Earlier this year, the Taskforce on Nature-related Financial Disclosures (TNFD) published a new set of sector-specific draft guidance to support organizations in integrating nature-related risks and opportunities into their decision-making. The Taskforce on Nature-related Financial Disclosures (TNFD) is a global initiative established in 2021 to develop a framework that helps organizations assess, manage, and disclose nature-related risks and opportunities.
As part of the global consultation process, partners from the ARTEMIS Project actively participated in this call for feedback by sharing both general and sector-specific recommendations to strengthen the TNFD’s approach on fishery, water utilities and marine transportation guidance.
The ARTEMIS input emphasized the need for improved impact screening and more specific metrics to track the health of seagrass meadows, including indicators such as chemical and nutrient pollution, turbidity, and anchoring activity. It also called for a shift in mindset across economic sectors, encouraging greater investment in nature-based solutions and recognizing the long-term value of ecosystem services.
ARTEMIS contribution to the feedback tailored suggestions for three specific guidance:
- Fishing: Recommending the inclusion of positive impact metrics, such as the coverage of seagrass meadows in fishing zones. This could be linked to biodiversity indicators and carbon sequestration services to better reflect the sector’s potential for eco-friendly practices.
- Marine Transportation: Urging stronger guidance to ships and boats on anchoring avoidance, given the severe damage that anchors can inflict on seagrass beds that are already vulnerable and slow to recover.
- Water Utilities: Highlighting a significant omission in the current draft on the impact of water discharges in the areas nearby seagrass habitats. These indirect pressures must be factored into nature-related risk assessments.
ARTEMIS partner EY Denkstatt – Martin Georgiev
“The ARTEMIS Project’s contributions to the TNFD guidance represent a crucial step forward in recognizing the importance of seagrass meadows and all the ecosystem services they provide such as storage of carbon, provision of nursery grounds for fish and prevention of coastal erosion. Overall, these underwater habitats are frequently overlooked in society and underrepresented in policy, despite their immense ecological value.” says Martin Georgiev from EY Denkstatt.
Finally, ARTEMIS recommended better alignment with existing reporting standards like GRI 13 to ensure consistency and reduce complexity for reporting entities.
