Bank of China Becomes First Chinese Bank to Join TNFD
The Bank of China has made history as the first Chinese financial institution to join the Taskforce on Nature-related Financial Disclosures (TNFD), marking a significant step in China’s engagement with global environmental finance standards.
As biodiversity risks and nature-related financial disclosures gain traction among investors and regulators, the move signals China’s intent to shape international frameworks and align its financial sector with emerging global sustainability norms. The state-owned multinational bank’s participation highlights the increasing relevance of nature-related risks in corporate financial strategies, particularly in a country where environmental considerations are becoming more embedded in policy and business operations.
Tim Skeet, a member of the Bank of China’s London branch executive committee, emphasized the importance of global cooperation, stating that the bank is committed to “seeking solutions to the pressing problems of climate change and loss of biodiversity.”
Alongside this milestone, TNFD has launched two consultation groups to tailor capacity-building efforts to local market conditions. One will be led by the Institute of Finance and Sustainability in Beijing, while the other will be jointly coordinated by the Hong Kong Green Finance Association and the Business Environment Council.
TNFD co-chair David Craig welcomed the Bank of China’s participation, noting the country’s key role in shaping the Kunming-Montreal Global Biodiversity Framework and signaling further collaboration between China and global financial stakeholders in addressing nature-related risks.
Tim Skeet, Member of the Executive Management Committee of Bank of China Limited London Branch, commented:
As China’s most international bank, with a rich history of engagement with organisations and agencies around the world, it is fitting that Bank of China should take the lead as the first Chinese financial institution to join the Taskforce. From our involvement at COP15 in Kunming, our long and pioneering work in sustainable finance, to today’s important announcement, Bank of China is proud to step-up and shoulder this responsibility. We look forward to working together with important global partners to seek solutions to the pressing problems of climate change and loss of biodiversity that affect us all. This is a vital task that requires multinational cooperation, understanding and the development of global standards. Bank of China will work hard to support this work.
David Craig, Co-Chair of the TNFD, commented:
We are delighted to see growing support from Chinese companies and financial institutions in the work of the TNFD following China’s leadership in negotiating the Kunming-Montreal Global Biodiversity Framework agreement among more than 190 governments in December 2022. Among its goals and targets, that agreement calls on governments to introduce requirements for nature-related reporting, which the TNFD recommendations and guidance now enable. We look forward to learning more from Chinese experience and deepening our engagement in China through the participation of the Bank of China on the Taskforce.
