In This Month's Newsletter:
Forestry England announces their adoption of TNFD
Supporting natural capital accounting and TNFD reporting
Our Clients at COP16
Manulife & Arauco talk about their natural capital accounts
The importance of natural capital to the Scottish economy
£40bn of economic output and 261k jobs
Notice: Free webinar on 27th November, 12:15 - 13:15 GMT
Our CEO, Ece, and her colleagues managing the ISO working group will be introducing 14054: Natural Capital Accounting for Organisations, which will be out for public consultation next week: you can register here to attend and receive the recording.
Forestry England announces their adoption of TNFD
Supporting organisations from natural capital accounting to TNFD reporting
We are proud to be supporting Forestry England with their first report to the Taskforce on Nature-related Financial Disclosures (TNFD) following their commitment to TNFD reporting as one of the 502 adopters.
The TNFD report will build on their natural capital accounts, which started back in 2015 when we worked with them to embed the accounting process.
We already know organisations who prepare natural capital accounts find it easier to adopt TNFD. For example, United Utilities, another long standing eftec client, states “[our] Natural Capital Account will influence how we prioritise our investments and feeds into our TNFD Disclosure throughout.”
This work with Forestry England will further demonstrate how information and processes set up for natural capital accounting can feed into TNFD's LEAP process and Recommendations (more on this in our NCA brochure).
Our Clients at COP 16
Manulife & Arauco showcase natural capital accounts prepared with eftec
This month, two of our recent clients attended COP 16 in Cali, Columbia, to continue their journeys to sustainability and share their experience, including their natural capital accounting:
Manulife Investment Management have over $1 trillion in assets under management and administration globally.
Arauco is a Chilean forestry company with over 500,000 hectares of forest assets across North and South America.
We worked with both clients to pilot the accounting process, organise data, and prepare Natural Capital Balance Sheets.
Both were at the TNFD panel on "Quantifying nature's value: Leveraging science, economics and big data to reveal the value of nature." Arauco also held an event alongside Acción Empresas and the Global Reporting Initiative called "Biodiversity on the Business Radar: Lessons Learned from COP16.”
The importance of measuring impact and dependencies on nature, including in monetary terms to enable linking nature and financial materiality, was a key lesson from the discussions.
The Importance of Natural Capital to the Scottish Economy
£40 billion worth of economic output and 261,000 jobs: showing the value of nature to Scotland
eftec and WSP UK estimate that Scotland’s natural capital supports economic output equivalent to over 14% of the economy:
The industries most dependent on natural capital are agriculture, fishing and aquaculture (88% reliant), forestry and wood products (59%), water and wastewater management (40%), spirits / wine and beer / malt sectors (30%), and electricity (30%);
The Highlands & Islands and Glasgow City Regional Economic Partnership (REP) areas have the largest shares of output and employment reliant on natural capital; and
The Highlands & Islands, Tay Cities, and South of Scotland REPs have a high share of key habitats in Scotland providing ecosystem services worth around £2 billion in output for all economic sectors in the Scottish economy.
We are delighted that the Scottish Minister for Employment and Investment, Mr Thomas Arthur MSP, quoted this work at his opening speech at the EKN Nature Finance conference earlier this month.
For more information and links to the full report, visit the project’s page on our site.
value of nature to Scotland
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