Commerzbank has been an official supporter of the Task Force on Nature-related Financial Disclosures (TNFD) since April 2023. In this way, we make natural opportunities and risks transparent for our credit portfolio. The TNFD recommendations provide the basis for consistent and comparable reporting on the effects of biodiversity loss. They are based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Since 2022, we have published the TCFD report in our non-financial report. Our TNFD report will also be published for the first time in 2023 in our non-financial report.
About TNFD
In June 2021, TNFD was founded with broad support from financial institutions, businesses, governments and the service society. She received further support from the Global Canopy, UNDP, UNEP FI and WWF. The G-7 finance ministers and the G-20 ministers for sustainable development have also recognized TNFD.
TNFD funding is provided by the United Nations, philanthropic foundations and governments, including Germany, France, the Netherlands, Norway, Switzerland and the United Kingdom.
In total, more than 1,000 organizations are already supporting the TNFD, which share the vision and mission of the TNFD and are ready to contribute to the work and mission of the Task Force.
Our responsibility and contribution
Biodiversity is increasingly becoming the focus of sustainability debates. With the Commerzbank environmental internship, together with German national parks, we have been contributing to the protection of nature and thus the human basis for life for a long time.
In our core business, we have so far taken species protection into account primarily when assessing the environmental and social risks of our products, our customers or the businesses we support financially.
We are also expanding our strategic focus. As a first step, we joined the Biodiversity in Good Company initiative to work with other companies to promote the sustainable use of global biodiversity and species diversity.
In order to lay the foundation for a future management of the topic of biodiversity, we carried out an impact and dependency analysis for the first time in 2022. This enables a scientific link between economic activities and biodiversity-damaging effects. On this basis, we will continue to develop measures to protect biodiversity and species diversity.
