Due Diligence legislation and the TNFD in a box

Welcome to your latest Data for nature newsletter where we build on the findings of this year’s Forest 500 report that legislation is essential to halt and reverse deforestation.

In this newsletter, we focus on due diligence laws by looking at the US FOREST ACT and the UK Environment Act, as well as the release of TNFD in a box and Global Canopy founder, Andrew Mitchell, at the Financial Times’ Climate Capital Live 2024.

The UK Environment Act was passed two years ago, but we’re still waiting for the deforestation part of the act to become law

The UK Environment Act promised the world’s first due diligence laws to clamp down on illegal deforestation linked to commodity imports. But for over two years we’ve been waiting for the secondary legislation that would make it law, to come before parliament.

The government is now promising that is about to change. Global Canopy’s Policy Director, Helen Bellfield , addressed MPs at an All Party Parliamentary Group (APPG) meeting on Global Deforestation to urge legislative action without delay.

“Time is of the essence. We can’t afford to delay any longer so it’s critical that the government moves quickly. It’s also critical that the grace period in the legislation doesn’t kick the can down the road even further.”? - Helen Bellfield, Policy Director at Global Canopy

Read the Insight

US FOREST Act: Lack of progress leaves forests at risk

Delay is also the name of the game in America. Trase - Intelligence for sustainable trade analysis commissioned by Global Witness shows that while due diligence legislation stalls, US imports of commodities such as palm oil and cattle products could be driving large amounts of tropical deforestation.

Trase found that in the time between the FOREST bill’s first introduction to Congress and its reintroduction, the US’ direct imports of seven commodities exposed it to 123,000 hectares of deforestation in tropical and subtropical countries. This is an area similar in size to the sprawling city of Los Angeles.

Read Trase’s analysis?of the US FOREST Act, its blind spots, and what’s next.

TNFD releases final instalment of ‘TNFD in a box’ educational resource

The Taskforce on Nature-related Financial Disclosures (TNFD) continues its development, releasing the final instalment of ‘TNFD in a box’.

The resource is designed to help organisations get started, providing them with an overview of the importance of nature as a strategic risk management issue, as well as how to identify, assess and report on their nature-related dependencies, impacts, risks and opportunities.

“Global Canopy is delighted to have supported the development of TNFD in a Box for the TNFD. Businesses and financial institutions will find it an invaluable educational resource for getting started with the TNFD recommendations.” - Helen Beddow, Education and Learning Director, Global Canopy

Find out more

Andrew Mitchell at Financial Times’ Climate Capital Live 2024

Global Canopy Founder and Senior Advisor, Andrew Mitchell , spoke at a panel event as part of the Financial Times ’ Climate Capital Live 2024, telling the hosts nature should have been higher up the agenda.?

He was speaking on a panel called Developing Double Edge Solutions that Protect Biodiversity and Reduce Emissions, where speakers discussed how businesses and governments can find common solutions that connect emissions reduction with the protection of biodiversity.?

Andrew Mitchell is also continuing his involvement in the TNFD, of which Global Canopy is a founding partner. He’s just been named Senior Advisor to the organisation.

Best wishes, Global Canopy