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TNFD : Launch of the Development Finance Hub
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The new Taskforce on Nature-related Financial Disclosures (TNFD) has just held its first plenary in Paris. Within TNFD’s secretariat, AFD will lead and convene a Development Finance Hub, which will coordinate global public development finance contributions by Public Development Banks and other financial institutions to the forthcoming disclosure framework.
After the first plenary session of TNFD held in Paris and online on 6 October, the Development Finance Hub (DevHub) was launched and presented to Public development banks (PDBs) from AFD’s headquarters.
TNFD’s goal is to provide a universal disclosure framework useful to all finance institutions, be they North or South based, Private or Public. The framework will prescribe the form and content of the disclosures expected of financial institutions, in an effort to foster clear and comprehensive disclosures.
To contribute to this goal, the DevHub will promote a better understanding of biodiversity related risks and will bring to the taskforce PDBs’ experience in reporting and assessing impact, safeguards, transparency, innovative financial mechanisms and green standards.
In coordination with the Finance in Common initiative (FiCS) and IDFC club, the hub will bring together the expertise of all public development banks, bilateral and multilateral and support engagement in emerging markets. It will provide opportunities to test elements of the TNFD framework.
The DevHub will provide four types of services: facilitating dialogue, advisory and research services, capacity building and knowledge generation.