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 organised an implementation programme for companies in the Finnish financial sector.

What was 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 implemented 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 did we do?

In the fall of 2024 we organised a series of workshops to facilitate a better understanding and practical implementation of the LEAP process outlined in TNFD. The project provided 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 in December 2024 to the benefit of all.

Programme schedule

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

Workshop 1: Tue 13.8. combined session for all participants (a recording can be accessed through Sitra’s Youtube channel)
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 were involved?

Within Sitra, the project is being managed by the Sustainability program. The Biodiversity Consulting (Malcolm Starkey, CIO & Grant Rudgley, Technical Director, Nature Finance) and Luontoa Consulting (Inka Musta, CEO) were responsible for facilitating the workshops. More than 60 people from 36 different organisations participated in the programme.