Moir Group ESG recently hosted a Business Breakfast on the Taskforce on Nature-related Financial Disclosures (TNFD) with Deloitte. It was a highly informative session delivered by the Nature & Climate Resilience team at Deloitte, Celia Hayes and Chloe Fisher.
As Australian businesses prepare for upcoming mandatory Climate-related Financial Disclosures, it’s crucial to recognise that broader nature-related reporting may soon follow. Business leaders should consider integrating nature reporting into their climate reporting strategies to ensure a proactive approach rather than a reactive one. There is an opportunity to leverage mandatory reporting to gain a competitive edge while addressing business continuity and risk management challenges. Without strategic action, this initiative risks becoming an underfunded compliance exercise.
Key takeaways from the event included:
– Immediate Action Required: Australian companies need to prepare for a transition towards nature-positive economies, moving away from nature-negative practices.
– Learning from Global Trends: Australia can benefit from global shifts towards mandatory sustainability disclosures.
– Understanding Nature Risks: Organisations must identify their nature-related risks and opportunities and establish foundational measures.
– Talent Acquisition: Hiring specialists in nature-related fields and those with geospatial skills is essential.
– Comprehensive Assessment: Companies should approach this challenge holistically, rather than merely checking compliance boxes.
– Utilising TNFD Guidance: TNFD guidance should be seen as a valuable tool for navigating this landscape.
– Recognising Interconnections: It’s vital to understand the intrinsic link between climate, nature, and the economy and to act early to capitalise on opportunities.
– Engaging Leadership and Specialists: Involving leaders across all levels and tapping into expertise in risk, law, accounting, and audit is crucial for effective compliance.
We extend our gratitude to the Deloitte team for their valuable insights and for facilitating this important discussion on navigating the TNFD.
If you’re seeking assistance with ESG recruitment, reach out to Lisa Tracy Manager Moir Group ESG or 02 9262 4836 / lisatracy@moirgroup.com.au. We’re here to help you navigate the evolving landscape of sustainable business practices.