The Guernsey Financial Services Commission's application for membership of the Taskforce on Nature-related Financial Disclosure (TNFD) Forum has been accepted.
In joining the Forum - whose members include regulators such as the Bank of England and Banque de France - the Commission aims to further the bailiwick’s aim of developing as a leading centre for sustainable finance.
The TNFD was established to deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related risks. The aim is to support a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes.
Last week, the Commission published proposals for the introduction of a Natural Capital Fund designation for funds that are committed to making nature positive investments.
Together with the Guernsey Green Fund, the proposals would allow Guernsey funds a choice of complementary sustainability designations based on globally agreed environmental standards.
Being a member of the TNFD Forum will help the Commission gain greater insights into global developments in nature finance and ensure an enabling framework in the bailiwick for good firms that wish to become more active in sustainable finance.
The Commission intends to contribute to the Forum's work, such as its new risk management and disclosure framework, which aims to enable organisations to report and act on evolving nature-related risks.