TNFD and UN SSE publish model guidance for stock exchanges on nature-related financial disclosures

On September 30, 2025, the United Nations Sustainable Stock Exchanges (SSE) initiative published "Model Guidance on Nature-related Financial Disclosures: A template for stock exchanges," in partnership with the Taskforce on Nature-related Financial Disclosures (TNFD). The voluntary guidance provides a practical framework for stock exchanges to help listed companies understand, manage, and report their nature-related impacts, risks, dependencies, and opportunities.


The guidance offers a practical starting point for stock exchanges to assist listed companies in disclosing nature-related dependencies, impacts, risks, and opportunities. Designed as a flexible foundation that exchanges can tailor to their local market contexts, the template responds to growing investor demand for nature-related information beyond climate disclosures. It aims to reduce market fragmentation by promoting aligned reporting practices. By providing a consistent, practical framework, the guidance helps stock exchanges facilitate the integration of nature-related data into corporate reporting, thereby contributing to more stable and transparent markets.
 

Key components of the guidance

  • Helps companies with TNFD recommendations: The template serves as an "accessible on-ramp" to help listed companies begin implementing the disclosure recommendations from the TNFD.
    Flexible and scalable: The guidance was designed as a flexible template that stock exchanges can adapt to fit their local markets. This approach also helps reduce market fragmentation by promoting aligned reporting practices.
  • Structure: The template is organized into four chapters that guide companies through the disclosure process:
    • Understand: Helps companies identify their connections and impacts on nature.
    • Align: Guides companies in aligning their reporting with international standards.
    • Implement: Provides tools like the TNFD's LEAP (Locate, Evaluate, Assess, Prepare) approach.
    • Communicate: Assists companies in effectively communicating their nature-related disclosures to stakeholders.
  • Capacity building: Alongside the guidance, the SSE and TNFD announced a new training program to launch in 2026. The training is designed to build market capacity globally and assist exchanges and their issuers in implementing the guidance.
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