Gyeongbuk Development Corporation (President Lee Jaehyuk) announced on the 27th that it has become the first public institution in Korea to officially adopt and complete registration for the Taskforce on Nature-related Financial Disclosures (TNFD), an international financial information disclosure framework related to natural capital. TNFD is a global disclosure framework that helps companies and institutions recognize risks arising from the loss of natural capital, such as biodiversity loss and water and soil pollution, and integrate response measures into their financial reporting.
Since the official release of the TNFD recommendations in September 2023, adoption has been spreading rapidly worldwide, with more than 300 global companies and institutions having declared their adoption to date. TNFD adoption is being carried out based on the disclosure period, divided into the 2024 and 2025 versions. By registering based on the earlier 2024 fiscal year, the corporation has demonstrated a highly leading role as the first public institution in Korea to do so.
Through the adoption of TNFD, Gyeongbuk Development Corporation plans to systematically incorporate elements of biodiversity and water and soil protection into all business areas, including urban development, public rental housing, and public architecture, and to proactively manage natural capital risks in accordance with international standards. In addition, by reflecting TNFD standards throughout its future ESG disclosure system, including the sustainability management report scheduled for publication in 2025, the corporation aims to continuously enhance information transparency and accountability.
President Lee Jaehyuk stated, "The adoption of TNFD is an important milestone that introduces a responsible perspective on biodiversity and natural capital throughout the corporation's development projects," adding, "We will continue to fulfill our role as a leading public institution in ESG by practicing sustainable management that harmonizes regional development and nature conservation."
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