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TAC Public Meeting April 2026 Paper 5: Nature-related disclosures key themes
Executive summary
| Date | 21 April 2026 |
| Paper reference | 2026-TAC-011 |
| Project | Research on nature-related disclosures |
| Topic | Nature-related disclosure key themes |
Objective of the paper
This paper presents key themes associated with nature-related disclosures that have been identified by the TAC Secretariat. These themes will help guide the direction of the research project by indicating areas for prioritisation.
Decisions for the TAC
The TAC is asked to provide input as to whether any themes are missing from this list and to highlight any areas TAC members would like the TAC Secretariat to focus on in its research activities.
Appendices
There are no appendices to this paper.
Context
1 To prepare for the anticipated ISSB consultation on nature-related disclosures, the TAC Secretariat has begun assessing the key themes and challenges associated with nature to ensure the TAC is well positioned to respond. Paper 2026-TAC-010 sets out the project management plan for research activities the TAC Secretariat will undertake, including stakeholder engagement and a content analysis of current UK reporting on nature.
2 The purpose of this paper is to provide the TAC with a summary of the key themes identified by the TAC Secretariat in relation to nature related disclosures. These themes will help guide the direction of the research project by indicating areas for prioritisation. The TAC is invited to consider whether any themes are missing and to highlight any areas TAC members would like the TAC Secretariat to focus on in its research activities.
3 Please note, the ISSB has begun its deliberations on the matters prioritised by the ISSB staff. This paper does not summarise or provide an analysis of the decisions made so far as these may change as the ISSB progresses.
Questions for the TAC
- Are there any themes that are missing from this list?
- Are there any themes that the TAC would like the Secretariat to prioritise in its research?
Nature-related disclosure general themes
| No. | Theme | Priority area for the ISSB? | TAC Secretariat observations | No. | Theme | Priority area for the ISSB? | TAC Secretariat observations 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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------## Nature Related Disclosure Requirements
This agenda paper considers the themes associated with nature-related disclosures.
| Date | 21 April 2026 |
|---|---|
| Paper reference | 2026-TAC-011 |
| Project | Research on nature-related disclosures |
| Topic | Nature-related disclosure key themes |
Objective of the paper
This paper presents key themes associated with nature-related disclosures that have been identified by the TAC Secretariat. These themes will help guide the direction of the research project by indicating areas for prioritisation.
Decisions for the TAC
The TAC is asked to provide input as to whether any themes are missing from this list and to highlight any areas TAC members would like the TAC Secretariat to focus on in its research activities.
Appendices
There are no appendices to this paper.
Context
1 To prepare for the anticipated ISSB consultation on nature-related disclosures, the TAC Secretariat has begun assessing the key themes and challenges associated with nature to ensure the TAC is well positioned to respond. Paper 2026-TAC-010 sets out the project management plan for research activities the TAC Secretariat will undertake, including stakeholder engagement and a content analysis of current UK reporting on nature.
2 The purpose of this paper is to provide the TAC with a summary of the key themes identified by the TAC Secretariat in relation to nature related disclosures. These themes will help guide the direction of the research project by indicating areas for prioritisation. The TAC is invited to consider whether any themes are missing and to highlight any areas TAC members would like the TAC Secretariat to focus on in its research activities.
3 Please note, the ISSB has begun its deliberations on the matters prioritised by the ISSB staff. This paper does not summarise or provide an analysis of the decisions made so far as these may change as the ISSB progresses.
Questions for the TAC
- Are there any themes that are missing from this list?
- Are there any themes that the TAC would like the Secretariat to prioritise in its research?
Nature-related disclosure general themes
| No. | Theme | Priority area for the ISSB? | TAC Secretariat observations | |-------------|---------------------------------------------------|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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| This is an extensive glossary of terms provided by the Task Force on Nature-related Financial Disclosures (TNFD) and other initiatives which the ISSB could adopt to prevent confusion when similar terms are used for different purposes.
