Utilizing Nature-Centric Approaches to Guard and Maintain Biological Diversity for a Healthy Ecosystem

In a significant move towards sustainability, the International Sustainability Standards Board (ISSB), a division of the International Financial Reporting Standards Foundation, has defined the concept of sustainability, although specific details about biodiversity remain absent in their current guidelines [1].

To fill this gap, organisations such as CDP (formerly the Carbon Disclosure Project) are taking the initiative. CDP has been piloting biodiversity questions in its Climate Change Questionnaire since 2022 [2]. This move aims to encourage companies to disclose their biodiversity-related risks, dependencies, and impacts, fostering transparency and preventing greenwashing.

The global community has also shown its commitment to biodiversity conservation. During COP15 in Montreal in December 2022, 196 governments reached a historic agreement [3]. The Kunming-Montreal Global Biodiversity Framework, as a result of this agreement, encourages legal or policy measures for businesses and financial institutions to monitor and disclose biodiversity-related risks, dependencies, and impacts [4].

The framework also sets ambitious targets, such as the goal to protect at least 30% of lands and waters by 2030 [5]. Under Target 15 of the COP15 goal, all nations are specifically encouraged to take these measures [6].

The Global Reporting Initiative (GRI) is another organisation that is contributing to the cause. The GRI has proposed to update its biodiversity standards, which will include disclosure requirements on biodiversity impacts throughout the supply chain [7].

The European Union (EU) is also taking decisive action. The EU's Corporate Sustainability Reporting Directive (CSRD), starting in 2024, will require companies in sectors with heavy reliance on natural resources to report nature-related impacts on and risks for biodiversity and ecosystems [8]. France, in particular, has enacted the 2019 Law on Climate and Energy, which requires financial institutions to disclose risks, strategies, and targets related to both biodiversity and climate [9].

Many European companies, especially those with over 1,000 employees, are already responding to this growing regulatory and investor pressure. They are beginning to measure and implement comprehensive nature-related goals to ensure compliance [10]. ESG rating agencies and frameworks such as those developed by EFRAG (European Financial Reporting Advisory Group), ISSB (International Sustainability Standards Board), and national standards bodies are providing updated and flexible sustainability reporting standards to support these efforts [11].

The importance of biodiversity is further highlighted in the Indigenous communities' reliance on traditional and locally sourced medicines [12]. Nature serves as a key ingredient for drug discovery, with most anti-cancer drugs inspired by nature [13]. The United Nations Environment Programme's website provides resources related to the Kunming-Montreal Global Biodiversity Framework, but does not offer direct assistance in designing and implementing sustainability strategies [14].

Our website, however, does. It assists organizations in designing and implementing sustainability strategies, specifically for nature. The website helps organizations calculate impacts, set targets, assess risks, design solutions, and develop innovative finance models [15].

In conclusion, the global community is making strides in protecting biodiversity. With initiatives like the Kunming-Montreal Global Biodiversity Framework, the EU's Corporate Sustainability Reporting Directive, and the efforts of organisations like CDP and the GRI, we are moving towards a future where businesses and financial institutions are accountable for their impact on biodiversity.

References: 1. ISSB Conceptual Framework 2. CDP Biodiversity Programme 3. COP15 Outcome Document 4. Kunming-Montreal Global Biodiversity Framework 5. Target 15 of the COP15 goal 6. Kunming-Montreal Global Biodiversity Framework 7. GRI Biodiversity Standard 8. EU Corporate Sustainability Reporting Directive 9. French Law on Climate and Energy 10. ESG Insight: The Rise of Nature-Related Risks 11. EFRAG, ISSB, and National Standards Bodies 12. Indigenous Medicines 13. Nature and Drug Discovery 14. UNEP Kunming-Montreal Global Biodiversity Framework 15. Our Website