVERSITY

Australian mining firm BHP sets biodiversity targets in ‘social value’ push

Australian mining company BHP has announced plans to tackle biodiversity loss, in a move that it hopes will put it ahead of rivals in the race to secure the best mineral deposits in the shift to clean energy. The company is seeking to place 30% of the land and water it owns, leases or manages under conservation, restoration or regenerative practices by 2030. The biodiversity goal is part of a wider ‘social value scorecard’ that includes plans for a revised strategy on indigenous relations and full adherence to a programme on combating sexual assault and harassment in 2023. The new goals will operate alongside BHP’s existing decarbonisation targets. The company expects to spend $4 billion by the end of the decade to reduce emissions. (Financial Times)*

DEFORESTATION 

Few firms making “strong progress” on deforestation, says Race to Zero

New analysis by the UN-backed ‘Race to Zero’ campaign warns that while protecting rainforests and decarbonising the industries that are driving deforestation is crucial to meeting 2050 net-zero targets, little progress is being made. The report finds that over 40% of companies considered critical for tackling tropical deforestation by the ‘Forest 500 initiative’ have now set a net-zero or 1.5^oC-aligned emissions commitment – a five-fold increase from two years ago. However, Race to Zero warns that these pledges are struggling to translate into effective policies to deliver a slowdown in deforestation rates. Just 6% of companies considered critical for tackling deforestation, were found to be making “strong progress”. It estimates that over 90% of these critical companies could be at risk of missing their net-zero commitments due to a lack of progress in tackling deforestation. (Business Green)*

INEQUALITY

Roe v Wade ruling disproportionately hurts Black women, experts say

The US Supreme Court's decision to reverse Roe v Wade overturning a constitutional right to abortion is expected to have a disproportionate impact on Black women and other women of colour, according to experts. While some states have recently reaffirmed the right to an abortion, 26 states are likely or certain to ban abortion in most or all circumstances with more Black women living in states likely to ban abortion. Black women in the US are nearly four times more likely to have abortions than white women, while Latina women are twice as likely, according to 2019 data from the Centers for Disease Control and Prevention. Health experts trace the relatively high rates of abortion among Black women to disparities in healthcare access, including lack of health insurance and contraceptives in underserved communities. (Reuters)

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