The TNFD recommendations begin with a preamble that explains what is meant by 'nature', including a description of the four realms used to categorise different nature-related matters. This preamble also includes descriptions of nature-related risks and opportunities and explains how impacts and dependencies can lead to these risks and opportunities. IFRS S1 paragraph 2 includes a description of 'sustainability' which references dependencies and impacts on resources, but this description does not go into the same detail as provided by the TNFD. It is unlikely that the ISSB will include a preamble to the same extent as the TNFD, so the ISSB might consider how to adequately convey these terms and concepts.
| 2 | Climate/nature nexus | Yes | IFRS S1 paragraph 21 requires an entity to provide information in a manner that enables primary users to understand connections between the items to which the information relates. This includes information about trade-offs between sustainability-related risks and opportunities (IFRS S1 paragraph B40(b)). In December 2023, the ISSB published educational material related to the nature and social aspects of climate-related risks and opportunities. This material provides examples of how an entity could disclose information about the climate/nature nexus. | | 1 | Essential terms and concepts | Yes | There is already an extensive glossary of terms provided by the Task Force on Nature-related Financial Disclosures (TNFD) and other initiatives which the ISSB could adopt to prevent confusion when similar terms are used for different purposes.
The TNFD recommendations begin with a preamble that explains what is meant by 'nature', including a description of the four realms used to categorise different nature-related matters. This preamble also includes descriptions of nature-related risks and opportunities and explains how impacts and dependencies can lead to these risks and opportunities. IFRS S1 paragraph 2 includes a description of 'sustainability' which references dependencies and impacts on resources, but this description does not go into the same detail as provided by the TNFD. It is unlikely that the ISSB will include a preamble to the same extent as the TNFD, so the ISSB might consider how to adequately convey these terms and concepts.
| 3 | Additional guidance (third party) used to identify nature-related risks and opportunities | Yes | The ISSB may expand the list of third-party guidance in IFRS S1 to support its application in relation to nature. The TNFD has developed a significant suite of materials that could be used to help entities identify nature-related risks and opportunities. However, there may be an expectation from the market that all TNFD materials are absorbed into the ISSB. If this were to happen, the ISSB would need to consider how these materials are maintained and referenced in the standards, but also how they address the impact materiality elements that are present in the TNFD recommendations.
During the development of IFRS S1 and IFRS S2, UK stakeholders raised concerns about references to third-party materials, especially as these references would need to be continuously monitored and updated.
| 4 | Impacts and dependencies | | The description of 'sustainability' IFRS S1 paragraph 2 highlights that the impacts and dependencies on resources and relationships in the value chain give rise to sustainability-related risks and opportunities. However, there are no explicit requirements in IFRS S1 or IFRS S2 for entities to disclose what these impacts and dependencies are. The TNFD recommendations include disclosure requirements for entities to specify the processes used to identify impacts and dependencies, in addition to information about the location and driver of these impacts and dependencies.
It is likely that entities already to some extent disclose information about impacts and dependencies in their descriptions of risks and opportunities.
| 5 | Location-specific information | Yes | IFRS S1 paragraph B30 requires that information shall be aggregated if items of the information have shared characteristics, but the aggregation of information should not obscure material information. The example given is regarding use of water which might be disaggregated to distinguish between water drawn from abundant sources and water drawn from water stressed areas. Given the location-specific characteristics of nature-related matters, it is likely that entities will disaggregate their disclosure. This practice may already be established as other standards already require disaggregation of information. For example, GRI 303 requires the disaggregation of water consumption from areas with water stress.
However, further guidance might be required to understand location-specificity in the context of materiality assessments. This guidance might support entities to better understand how to identify risks and opportunities that are likely to be location-specific, and then how to assess whether the information about these risks and opportunities is material at the entity level.
| 6 | Aggregating different types of nature-related information | | The concept of 'nature' might include aspects relating to water, biodiversity, ecosystems, land-use, resource use and pollution. It might be expected that information about the different aspects is reported separately as is has different characteristics, which could lead to significantly longer reports.
