Companies start six-month trial of new ‘nature positive’ metrics
Pilot could inform TNFD and SBTN standards
More than 30 companies are road-testing a new set of metrics to assess their performance on nature.
The Nature Positive Initiative (NPI), whose members include the Taskforce on Nature-related Financial Disclosures (TNFD) and the Science Based Targets Network (SBTN), has created “a minimum set of viable metrics that balance scientific credibility with practical applicability”.
It comes after the initiative found there were more than 600 nature-based metrics in use last year, creating a “confusing, intimidating and discouraging” landscape for companies seeking to understand their impact on biodiversity and ecosystems.
Following a consultation with around 700 stakeholders, a spokesperson for NPI told Real Economy Progress it had “worked to build consensus” around how to narrow the 600+ to just nine.
They include four ‘universal’ indicators that apply in all situations, and five ‘case-specific’ ones.
Together they cover “ecosystem extent, ecosystem condition and species,” the spokesperson explained.
The proposed metrics will now undergo a six-month pilot with companies from six sectors including agriculture, mining and finance.
The spokesperson said the firms would remain unnamed to allow them to “openly test and provide honest feedback on the draft metrics without external pressure”.
Tony Goldner, CEO of the TNFD, which will work with 15 of the participating companies as part of the pilot, said the results could be “important” for its own metrics,
Likewise, Erin Billman, executive director of SBTN, said the outcome could influence its metrics.
The Global Reporting Initiative is also participating in the pilot, and advice will be provided by EY and The Biodiversity Consultancy.
A final set of nature metrics is expected to be released next year.
Meanwhile, TNFD has partnered with fellow non-profit Chapter Zero this week on a new guide to help board members ask more effective questions about the risks, impacts and opportunities that nature presents to their businesses.