How can you improve biodiversity conservation with sustainability reporting?

Biodiversity conservation is crucial for maintaining healthy ecosystems and ensuring the well-being of the planet. # Newly published GRI Biodiversity Standard (GRI 101), which aligns with the goals and targets of the Kunming-Montreal Global Biodiversity Framework, helps companies understand and disclose their biodiversity impacts. # Collect biodiversity data from the Supply chain that creates significant impacts. GRI’s rigorous approach to reporting biodiversity impacts enhances transparency and accountability. “Prioritizing biodiversity conservation through sustainability reporting fosters a more sustainable and resilient future.”

A leading MNC with operations in Nepal, has implemented sustainability reporting to monitor its efforts in reducing plastic waste throughout its supply chain. Through detailed reporting, the MNC has pinpointed areas where it can optimize packaging materials, such as transitioning to biodegradable alternatives or reducing excessive packaging. Additionally, the company has worked closely with local suppliers to implement sustainable packaging solutions and improve waste management practices. By streamlining distribution processes and adopting more sustainable practices, the MNC has lowered production costs and minimized its carbon footprint. I have personally learned about the benefits of SR from the example of above MNC in Nepal .

Sustainability reporting enables identification of biodiversity risks, setting goals, and engaging stakeholders. By fostering transparency, it empowers action for meaningful conservation outcomes.

From my perspective, sustainability reporting offers a robust framework to bolster biodiversity conservation efforts. ?? It enables the identification and evaluation of biodiversity risks and opportunities linked to operations, products, and services. ?? Moreover, it facilitates the establishment and tracking of biodiversity goals, like reducing ecological footprints or supporting conservation initiatives. ?? Additionally, it fosters stakeholder engagement, ensuring transparency about biodiversity performance and commitments, and addresses concerns effectively. ?? Through sustainability reporting, we can navigate towards a more harmonious relationship with nature. ??

Sustainability reporting enhances biodiversity conservation by measuring impacts, setting goals, engaging stakeholders, ensuring supply chain transparency, implementing management plans, valuing biodiversity financially, fostering innovation, and ensuring regulatory compliance. Transparent reporting drives accountability, informs decision-making, and promotes collaborative action, ultimately contributing to more effective conservation efforts.

With the introduction of the Corporate Sustainability Reporting Directive in the EU, companies are obliged to disclose negative impacts on biodiversity and take efforts to reduce their environmental footprint. The CSRD can serve as a tool to encourage companies to take their responsibility towards the environment more seriously and to step up their efforts to protect biodiversity. Through comprehensive and comparable reporting, companies can strengthen the trust of their stakeholders and, in particular, make a positive contribution to the preservation of biodiversity.

There are quite a few perspectives on biodiversity standards, that function at various granularities. For example: ??Many in the financial sector use standards that can only account for a net impact at the country x industry level (sometimes using an LCA perspective). This is helpful for balancing a broad portfolio & regulatory risk, but can't differentiate between different companies or assets in the same country. ??For showing an individual asset outperforms its peers? There's no consensus standard or approach. TNFD has an overview of the many standards, while regulators making permit decisions still rely on the EIA process - but look out for harmonized approaches in the future with efforts like the Green Claims Directive.

In Nepal, awareness and adoption of standards and guidelines for sustainable reporting focused on biodiversity conservation remain low among corporations . Despite the existence of frameworks such as GRI, International Integrated Reporting Framework, and TCFD, many organizations in Nepal are not fully aware of these standards or lack the resources to implement them effectively. There is a significant opportunity for increased awareness and capacity-building initiatives to promote the adoption of biodiversity reporting standards among Nepalese businesses, which could include targeted training programs, awareness campaigns etc. In summary , GRI , IIRC , TCFD and SBTN are the preferred standards , though very less referred to in Nepal.

According to an academic paper I read recently, one significant challenge in biodiversity assessment lies in the intricate and lengthy supply chains involving a variety of stakeholders and methods. The integration of the ecocentric extinction accounting model into ESG practices presents a comprehensive solution that can transform and unify operations across different companies, regardless of their location, industry, or scale. By adopting extinction accounting that embraces an ecocentric viewpoint, emphasizing stronger conservation measures and tackling the underlying causes of biodiversity decline, businesses can greatly enhance their contributions to biodiversity conservation and ecosystem well-being.

