Our key takeaway: The Kunming-Montreal Global Biodiversity Framework—adopted in 2022 by the governments party to the UN Convention on Biological Diversity—aims to create a world where, by 2050, “biodiversity is valued, conserved, restored and wisely used, maintaining ecosystem services, sustaining a healthy planet and delivering benefits essential for all people.” It also acknowledges the important role that business has in affecting biodiversity through its activities. With this in mind, the Global Reporting Initiative launched an updated standard on biodiversity which reflects that role and drives companies to account for and disclose the ways that they can impact nature and the people who depend on it. Key among the updates are a renewed and deepened focus on the interconnections between human rights and nature, with new requirements to report on stakeholder engagement of Indigenous Peoples and local communities, grievance mechanisms and, crucially, the ways that companies can adversely impact people through their biodiversity protection measures. Other changes include an expanded scope of reporting that extends to impacts in a company’s supply chain and more details on the specific impacts that they have on localised ecosystems. Although businesses won’t have to meet the new standard until January 2026, they can get ahead of the game by exploring their companies’ impacts on biodiversity and their repercussions on people now.
The Global Sustainability Standards Board’s Global Reporting Initiative (GRI) launched GRI 101: Biodiversity 2024 standard (24 January 2024) to replace GRI 304: