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DOI : , Vol.27, No.1, 55 ~ 71, 2024
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| Title |
| Review of Domestic Data Application Strategies for TNFD Implementation |
| 김은섭 Kim Eun-sub , 김호석 Kim Hoseok , 이동근 Lee Dong-kun , 최윤영 Choi Yun-yeong , 김다슬 Kim Da-seul |
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| Abstract |
| The loss of biodiversity poses a significant threat not only to business sustainability and investment risk but also to societal well-being. Nature serves as a crucial driver for long-term business viability and economic prosperity. The Task Force on Nature-related Financial Disclosures (TNFD), established in September 2023, mandates that companies assess and disclose their impacts on nature. Despite this, many businesses lack a full understanding of their reliance on and impact upon natural capital and ecosystem services, leading to insufficient disclosures. This study evaluates the applicability of TNFD's assessment methodologies and indicators within a domestic context, highlighting the condition of nature and ecosystem services, and exploring potential synergies with national biodiversity policies. Our analysis suggests that TNFD necessitates a unique approach to the spatial and temporal data and methodologies traditionally employed in environmental impact assessments. This includes assessing the reciprocal influences of corporate activities on natural capital and ecosystem services via the LEAP framework. Moreover, in industries where the choice of specific indicators depends on unique sectoral traits, developing a standardized strategy for data and assessment indicators―adapted to local conditions―is crucial due to the variability in the availability of assessment tools and data. The proactive engagement of the private sector in ecosystem restoration projects is particularly promising for contributing towards national biodiversity objectives. Although TNFD is in its nascent phase, its global adoption by numerous companies signifies its potential impact. Successful implementation of TNFD is anticipated to deepen businesses' and financial institutions' understanding of natural capital and ecosystem services, thereby reinforcing their commitment to sustainable development. |
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| Key Words |
| Biodiversity, Ecosystem services, System of Environmental-Economic Accounting, LEAP approach |
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