The Global Biodiversity Framework: A Primer for Businesses

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The Global Biodiversity Framework: A Primer for Businesses

22 September 2023 / Report

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CEO Insight Minute: How Can Your Company Prepare for Biodiversity Reporting?

The Global Biodiversity Framework will result in new laws and government policies, including strict, mandated biodiversity reporting requirements.

In December 2022, during COP15, 196 governments approved global targets under the Global Biodiversity Framework (GBF), to be incorporated under domestic laws, aiming to halt and reverse biodiversity loss by 2030.

Insights for What's Ahead

Companies should anticipate more strict and mandated reporting and remediation requirements related to their impact on biodiversity. Under the GBF, businesses will be responsible for their environmental footprints and should begin initiating processes to evaluate their impact on nature, including climate data collection and analysis, to be ready for future national legislation and policies stemming from the GBF.
Investors are increasingly demanding information on nature-related risks and KPIs. Driven by regulations such as the Sustainable Finance Disclosure Regulation (SFDR), the Corporate Sustainability Due Diligence Directive (CSRD) and the emergence of international sustainability standards, investors are expecting companies to assess, monitor, and disclose their impact on ecosystems and biodiversity in a more organized and transparent manner.
Under the GBF, governments have agreed to identify and phase out any subsidies they deem as harmful to nature by 2025 such as those that encourage deforestation, the use of fossil fuels, and fishing, and other resource extraction at unsustainable levels. This phaseout means businesses need to map out what subsidies they receive from governments and whether they may be classified as harmful to nature.
Companies should seek guidance from evolving disclosure
frameworks, to help report on biodiversity. Frameworks such as the Task Force on Nature-related Financial Disclosures (TNFD) and the Global Reporting Initiative (GRI) can support companies in improving risk management and accountability through standardized nature-related disclosures.

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Authors

Manali Paranjpe

Manali Paranjpe

Program Director, ESG Center, Europe
The Conference Board

Catherine Early

Catherine Early

Research Fellow, Environmental, Social & Governanc…
The Conference Board

Praisy Abraham

Research Fellow, ESG Center, Europe
The Conference Board

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