Recommendations of the Taskforce on Nature-related Financial Disclosures (final v1.0)

Article 29 requires French financial institutions to publish annual reports on how they integrate environmental, social and governance criteria, including a dedicated section on biodiversity-related risks and impacts under a double-materiality approach. Reports must be filed with ADEME and the AMF within six months of year-end.

Enforcement

Mandatory

Effective date

Decree published 27 May 2021; first reports due 30 June 2022 covering FY2021

Covered entities

French banks, insurers, asset managers and other financial market participants. Full disclosure obligations apply to entities and funds with assets or assets under management above EUR 500 million; lighter regime below the threshold

The Act sets up a national voluntary market for biodiversity certificates, with each certificate carrying standardised information on the area, project type, threatened species and duration of the work. Participants must follow biodiversity integrity standards and notify the regulator of significant reversals.

Enforcement

Voluntary participation, mandatory rules for participants

Effective date

15 December 2023

Covered entities

Landholders, Indigenous land managers and proponents who choose to register biodiversity projects and issue Biodiversity Certificates; buyers in the voluntary market

The Guidelines set MAS' supervisory expectations for identifying, assessing, monitoring and disclosing environmental risks, expressly covering climate, pollution, land-use change and biodiversity loss. Boards and senior management must integrate these risks into governance, strategy and risk management.

Enforcement

Guidance (supervisory expectations, comply-or-explain in practice)

Effective date

8 December 2020 (issued); 18-month transition to June 2022

Covered entities

All banks, merchant banks and finance companies; insurers; asset managers regulated by MAS

The ISSB is developing incremental nature-related disclosure requirements that will supplement IFRS S1 and IFRS S2, drawing on the TNFD Recommendations. The Board is targeting an Exposure Draft before CBD COP17 in October 2026.

Enforcement

Voluntary until adopted by jurisdictions

Effective date

Exposure Draft expected 2026; final standard to follow

Covered entities

Companies applying IFRS Sustainability Disclosure Standards; scope to be defined in the Exposure Draft