As a participant in Global Canopy’s 2023 programme to pilot the Taskforce on Nature-related Financial Disclosures’ (TNFD) LEAP approach, Tesco has taken proactive steps to assess and mitigate its impact on nature, with support from Nature-Based Insights.
The TNFD’s recommendations support organisations to identify, assess, manage, and disclose their nature-related dependencies, impacts, risks, and opportunities. This helps integrate nature into decision-making processes and fosters a shift toward nature-positive outcomes in global financial flows.
A focal point of Tesco’s participation was piloting TNFD’s ‘LEAP’ (Locate, Evaluate, Assess and Prepare) approach. This enabled Tesco to identify and assess potential nature-related issues, particularly within the palm oil value chain. Understanding the dynamics of this value chain is particularly important in the context of forthcoming regulations, such as the EU Deforestation-Free Regulation (EUDR).
With technical expertise from Nature-based Insights, Tesco conducted an analysis to assess the biodiversity footprint of key palm oil sourcing districts in Indonesia. This data-driven approach empowered Tesco to make informed decisions regarding future sourcing strategies.
Alongside other datasets (detailed in the case study), the pilot leveraged information from the Integrated Biodiversity Assessment Tool (IBAT) to support the analysis of priority areas of palm oil districts. IBAT is underpinned by three of the world’s most authoritative global biodiversity datasets to enable users to make informed decisions.
Andy Boulding, Engagement and Piloting Lead, Nature-related Finance, at Global Canopy said: “Following the release of the final TNFD recommendations, case studies reflecting the ways in which nature-related issues can be assessed within an organisation are vital to aid framework interpretation. Transparency about approaches used and challenges observed will support the wider market to assess and disclose in line with the TNFD’s recommendations. It’s great to see Tesco and Nature-based Insights sharing insights from their experience of piloting the TNFD LEAP approach as part of Global Canopy’s programme. We hope that this example supports and encourages the wider agriculture and food sectors to start assessing their own nature-related issues.”
Read more about the Tesco case study.
Or watch the Global Canopy webinar, featuring Tesco and Nature-based Insights.
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