Just over two years since the release of the TNFD's final recommendations in September 2023, global market uptake of TNFD-aligned assessment and disclosure has risen considerably. As of early November 2025, 733 organisations from over 50 countries or areas and over USD 22 trillion in assets under management have now publicly committed to getting started with nature-related reporting aligned to the TNFD recommendations, and there is evidence of over 500 first- and second-generation TNFD reports already published. Japan is the leading country in the world for TNFD adoption.

This significant market uptake on a voluntary basis highlights a shift in mindset among companies and capital providers, who increasingly appreciate that the resilience of the planet's ecosystems and biodiversity underpins the resilience of their business and financial portfolios. As we look ahead, we see business momentum on nature-related issues continuing to grow, particularly in light of the growing awareness of nature-related issues among investors and central banks, and because of the recent decision by the International Sustainability Standards Board (ISSB) on 7 November to move into a standard-setting process on nature-related risks and opportunities.

The ISSB has indicated clearly that it will draw on the disclosure recommendations, metrics and guidance of the TNFD, including relevant aspects of the LEAP approach, to inform its standards development efforts and that an exposure draft is expected by the CBD COP17 meeting in October 2026. The TNFD has been collaborating with the ISSB on an ongoing basis over recent months, supporting their research project on biodiversity, ecosystems and ecosystem services (BEES), and will continue to do so going forward.

Just a month earlier, the ISO launched its new standard of biodiversity, ISO 17298. This standard has also been developed with guidance from the TNFD's published work, building from its recommendations and the LEAP approach. As a globally-agreed standard, ISO 17298 will help harmonise concepts, including those drawn from the TNFD recommendations.

With these standards, from the ISO and upcoming from ISSB, interoperability and alignment between frameworks is strengthened with TNFD as the common reference (as was the case with climate standards based on TCFD). Financial institutions and businesses now have clear guidelines on how to approach nature and biodiversity dependencies, impacts, risks and opportunities in their cash flows and capital portfolios. Organisations that have begun LEAP or other nature-related assessments and that have published any TNFD-aligned recommendations are now in a strong position with respect to upcoming standards and any potential regulation — as well as taking the lead on enhancing the resilience of their business models and investments in the face of growing nature-related risks.

Metrics and measurement remain key areas of ongoing work for the TNFD while the ISSB standard-setting work advances. This includes further work on state-of-nature metrics and invasive alien species. These metrics are currently included as "placeholder metrics" in TNFD's final recommendations. Our work with partners through 2026, including the Nature Positive Initiative (NPI) and the Invasive Alien Species (IAS) Collaborative Initiative (with Fauna & Flora, IUCN and several businesses), is designed to provide specific guidance on these additional metrics requirements. NPI has been leading the work on state-of-nature metrics, running a piloting programme with organisations across sectors and geographies. TNFD, in partnership with the Science Based Targets Network (SBTN), has been part of this piloting, focusing on the LEAP approach and the use of state-of-nature metrics to identify and quantify risks associated with nature and biodiversity and guide nature target setting.

Based on feedback from market participants, and a recommendation from TNFD in its recently released report on upgrading the nature data value chain for market participants, NPI and WBCSD have agreed to lead the development of a Nature Measurement Protocol. Planning, including appropriate governance and market consultation mechanisms, for this new initiative is expected to begin in 2026 subject to funding being secured.

Inspired by the impact of the GHG Protocol with respect to GHG emissions measurement, a Nature Measurement Protocol aims to address a lack of consensus around the measurement methodologies for a range of state-of-nature metrics. This would increase clarity, confidence and action on nature-related assessment and reporting, aiding comparability and delivery of national and global targets. The intention is to focus on measurement methods for metrics already identified by TNFD, NPI, SBTN, WBCSD and others.

What is clear from the development in 2025 is that the landscape for nature-related assessment and reporting continues to develop quickly, with TNFD's guidance now established as the reference foundation for standard setting, sector guidance and metrics. While 2026 will see further development, particularly with respect to ISSB standards, companies and financial institutions can now see a clear direction for further evolution in reporting requirements building on TNFD and should continue to prepare themselves by assessing and reporting their nature-related issues in line with the TNFD guidance and recommendations.