United Utilities adopts TNFD beta nature disclosures in 2023 sustainability report

United Utilities, the UK's largest listed water company, adopted the TNFD beta disclosure recommendations in its 2023 Sustainability Report, becoming one of the first UK public companies to report nature-related financial risks using the framework. The move signals that nature disclosure is moving alongside climate reporting, a trend Indian companies under evolving BRSR and disclosure norms should track.

United Utilities released its 2023 Sustainability Report adopting the Task Force on Nature-related Financial Disclosures (TNFD) beta disclosure recommendations, making it one of the first UK public companies to report on nature-related financial risks and opportunities using the framework. The TNFD reporting complements the company's existing TCFD (Task Force on Climate-related Financial Disclosures) reporting. The report details how the company incorporates nature-related risks, opportunities, dependencies, and impacts into its strategy, and outlines progress and targets across four disclosure pillars: governance, strategy, risk and opportunity, and metrics and targets.

The disclosure is especially relevant to water utilities and other nature-dependent sectors facing scrutiny over environmental impacts. For Indian companies, particularly water-intensive industries, agriculture-linked supply chains, and infrastructure firms, the case illustrates how investors and regulators are beginning to expect structured reporting on nature dependencies and impacts beyond climate. Listed Indian entities already navigating BRSR requirements may find TNFD's four-pillar structure a useful reference as nature-related expectations broaden.

United Utilities used the TNFD beta recommendations ahead of the framework's finalisation. Indian companies, especially those with significant water, land, or biodiversity dependencies, should monitor the maturing TNFD framework and assess their own nature-related risks, opportunities, dependencies, and impacts across the four disclosure pillars. Sustainability teams can review United Utilities' integrated TNFD and TCFD approach, available in its sustainability-report-2023.pdf, as a model for combining climate and nature disclosure.

Key figure — Disclosure pillars: four — governance, strategy, risk and opportunity, and metrics and targets