The TNFD Status Report, published in September 2025 to mark the second anniversary of the release of the Taskforce's final recommendations, represents the first systematic effort to assess market performance in nature-related disclosure. The report marks a turning point in the transformation of the global financial system, where ecological concepts such as "natural capital," "ecosystem services," and "planetary boundaries" have moved from purely scientific domains to become key components of financial decision-making. Inspired by the successful experience of the Task Force on Climate-related Financial Disclosures (TCFD), and building on the conceptual framework of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) and the Dasgupta Review, the TNFD has sought to build a bridge between ecological science and the financial system. The report explicitly states that "the resilience of nature is the resilience of business," a message that has opened a new pathway for integrating natural capital into financial balance sheets. The most significant operational achievement of the TNFD has been the development and adoption of the LEAP approach (Locate, Evaluate, Assess, Prepare). This approach provides a stepwise yet flexible assessment framework that enables organizations to identify and manage their dependencies, impacts, risks, and opportunities related to nature across four core realms (land, water, ocean, and atmosphere). Unlike previous linear models, LEAP is an iterative process that organizations can apply selectively according to their level of maturity. Early market experience indicates that LEAP has proven particularly effective for financial institutions dealing with complex supply chains, helping them identify the points where their portfolios connect to nature. This approach has bridged the gap between raw ecological data—such as biodiversity maps and water monitoring data—and financial decisions, and is becoming established as an industry standard. The TNFD report shows that over 500 organizations have published reports aligned with the Taskforce's recommendations, covering on average 9 out of the 14 core recommendations. From the perspective of environmental professionals, the most important message of the report is the shift in focus from "risk management" to "dependency management," with 63% of market participants now viewing nature-related risks as equally or more significant than climate-related risks. Furthermore, the 14 core global indicators proposed by the TNFD, although facing data accessibility challenges, have paved the way for greater harmonization of reporting at the global level. A major achievement is the move towards integrated reporting, with 78% of organizations integrating their nature-related reports with climate-related reports. This reflects a growing recognition of the inextricable links between the climate and biodiversity crises, helping to reduce duplication and increase reporting efficiency. The report clearly identifies two structural barriers of significance to the scientific and professional community. The first is the spatial data gap: the lack of access to up-to-date, high-quality, location-specific data on the state of biodiversity around the world remains the greatest obstacle to accurate reporting. While climate data are relatively accessible, biodiversity data are often fragmented, heterogeneous, and lack the standards necessary for financial auditing. This gap is particularly evident in developing countries, which harbor the greatest biodiversity. The second is the skills gap: a shortage of specialists capable of interpreting ecological data within financial and reporting frameworks is another key barrier. Many organizations are managing this with small teams (typically 1–2 full-time equivalents), which has slowed the pace of adoption. In response to these challenges, the TNFD has proposed three key solutions of particular relevance to environmental professionals:
Establishing a Nature Data Public Facility (NDPF): a proposal to create a global public infrastructure that provides all market actors with access to foundational nature data, while also channeling new financial resources to upstream scientific institutions responsible for data collection.
Developing Nature in Transition Planning Guidance: publishing specialized guidance for integrating nature goals into organizational transition plans, aligned with climate strategies.
Education and capacity building: implementing training programs for specific groups such as board members and senior executives, through the "Asking Better Questions on Nature" guidance series.
The TNFD 2025 report conveys a clear message to the environmental community: biodiversity conservation is no longer merely a corporate social responsibility issue, but a necessity for the stability of the global financial system. By charting a roadmap for integrated reporting (combining climate and nature) and fostering collaboration among standard-setting bodies (ISSB, GRI, and ESRS), the report has taken a significant step toward institutionalizing the concept of "natural capital" in global decision-making. However, the path ahead to achieving a transparent, comparable, and decision-useful reporting system still requires interdisciplinary collaboration and substantial investment in data infrastructure and education.

Footnotes:
TNFD: Taskforce on Nature-related Financial Disclosures
TCFD: Task Force on Climate-related Financial Disclosures
IPBES: Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services
ISSB: International Sustainability Standards Board
GRI: Global Reporting Initiative
ESRS: European Sustainability Reporting Standards
NDPF: Nature Data Public Facility