However, IFRS S1 paragraph B23 suggests that information about risks and opportunities might be material in aggregate rather than individually. The example in this paragraph relates to when several sustainability-related risks could cause the same type of disruption to the supply chain.
| 7 | Differentiating between direct operations and value chain | | The TNFD recommends that information is clearly differentiated and labelled in relation to direct operations, upstream value chain(s), and downstream value chain(s). This information might provide useful insight into where in the entity's business model and value chain the risks and opportunities are concentrated which is required in IFRS S1 paragraph 32(b).
This issue is not exclusive to nature-related matters.
| 8 | Systemic risk vs localised risk | | Nature related risks are frequently described as location specific, but wider systemic risks also exist and can be difficult to identify, particularly across an entity's entire business model, operations and value chain. It might also be difficult to understand how these risks might influence an entity's prospects.
| 9 | Time horizons | | The time horizons associated with nature-related risks and opportunities might be different to those used for climate-related reporting.
Additionally, an entity might not be exposed to nature-related risks and opportunities in the near term, but an understanding of its impacts and dependencies might highlight emerging risks in the future. IFRS S1 paragraph B24 notes that a future event that is expected to affect an entity's prospects many years in the future is less likely to be judged material. However, it also notes that certain information could be expected to influence primary users' decisions if those users highly scrutinise a particular sustainability-related risk or opportunity.
| 10 | Impacts on an entity's prospects and connectivity | | IFRS S1 requires entities to disclose information about the current and anticipated financial effects of sustainability-related risks and opportunities on the entity's financial position, financial performance and cash flows. This is one of the more challenging requirements in the standards. There has been consideration of how climate change could have financial effects on an entity's prospects, but further thinking might be required on how nature-related matters (when aggregated or disaggregated) could have a financial effect on an entity.
| 11 | Scenarios in identifying nature-related risks and opportunities | Yes | IFRS S1 does not require the use of scenario analysis but requires entities to provide information on its resilience to help primary users understand the entity's capacity to adjust to the uncertainties arising from sustainability-related risks. IFRS S2 then provides specific requirements relating to climate-related scenario analysis.
Arguably, scenario analysis is one of the more challenging aspects of climate-related reporting, but since the publication of the TCFD recommendations there has been a growing body of literature on how to conduct climate-related scenario analysis. There is less understanding of how such an analysis could be applied to wider nature-related matters. This might be a challenge given the number of topics that could be included in the definition of 'nature-related', and that we do not have the equivalent understanding of what the future scenarios might be.
| 12 | Nature-related transition plans | Yes | It could be argued that, if applied fully, the requirements in IFRS S1 on strategy should provide sufficient information about an entity's plans relating to nature-related matters.
It is unclear whether separate nature-related transition plans would be helpful, or if there is an expectation that nature-related matters are integrated into a climate transition plan (see climate/nature nexus for further observations).
If the ISSB follow a similar approach that is used in IFRS S2, the requirements will only ask for information about a transition plan if one exists. Having such a requirement might encourage entities to provide separate nature-related transition plans which could result in more extensive disclosures and may not necessarily address the climate/nature nexus and trade-offs.
| 13 | Industry-specific or cross-industry information | | When climate change was first recognised as a business issue, it was widely accepted that certain industries would be more exposed than others. Our understanding of climate change has evolved, and it is now expected that all entities (regardless of their industry) will be affected by climate change in some way. This is likely the same for nature; although entities in particular industries may face heightened exposure to nature related risks, it is challenging to view this as an issue limited only to certain industries.
Additionally, location-specificity will affect an entity's level of exposure to nature-related matters. For example, an agricultural company in Mexico is likely to experience nature-related risks and opportunities differently to an agricultural company in the UK. Another example could be that a company operating in a low-water-stress area but with high water use will face water-related risks differently from a company operating in a high-water-stress area with low water use.
