May 2023 Newsletter

In this month's newsletter:

  • Completing Our First Corporate Natural Capital Account in Uruguay 
    • Case study to be included in TEEBAgriFood for Business Operational Guidance
  • Help to Develop the International Standard for Natural Capital Accounting 
    • Our work and how you can help to set the standard
    • Final Chance to Provide Feedback for TNFD 
      • Deadline is Tomorrow

    Completing the First Corporate Natural Capital Account in Uruguay
    Case study to be included in TEEBAgriFood for Business Operational Guidance

    an orchard in Uruguay

    Our recent natural capital accounting work for ADP, a family agribusiness producing grains and livestock in Uruguay, will be featured as a case for best practice in the upcoming TEEBAgriFood Operational Guidelines for Business. 

    Our assessment focused on ADP's impacts and dependencies on its land assets, measuring benefits in relation to food, carbon sequestration and emissions, water quality, and soil regulation. A Corporate Natural Capital Account was developed in accordance with BSI8632:2021 (the British Standard for Natural Capital Accounting), producing a Natural Capital Balance Sheet and Income Statement. It is one of the first corporate natural capital accounts produced in Uruguay.

    ADP hopes to use the accounting data to define Science-Based Targets for Nature (SBTN) and for disclosure of information within the Taskforce on Nature-related Financial Disclosures (TNFD) framework.

    For a greater overview of the case, look out for the guidance which will be launched by TEEB and Capitals Coalition in the near future.


    Help to Develop the International Standard for Natural Capital Accounting 
    Plus How You Can Contribute

    the ISO logo

    In 2021, the British Standard on Natural Capital Accounting was launched through the work the BSI Committee on Assessing and Valuing Natural Capital, chaired by eftec CEO Ece Ozdemiroglu.

    Momentum from the success of this standard inspired a proposal for an international standard, ISO 14054. eftec's CEO, Ece Ozdemiroglu, will be convener of the ISO Working Group writing the ISO14054 and the CEO of Little Blue Research , Dr Stephanie Hime, will be Project Lead. Once completed, this standard will ensure consistency and comparability for natural capital accounts in organisations across the world, with a particular focus on Natural Capital Balance Sheets (NCBS) and Natural Capital Income Statements (NCIS). The standard follows from ISOs 14008 and 14007 (on economic valuation and using value evidence in decision-making, respectively). ISO 14054 will support  organizations in aligning with the TCFDTNFD, future requirements from the ISSB, guidance from EFRAG for the Corporate Sustainability Reporting Directive, and taxonomies developed for sustainable finance.

    With the potential influence this standard could have in a global transition to sustainability, it is important that multidisciplinary collaboration and feedback is core to the process. To get involved, contact your national standards institution to nominate yourself to the committee that will develop ISO 14054. You can find a list of national standards institutions here


    Final Chance to Provide Feedback on the TNFD Draft Framework

    TNFD logo

    On Thursday 1 June 2023, the feedback process on the TNFD draft framework will conclude. This is the final opportunity to provide feedback and contribute to the design and development of the TNFD framework ahead of publication of their recommendations this September.  
     
    They are particularly interested in hearing from large multinational corporates, asset owners and managers, and organisations participating and operating in emerging markets.  
     
    Explore the Framework online here 
    Go straight to the publications here 

    Feedback can be provided in three ways:

    • Public Consultation Letter - Organisations can now submit a public comment letter to provide detailed and comprehensive feedback for public consideration.  
    • General Feedback Survey - The general feedback survey allows organisations to share general feedback on understanding nature, the draft disclosures, LEAP Approach, metrics and targets, and provide any additional recommendations on the overall TNFD Framework. 
    • V0.4 Feedback Survey - For organisations that wish to provide feedback on specific v0.4 updates, we invite you to complete the specific v0.4 feedback survey to comment on specific v0.4 beta release updates.