The Ministry of Environment (Minister Han Hwa-jin) will host the inaugural ‘First Nature-related Financial Disclosure Forum’ in collaboration with the Korean Chamber of Commerce and Industry (KCCI) and the International Union for Conservation of Nature and Natural Resource (IUCN) on the afternoon of March 27 at the Nine Tree Premier Hotel in Yongsan-gu, Seoul.

This event aims to share international trends in biodiversity preservation, including the introduction of nature-related financial disclosure, and to explore response strategies for Korean companies in partnership with international organizations such as the IUCN.

Nature-related financial disclosure involves companies sharing information about their impact on biodiversity and their reliance on it with investors.

An international agreement on institutionalization was reached at the 15th Convention on Biological Diversity (CBD) in Montreal, Canada, in late December 2022. Rapid international discussions are ongoing, including the release of disclosure guidelines by the Task Force on Nature-Related Financial Disclosure (TNFD) under the United Nations (UN) in September last year.

The event will be attended by representatives from international organizations involved in nature-related financial disclosure, executives and personnel from companies preparing for the disclosure, as well as accounting firms. Presentations and discussions on the topics regarding nature-related financial disclosure are scheduled.

The TNFD will explain the guidelines released in September last year, while the World Economic Forum (WEF) will present strategies for implementing nature-friendly management activities. The IUCN will also discuss its support system for biodiversity management.

Shinhan Financial Group and Ernst & Young Global Limited, proactive in preparing for nature-related financial disclosure in Korea, will share key insights and challenges from the disclosure report preparation process.

To respond promptly to international discussions on nature-related financial disclosure, the Ministry established a ‘Nature-related Financial Disclosure Task Force’ on March 6. Industry, accounting and law firms, and experts will participate in the task force. Regarding the nature-related financial disclosure, this task force will actively support Korean companies in enhancing their response capacity by sharing international trends and information, preparing guidelines and pilot reports, and providing practical working-level training and advice.

Vice Minister Lim Sang-jun emphasized, “We are entering an era where corporate management cannot rely solely on traditional profit-seeking concepts.” He added, “Following climate disclosure, the nature-related financial disclosure, which safeguards biodiversity, is also crucial for the survival and growth of companies. We will support Korean companies in enhancing their response capacity under this recognition.”

For further information, please contact the Public Relations Division. 

Contact person: Gina Lee, foreign media spokesperson

Phone: +82-44-201-6055

Email: gcjgina @gmail.com