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<p>The UK is taking clear steps to ensure that financial decisions take the environment
into account. This includes plans to introduce economy-wide Sustainability Disclosure
Requirements for businesses and investment products to report on their impact on climate
and the environment – and the risks/opportunities these pose to their business. This
builds on and streamlines existing sustainability reporting requirements such as our
commitment to reporting aligned with the Task Force on Climate-related Financial Disclosures,
where the UK is already a world-leader.</p><p> </p><p>Further to this, Defra is supporting
the scoping of a Taskforce on Nature-related Financial Disclosures (TNFD), which will
develop guidance for the finance sector in relation to biodiversity and nature-related
risks. TNFD will provide a framework for corporates and financial institutions to
assess, manage and report on their dependencies and impacts on nature.</p><p> </p><p>The
Government convened the Global Resource Initiative (GRI) Taskforce in July 2019, bringing
together representatives from business, finance and civil society. This Taskforce
investigated what more the UK can do to reduce our footprint on the global environment
by enhancing sustainability and reducing the impacts of supply chains on the world’s
forests and other ecosystems. The Taskforce’s report in March 2020 included 14 recommendations
addressing a range of areas, including finance. The Government has responded to the
Taskforce’s initial report and has funded Phase 2 of the GRI’s work through 2021 to
help take forward practical actions to reduce deforestation-linked finance in the
UK.</p>
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