TNFD proposes global nature data facility

A substantial quantity of metrics pertaining to nature already exist and are being used, however significant challenges persist concerning nature-related data, says the latest study from the Taskforce on Nature-related Disclosures (TNFD).

The analysis explores the potential for a global nature-related public data facility, which could substantially enhance the availability, quality and upkeep of such data, yielding substantial advantages for global stakeholders.

The paper responds to a number of questions from G20 governments, such as how addressing nature-related data challenges could enable and accelerate the growing demand of corporate reporting and target setting. Data requirements linked to nature have gained momentum since the successful adoption of last year’s Kunming-Montreal global biodiversity framework, as part of which almost 200 countries agreed to “halt and reverse” nature loss by 2030.

Despite this, the 2022 UN state of finance for nature report concluded that finance flows to nature-based solutions are currently less than half the investment needed by 2025 to limit climate change to below 1.5°C, halt biodiversity loss and reduce land degradation.

Raviv Turner of the MRV Collective warned that “we are drowning in nature data but starved of insights. If we want to truly understand the state of nature, we need to close the nature data gap for the public and private sector to be able to report on nature and mobilise funds and resources to nature-based climate solutions.”

A global nature-related public data facility, he concludes, “is a mission critical piece in closing the nature data gap”.

Summarising the state of nature data, the report stresses the need for higher quality, more comparable and easily accessible data that will enable better quality decision making about required actions to address nature and biodiversity loss and the risks to local communities, business, finance, economies and financial systems.

The report explains how a nature-related data facility would improve data access and enable governments to develop robust biodiversity strategies and action plans. It would also help shift flows of finance towards nature-positive outcomes.

The TNFD recommends establishing a facility aimed at linking and amplifying existing data platforms at both national and subnational levels. It envisages a second stage of “blueprinting” which will focus on, among other aspects, expanding consultations with a wider set of stakeholders.

Science-based targets for nature were released a few months ago, while the TNFD framework is due for release later this year.