Exploratory Analysis of Global TNFD Adoption and Strategic Implications for the Forestry and Environmental Sector

The Taskforce on Nature-related Financial Disclosures (TNFD) refers to both the international organizing body and the disclosure framework it developed. Throughout this article, the term TNFD is used to encompass both the organization and the framework to ensure precision while maintaining conciseness. TNFD has emerged as a key mechanism for integrating nature-related risks and opportunities into corporate decision-making, extending the scope of existing environmental, social, and governance (ESG) and climate-related disclosures. As TNFD adoption remains at an early diffusion stage, empirical evidence on its global uptake and sectoral characteristics is still limited, particularly in nature-dependent industries such as forestry and environmental services. This study provides an exploratory mapping of global TNFD adoption patterns using the complete list of TNFD adopting organizations disclosed on the official TNFD platform as of June 2025. A total of 584 organizations across 54 countries were analyzed, with a focused examination of forestry- and environment-related entities. Rather than testing causal relationships, this research adopts a descriptive and structural analytical approach to identify geographic, institutional, and sectoral patterns of adoption. The results reveal a strong concentration of TNFD adoption in developed economies and corporate entities, while forestry-specific adopters remain limited in number. Notably, TNFD adoption does not appear to correlate with forest resource endowment, suggesting that governance capacity and financial disclosure readiness are more influential than ecological conditions. Based on these findings, the study discusses strategic implications for forestry and environmental organizations and proposes a conceptual framework for advancing nature-related financial disclosure in the sector. This research contributes an early-stage empirical foundation for understanding TNFD diffusion and offers practical insights for policymakers, corporations, and researchers seeking to operationalize nature-related disclosure frameworks.