Disclaimer: New EUDR developments - December 2025
In November 2025, the European Parliament and Council backed key changes to the EU Deforestation Regulation (EUDR), including a 12‑month enforcement delay and simplified obligations based on company size and supply chain role.
Key changes proposed:
- New enforcement timeline: 30 December 2026 for large/medium operators, 30 June 2027 for small/micro operators
- Simplified DDS: One-time declarations for small and micro primary producers
- Narrowed scope: Most downstream actors and non‑SME traders would no longer need to submit DDSs
- New DDS requirement: Estimated annual quantity of regulated products must be included
These updates are not yet legally binding. A final text will be confirmed through trilogue negotiations and formal publication in the EU’s Official Journal. Until then, the current EUDR regulation and deadlines remain in force.
We continue to monitor developments and will update all guidance as the final law is adopted.
The Taskforce on Nature-related Financial Disclosures (TNFD) is a market-led, science-backed, and government-supported initiative developing and delivering a risk management and disclosure framework for organizations to report and act on evolving nature-related risks. This comprehensive guide helps you understand what to expect from the TNFD and anticipate future regulations that would result from the TNFD.
What is the TNFD?
The Taskforce on Nature-related Financial Disclosures (TNFD) is an initiative currently developing an integrated framework for nature-related risks and impacts reporting. The TNFD aims to help organizations and businesses report and act on evolving nature-related risks, with the hope of shifting financial flows from nature-negative projects to nature-positive projects.
The TNFD was informally established in 2020 and published its first draft in 2021. To date, the taskforce has published three drafts and plans to deliver its final report in 2023.
40 individual Taskforce Members from financial institutions, corporates, and markets service providers with over US$20trn in assets lead the TNFD. On top of that, the taskforce is supported by multiple scientific organizations, hundreds of institutions, and backed by major governments.
For businesses, both today and in the future, nature loss presents risks and opportunities. More than half of the global economy, or US$44 trillion worth of economic value, is somewhat or heavily dependent on nature. However, financial institutions currently don't have access to the resources to properly quantify these nature-related risks and opportunities. The TNFD believe better information will enable businesses and financial institutions to address environmental risks and possibilities when making judgments about their strategic planning, risk management, and asset allocation.
The Taskforce on Nature-related Financial Disclosures is built on seven principles: market usability, science-based, nature-related risks, purpose-driven, integrated & adaptive, climate-nature nexus, and globally inclusive.
In this Academy article, we'll take an in-depth look at TNFD's preliminary work, its timeline, and how it plans to help organizations around the world restore nature.
What are the recommendations of the TNFD?
In its latest draft in November 2022 (v0.3), the TNFD released several recommendations for businesses and financial institutions to report on their impacts on nature. Following four pillars: Governance, Strategy, Risk & Impact Management, and Metrics & Targets, these recommendations offer guidance for all sectors to measure and act on nature-related risks and opportunities.
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