Upskilling the Finnish financial sector to promote TNFD adoption

Addressing biodiversity loss requires companies, investors, and financiers to redirect financial flows towards nature-positive activities. The TNFD (Taskforce for Nature-related Financial Disclosures) is a new global framework that aims to guide private sector to disclose their interface with nature. To promote adoption of the TNFD in Finland, Sitra is organising an implementation programme for companies in the Finnish financial sector.

What is it about?

Human activity is causing a rapid, worldwide decline in species and habitats. At the same time, our society and economy are entirely dependent on nature. As the providers of the capital, enabling economic activity, the financial sector holds significant influence in economic decision-making. It is critical that the financial sector participates in solving the nature crisis.

Most global financial flows still support activities that harm nature instead of strengthening it. To adapt to a nature-positive future and help promote competitiveness, the Finnish financial sector needs to better incorporate nature into decision-making.

The recently released TNFD framework provides an opportunity for the financial sector to better understand their risks and opportunities related to nature. Through the TNFD, organisations can identify, manage, and report on the impacts, dependencies, risks, and opportunities of nature within their operations. For Investors and financiers, this process focuses on how to consider nature within portfolios and decision-making.

Sitra is implementing a project aimed at increasing nature-related knowledge and supporting the adoption of the TNFD in the Finnish financial sector. Our vision is for the Finnish financial sector to be a global leader in adopting the TNFD recommendations.

New framework helps private sector address nature loss – 7+1 things you should know about the TNFD

What are we doing?

During the project we will organise a series of workshops during 2024 to facilitate a better understanding and practical implementation of the LEAP process outlined in TNFD. The project will provide practical guidance tailored to different stakeholder groups within the financial sector. The knowledge gathered during the workshops will be compiled into a final report, to be made publicly available to the benefit of all.

Programme schedule

The full-day workshops are held at Sitra premises in Ruoholahti, Helsinki.

Workshop 1: Tue 13.8. combined session for all participants
Workshop 2: Wed 4.9. (Group A) and Thu 5.9. (Group B)
Workshop 3: Wed 25.9. (Group A) and Thu 26.9. (Group B)
Workshop 4: Mon 14.10. (Group A) and Tue 15.10. (Group B)

Who is involved?

Within Sitra, the project is being managed by the Nature and the economy team. The Biodiversity Consultancy (Malcolm Starkey, CIO & Grant Rudgley, Technical Director, Nature Finance) and Luontoa (Inka Musta, CEO) are responsible for helping prepare the guidance material and facilitating the workshops. Institutional asset owners, asset managers and lenders in the Finnish financial sector are encouraged to apply in participating for the programme. Language of instruction in the workshops will be English with on-site language support in Finnish.

Who is the programme for?

The organisations participating in the workshops will be selected during the spring of 2024 through an open application process. The selection will be conducted through an open process.

Applications will only be accepted from organisations that are registered in Finland. The selected organisations must be either asset owners, asset managers, or lenders. Asset owners and asset managers will form one group in the programme (Group A), and lenders will form another (Group B). Each group can accept a maximum of 40 participants.

How to join?

The application for the programme is now closed.

We will notify all applicants of our selection by Friday 24.5.2024. We will provide more information about the programme once we have selected the participants.

If you are still interested in attending the programme, but couldn’t apply before, please contact Samuli Puroila.