FAST-TRACKING FINANCE FOR NATURE

This report by WWF South Africa assesses the readiness of 20 large Johannesburg Stock Exchange-listed companies across the financial, consumer goods, and telecommunications sectors to adopt the Taskforce on Nature-related Financial Disclosures (TNFD) framework. It finds that while climate-related reporting is mature, nature-related disclosures are in their infancy, with very few companies formally adopting the TNFD recommendations by the end of 2025.

• By the end of 2025, only four South African companies had formally adopted the TNFD reporting framework: Sanlam Limited, GBSH Consult Group, Raubex Group Limited, and Sibanye-Stillwater. Sanlam Limited is expected to be the first to make a TNFD-aligned disclosure for its 2025 financial year.
• Climate-related disclosures and governance structures are significantly more developed than nature-related ones across all assessed sectors. The report suggests that existing climate frameworks could be expanded to include nature to fast-track TNFD adoption.
• There is a widespread lack of understanding regarding the distinction between 'nature' and 'biodiversity' in corporate reporting. Companies often use the terms interchangeably or focus exclusively on non-living elements like freshwater and greenhouse gas emissions, neglecting biodiversity metrics such as species richness or abundance.
• Nature-related governance is largely underdeveloped or absent in the assessed companies. There is no evidence that management is incentivised to prioritise nature, as remuneration committees have not approved nature-related key performance indicators, unlike those for climate action.
• Disclosures regarding human rights and engagement with Indigenous Peoples and local communities are severely limited. None of the assessed organisations explicitly linked human rights to nature in their governance or policies.
• The banking sector shows a cautious approach to nature disclosures, driven by risk aversion and concerns over reputational damage if environmental commitments are not met. While some have used tools like ENCORE for internal assessments, no South African bank has formally adopted the TNFD framework.
• In the insurance sector, nature-related risks are often viewed through the lens of climate change. The report highlights a growing 'insurance protection gap' as nature-related disasters increase in frequency and severity, making insurance less affordable.
• Consumer goods companies face significant challenges in disclosing supply-chain impacts due to the complexity and global nature of their value chains. While some report on high-risk natural commodities like palm oil and cotton, comprehensive assessments of biodiversity loss and ecosystem degradation are absent.
• Telecommunications companies have embedded climate disclosures but treat nature as a secondary consideration. While they recognise dependencies on water for data centres, they have not yet quantified the risk level of this exposure.

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} }