Industry-specific requirements and guidance on nature-related matters will be helpful but should not be the only avenue for nature-related standard setting.
| 14 | Nature-related metrics | Yes | Climate change has coalesced around a single, widely accepted metric (GHG emissions), whereas there is no equivalent singular metric for nature related matters. Nature-related metrics are also challenging as they are likely to be location-specific and cover several nature-related themes. Metrics on nature-related matters are also less developed and therefore it might be premature to set specific requirements.
However, IFRS S2 includes cross-industry metric categories which might be relevant for nature-related matters. For example, IFRS S2 paragraph 29(e) requires the disclosure of metrics related to capital deployment (the amount of capital expenditure, financing or investment deployed towards climate-related risks and opportunities). The TNFD recommendations include core and additional risk and opportunity metrics which are similar to the cross-industry metric categories in IFRS S2. These might be a helpful addition to a nature-related standard.
The SASB Standards already include several nature-related metrics that could be helpful (for example, the percentage of ingredients sourced from regions with High or Extremely High Baseline Water Stress and the discussion of strategy to manage risks associated with environmental impacts of feedstock production). The TNFD have similar metrics to the SASB Standards (but notably not the same metrics) and they are categorised by the TNFD as impact and dependency metrics.
| 15 | Nature-related targets | Yes | IFRS S1 paragraph 51 provides generic disclosure requirements on targets that can be applied to any sustainability-related matter. IFRS S2 goes further and provides specific requirements relating to GHG emissions targets. Given that nature-related matters do not have an equivalent, widely accepted metric (like GHG emissions), there might be no need to provide nature-specific requirements relating to targets.
| 16 | Data challenges | | The TAC has already discussed data challenges in relation to climate change, notably value chain data and Scope 3 GHG emissions. Similar challenges are likely to be apparent for nature-related information especially as many risks and opportunities will exist in the value chain, and there will be a need to collect data from third parties. GHG emissions data, although with its challenges, is well established and those in the value chain could get proxy data from energy bills. Information related to nature is less readily available. Data infrastructure and processes will need significant investment to improve the availability and quality of data on nature-related matters.
This issue is not exclusive to nature-related matters, but there might be some specific issues that need to be surfaced.
| 17 | Engagement strategy and process, including in relation to indigenous peoples and local communities | Yes | This theme may be of less importance in the UK geographical context (notably the indigenous peoples) but this can affect multinational entities (including those listed in the UK) that operate in jurisdictions where indigenous rights are important.
This issue is not exclusive to nature-related matters.
| 18 | International policies and national regulations informing governance policies and strategies | Yes | There is less international policy convergence on nature (unlike climate) and therefore it might be premature to introduce a requirement on specific nature-related international policies and national regulations.
The UK is a signatory of the Kunming-Montreal Global Biodiversity Framework which was adopted during COP15 of the United Nations Convention on Biological Diversity (CBD) in 2022. This framework sets overarching goals and targets, including Target 15 relating to establishing corporate disclosure regimes for nature-related information. The UK also has an Environmental Improvement Plan (2025) with a commitment to mobilise private investment and finance to restore and protect nature in the UK.
This issue is not exclusive to nature-related matters as there is likely to be international policies and agreements on other sustainability-related matters.
| 19 | Interoperability/ harmonisation | | Stakeholders are increasingly requesting harmonisation rather than interoperability, and there is an expectation among some stakeholders that the ISSB will fully absorb the TNFD. It might be preferable for the ISSB to adopt the TNFD recommendations rather than refer to them as a source of guidance.
Additionally, the ISSB should look to the requirements in ESRS and GRI to minimise divergence.
| 20 | Market readiness | | While disclosure of nature-related matters is an emerging field, it is not entirely new. Existing standards and frameworks, such as GRI and CDP, have nature related topics. However, the extent and depth of corporate disclosures on these matters remain unclear, and it is uncertain whether entities are prepared to report nature-related information through a financial materiality lens.
This paper has been prepared by the Secretariat for the UK Sustainability Disclosure Technical Advisory Committee (TAC) to discuss in a public meeting. This paper does not represent the views of the TAC or any individual TAC member.