MID-TERM REVIEW OF THE ESTABLISHING THE TASKFORCE ON NATURE-RELATED FINANCIAL DISCLOSURES (TNFD) PROJECT Final Report

The project has been rated as 'Highly Satisfactory' for its overall outcomes, having successfully established the TNFD Secretariat and released the TNFD Recommendations in September 2023. While the project demonstrated high cost-effectiveness by leveraging approximately USD 1.85 million in GEF funding to unlock nearly USD 12.5 million in total financing, it faced operational challenges regarding inconsistent funding tranches from WWF-GEF to UNEP FI. The review recommends developing a new Theory of Change to shift focus from framework creation to maximizing uptake, building capacity in the Global South, and supporting the fulfillment of CBD Target 15.

• The project achieved its two primary objectives: the establishment of the TNFD and its Secretariat, and the development and release of the TNFD Recommendations in September 2023.
• The project demonstrated high cost-effectiveness, using roughly USD 1.85 million in GEF funding to catalyze a global project and unlock nearly USD 12.5 million in total financing.
• Most project result indicators have surpassed their targets, with 92% of outcome targets achieved during the reporting period as of September 30, 2023.
• A significant operational inefficiency occurred due to inconsistent quarterly funding transfers from WWF-GEF to UNEP FI, which caused administrative delays and gaps in partner contracts.
• The TNFD was explicitly modeled after the Taskforce on Climate-related Financial Disclosures (TCFD), which allowed private sector entities to leverage existing reporting pathways.
• The original Theory of Change is considered naïve for assuming that disclosure alone will lead to the protection and restoration of global biodiversity and natural resources.
• The project successfully integrated gender equality, achieving 94% of its Gender Action Plan targets by March 2023, including a 77% female composition of the TNFD Secretariat staff.
• Financial sustainability for the TNFD Secretariat was bolstered by a 29 million euro grant secured from the German Government at the end of 2022 to support awareness and capacity building.
• The project's Project Steering Committee (PSC) underperformed its intended governance role, meeting only once a year and primarily serving as a platform for updates.

APA

Cornish, A., Champagne, J.-M., & Hilton, S. (2023). MID-TERM REVIEW OF THE ESTABLISHING THE TASKFORCE ON NATURE-RELATED FINANCIAL DISCLOSURES (TNFD) PROJECT Final Report. WWF International. https://www.worldwildlife.org/documents/1066/2ons9eh7ip_GEF_TNFD_MTR_report_final_plus_mgmt_response.pdf

Chicago

Cornish, Andy, Jean-Marc Champagne, and Sam Hilton. MID-TERM REVIEW OF THE ESTABLISHING THE TASKFORCE ON NATURE-RELATED FINANCIAL DISCLOSURES (TNFD) PROJECT Final Report. WWF International, 2023. https://www.worldwildlife.org/documents/1066/2ons9eh7ip_GEF_TNFD_MTR_report_final_plus_mgmt_response.pdf.

Wikipedia

{{cite report |last1=Cornish |first1=Andy |last2=Champagne |first2=Jean-Marc |last3=Hilton |first3=Sam |title=MID-TERM REVIEW OF THE ESTABLISHING THE TASKFORCE ON NATURE-RELATED FINANCIAL DISCLOSURES (TNFD) PROJECT Final Report |publisher=WWF International |date=19 December 2023 |url=https://www.worldwildlife.org/documents/1066/2ons9eh7ip_GEF_TNFD_MTR_report_final_plus_mgmt_response.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{cornish2023midterm, author = {Cornish, Andy and Champagne, Jean-Marc and Hilton, Sam}, title = {{MID-TERM REVIEW OF THE ESTABLISHING THE TASKFORCE ON NATURE-RELATED FINANCIAL DISCLOSURES (TNFD) PROJECT Final Report}}, institution = {WWF International}, year = {2023}, month = dec, url = {https://www.worldwildlife.org/documents/1066/2ons9eh7ip_GEF_TNFD_MTR_report_final_plus_mgmt_response.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }