FAST-TRACKING FINANCE FOR NATURE

The report finds that nature-related financial disclosures among large South African companies are in their infancy, with most firms relying on existing climate governance structures that do not yet substantively address biodiversity. While there is high awareness of the TNFD framework, formal adoption is very low, with only four companies having adopted it by the end of 2025. The analysis highlights significant gaps in board-level accountability, a lack of specific biodiversity metrics, and limited engagement with Indigenous Peoples and local communities. The report recommends that companies leverage their more mature climate reporting systems to fast-track the adoption of TNFD recommendations and integrate nature-based solutions into their value chains.

• By the end of 2025, only four South African companies—Sanlam Limited, GBSH Consult Group, Raubex Group Limited, and Sibanye-Stillwater—had formally adopted the TNFD reporting framework.
• Climate-related governance and disclosures are significantly more mature than nature-related ones across all assessed sectors, suggesting that existing climate structures could be expanded to include nature reporting.
• There is a widespread lack of clear accountability for nature-related governance at executive and management levels, and no evidence that executive remuneration is linked to nature-related performance indicators.
• Disclosures regarding the link between human rights and nature, as well as engagement with Indigenous Peoples and local communities, are severely limited across the sampled organisations.
• Companies frequently conflate 'nature' and 'biodiversity' in their reporting, and most fail to use specific biodiversity metrics such as species richness or abundance, focusing instead on non-living elements like water and greenhouse gas emissions.
• In the banking sector, risk aversion and concerns over reputational damage are primary drivers for the slow adoption of formal nature-related disclosures.
• The South African insurance sector faces a growing 'insurance protection gap' as nature-related disasters increase in frequency and severity, making insurance less affordable.
• Consumer goods companies struggle with disclosing supply-chain impacts on nature due to the complexity and global nature of their value chains, though some are improving traceability for high-risk natural commodities.
• Telecommunications companies in South Africa have identified water as a key dependency for data centres but have not yet quantified their exposure to water risks or used the TNFD LEAP process.
• Many assessed companies are monitoring or transitioning to IFRS S1 and S2 standards, which are highly interoperable with TNFD recommendations and may become mandatory in South Africa.

APA

Maduray, C., & Ntaitsane, M. (2026). FAST-TRACKING FINANCE FOR NATURE. WWF South Africa. https://wwfafrica.awsassets.panda.org/downloads/tnfd-trends-in-disclosures-report_final.pdf

Chicago

Maduray, Cerin, and Mpoi Ntaitsane. FAST-TRACKING FINANCE FOR NATURE. WWF South Africa, 2026. https://wwfafrica.awsassets.panda.org/downloads/tnfd-trends-in-disclosures-report_final.pdf.

Wikipedia

{{cite report |last1=Maduray |first1=Cerin |last2=Ntaitsane |first2=Mpoi |title=FAST-TRACKING FINANCE FOR NATURE |publisher=WWF South Africa |date=2026 |url=https://wwfafrica.awsassets.panda.org/downloads/tnfd-trends-in-disclosures-report_final.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{maduray2026fasttracking, author = {Maduray, Cerin and Ntaitsane, Mpoi}, title = {{FAST-TRACKING FINANCE FOR NATURE}}, institution = {WWF South Africa}, year = {2026}, url = {https://wwfafrica.awsassets.panda.org/downloads/tnfd-trends-in-disclosures-report_final.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }