This report presents the results of a corporate sector market readiness assessment commissioned by UN Environment Programme Finance Initiative (UNEP FI) and United Nations Development Programme (UNDP) supporting the mission of the Taskforce on Nature-related Financial Disclosures (TNFD) Alliance. We find that: Most companies are at the start of their journey embedding nature-related considerations in their operations.

◾ Progress varies significantly from company to company.

◾ The drivers of change are common: regulatory, financial, societal and political.

◾ Companies are beginning to raise their ambition beyond regulatory compliance, but uncertainty is holding them back.

Nature-related risks are widely acknowledged, but not systematically or comprehensively acted upon.

◾ The view of nature-related risks by companies does not fully align with the view being taken in the early stages of the TNFD.

◾ There is a mismatch between companies acknowledging dependencies as a source of risk and their actions which focus on mitigating impacts.