
Assessing the nature-related issues of investees’ clients as a Colombian investment management consortium
Grupo SURA’s case study on nature-related issues applies TNFD’s LEAP approach to assess deforestation risks within its agricultural investments across Brazil and Colombia. This initiative highlights the need for flexible, location-specific approaches, using geospatial tools and open-source data to identify and prioritise high-impact areas for sustainable risk management and disclosure.
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OVERVIEW
Overview
This case study details Grupo SURA’s pilot application of the Taskforce on Nature-related Financial Disclosures (TNFD) LEAP approach, focusing on assessing nature-related issues within key investees in Colombia and Brazil. The study centres on deforestation risks in sectors linked to land-use change, particularly in the food and beverage (agriculture) and renewable resources (forestry and paper) industries. Through a series of workshops, Grupo SURA engaged in the LEAP framework to identify nature-related risks, aligning its efforts with its sustainability strategies.
Business case
The UN FAO reports that large-scale agriculture, primarily cattle ranching, soybean, and palm oil cultivation, contributed to 40% of tropical deforestation from 2000 to 2010. With a significant investment presence in agriculture, Grupo SURA recognises deforestation as a priority risk to manage across its holdings. This focus aligns with Grupo SURA’s role as a key player in Latin American finance, with annual revenues reaching 7.8 billion USD, derived from insurance, pension, and asset management services.
Pilot scope
From April to October 2023, Grupo SURA conducted the pilot with the technical support of Frontierra and Global Canopy, using open-source geospatial data and GIS tools to identify and assess the business footprint in ecologically sensitive areas. The pilot’s limited scope allowed Grupo SURA to develop processes for small sub-sectors and build foundational learnings for broader application across its portfolio. It underscored the need for bespoke approaches tailored to each client relationship and highlighted the challenges associated with sourcing complete location data through public resources.
Determining sensitive locations
Grupo SURA’s process for identifying sensitive locations combined publicly available data with tools like the TRASE platform, which links supply chain actors to production regions. This data allowed them to identify priority locations where nature-related risks were elevated, such as areas of deforestation, biodiversity hotspots, and water-stressed regions. Locations were prioritised based on their impact value, with each region assigned a score through an Overall Biodiversity Impact Rating (OBIR). Locations with high OBIR scores, particularly those with recent deforestation or extreme water stress, were marked for further assessment.
Evaluating nature-related impacts and dependencies
Using datasets, GIS tools, and proxy data (like area size and production volume), Grupo SURA evaluated the environmental dependencies and impacts at business footprint locations. The assessment focused on key dependencies, such as land, water, and ecosystem services, and identified potential impacts, including deforestation, soil pollution, water use depletion, and climate change. The case study showed that larger operations generally indicated higher nature-related dependencies and impacts, with impact ratings used to prioritise sites requiring management action.
Assessing material nature-related risks and opportunities
Grupo SURA worked collaboratively to develop a list of nature-related risks and opportunities associated with its investments. Key risks included potential impacts on revenue streams, costs, and credit ratings due to nature-related exposure. The assessment identified existing management strategies and the need for tailored responses based on specific regional conditions and company relationships. One opportunity involved leveraging degraded biodiversity areas to enhance natural capital, potentially creating new market opportunities and reputational benefits.
Preparing for disclosure and next steps
Grupo SURA outlined actions for integrating nature-related risks into existing governance and reporting frameworks. This included enhancing due diligence processes within subsidiaries, increasing awareness and training, and embedding nature-related metrics within sustainability reporting. To align with TNFD guidance, Grupo SURA plans to report nature-related risks and opportunities in its annual disclosures, supporting stakeholder engagement on sustainable finance practices.