In my view, leveraging sustainability reporting standards and guidelines is pivotal for enhancing biodiversity conservation efforts. ?? Standards like GRI offer a comprehensive suite of indicators covering economic, environmental, and social aspects, including biodiversity. ?? The IIRC Framework promotes integrated reporting, recognizing natural capital as a crucial component. ?? ?? Adhering to these standards ensures our sustainability reports meet the expectations of stakeholders, fostering credibility and transparency in our conservation endeavors. ??

Sustainability reporting can improve biodiversity conservation by encouraging companies to identify and mitigate their supply chain impacts on ecosystems. Through reporting frameworks like the GRI and CDP, companies assess and disclose their suppliers' biodiversity risks, such as deforestation or habitat loss. Eg:A food company might use satellite monitoring and geospatial analysis to identify areas of high deforestation risk in its palm oil supply chain, then work with suppliers to promote sustainable production, protect critical habitats, and support livelihoods. By publicly reporting on these efforts and outcomes, the company demonstrates its commitment to conservation, builds stakeholder trust and contributes to industry transformation.

Integrating biodiversity into our sustainability strategy and reporting involves conducting a materiality assessment to prioritize biodiversity, defining a vision and objectives, establishing indicators and targets, implementing actions, and transparently reporting results. By following these steps, organizations can effectively incorporate biodiversity conservation into their sustainability efforts, contributing to long-term environmental stewardship and corporate responsibility. The main point here being the organization's readiness for the non-financial reporting and the regulator's little push towards sustainability reporting relating to biodiversity conservation too. Keeping a modest target and tracking progress progress is effective.

Considering that 68% of companies in the S&P Global Broad Market Index have significant dependencies on nature for their operations, it's clear that the business world has a profound stake in maintaining the health of our ecosystems. Implementing comprehensive sustainability reports allows businesses to acknowledge their ecological footprint, set biodiversity targets, and engage in conservation efforts that support the continuity of their operations and the vitality of natural ecosystems.

Recent evidence challenges the perception of biodiversity conservation as a hindrance to corporate profitability, showing the benefits of integrating biodiversity into business strategy. Biodiversity provides essential resources for economic activity, including clean water, fertile soil, and genetic. Conservation efforts can enhance supply chain resilience, mitigate resource risks, and drive nature-based innovations. Recognizing their impact on biodiversity loss, businesses are increasingly responsible for promoting sustainable practices. Acknowledging the link between business activities and ecosystems, more companies are embracing biodiversity conservation to align with ecological principles and contribute to sustainability goals.

In my perspective, integrating biodiversity into our sustainability strategy and reporting is crucial for effective conservation. ?? Firstly, conducting a materiality assessment helps identify key biodiversity concerns. ?? Next, defining a clear vision, mission, and objectives for biodiversity guides our efforts. ?? Establishing indicators and targets enables us to measure progress accurately. ?? Implementing biodiversity actions translates intentions into tangible results. ?? Finally, reporting outcomes fosters transparency and accountability to stakeholders, driving continuous improvement. ?? Through this holistic approach, we can enhance our conservation impact and ensure a sustainable future for all life forms. ??

In addition - Biodiversity conservation not only preserves ecosystems and species but also underpins human well-being and economic prosperity. For instance, businesses reliant on agricultural production rely heavily on healthy ecosystems for pollination services, soil fertility, and water regulation. By prioritizing biodiversity in sustainability reporting, companies can mitigate risks associated with biodiversity loss, such as supply chain disruptions or regulatory penalties, while also promoting innovation and market differentiation. Moreover, incorporating biodiversity considerations into corporate strategies fosters a more holistic approach to sustainability, addressing interconnected environmental, social, and economic challenges.

Corporate biodiversity measurement remains a complex issue, making it challenging for businesses to know what indicators to use to understand and manage their biodiversity performance. An additional theoretical challenge in biodiversity accounting is the questionable link between corporation-centred biodiversity measurement and the extent to which businesses are genuinely address biodiversity loss. Thus, biodiversity accounting should be guided by approaches from natural sciences, and conservation scientists are well placed to help improve the practice of biodiversity accounting.