The Taskforce on Nature-related Financial Disclosures (TNFD) has welcomed the Bank of China as the first Chinese financial institution to join the initiative and has convened new consultation groups in China and Hong Kong. The Bank of China has joined more than 500 organisations, managing assets worth more than US$17 trillion, in committing to aligning their reporting with the TNFD recommendations. Launched in 2021, the TNFD provides recommendations and guidance for market participants on how to assess, manage, and report nature-related issues. A statementsaid the move marks a significant expansion in Chinese input into the work of the TNFD and in its presence in the Chinese market. This will include specific support to expand and deepen further TFND engagement with Chinese companies, financial institutions and other key stakeholders for the benefit of the long-term resilience of the Chinese economy. TNFD also announced the launch of two new consultation groups in China. The Institute of Finance and Sustainability will convene a group in the Chinese Mainland, while the Hong Kong Green Finance Association and Business Environment Council will co-convene a group in Hong Kong. “These developments both highlight and support the growing momentum in the Chinese market to assess and integrate nature-related considerations into financial and corporate decision making,” said the TNFD.
Bank of China has joined the Taskforce on Nature-related Financial Disclosures (@TNFD_), making it the first Chinese financial institution to join the initiative.https://t.co/G6rq6HQf7O
— Regulation Asia (@RegulationAsia) January 17, 2025
