GRI's Updated Biodiversity Standard Empowers Accountability

Amidst escalating concerns over global biodiversity decline, the Global Reporting Initiative (GRI) takes a pivotal step forward by releasing a significant update to its Biodiversity Standard. Positioned as a global benchmark, GRI 101: Biodiversity 2024 empowers organisations worldwide to transparently disclose their significant impacts on biodiversity, contributing to a heightened understanding of the environmental landscape.

In the face of unprecedented pressures on nature, GRI's Biodiversity Standard, aligned with frameworks such as TNFD and SBTN, emerges as a critical tool. As human activities drive one million species to the brink of extinction, the need for comprehensive reporting on biodiversity impacts has never been more apparent. GRI's updated standard addresses this urgency by fostering full transparency throughout the supply chain, emphasising location-specific reporting on impacts, and introducing new disclosures on the direct drivers of biodiversity loss.

Key Features of the GRI Biodiversity Standard:

1. Supply Chain Transparency: The standard ensures transparency throughout the supply chain, shedding light on often underreported significant impacts on biodiversity.
2. Location-Specific Reporting: Organisations are required to provide detailed, location-specific information on impacts, including countries, jurisdictions, and the size of operational sites.
3. Drivers of Biodiversity Loss: New disclosures cover the direct drivers of biodiversity loss, encompassing land use, climate change, overexploitation, pollution, and invasive species.
4. Societal Impact Reporting: Organisations must report on impacts on society, including communities and Indigenous Peoples, and outline engagement with local groups in ecosystem restoration efforts.

The GRI Biodiversity Standard builds upon global biodiversity developments, aligning with the UN Kunming-Montreal Global Biodiversity Framework (GBF), SBTN, and TNFD. At a critical juncture where biodiversity is under severe threat, GRI's standard adds impetus to the internationally-agreed GBF, compelling businesses to disclose and reduce biodiversity-related risks and impacts.

As organizations grapple with the impacts of biodiversity loss, GRI 101 becomes a pivotal instrument for accurate reporting. The standard is set to be formally effective for reporting from January 1, 2026. Over the next two years, GRI will pilot the standard with early adopters, prioritising GRI Community members.

The GRI Biodiversity Standard comes at a crucial time, aligning with the imperative to halt and reverse biodiversity loss. By setting a new transparency benchmark, GRI empowers stakeholders to assess and understand how organisations mitigate and reduce impacts on biodiversity. The updated standard not only identifies and manages significant impacts but also plays a critical role in understanding dependencies and risks.

GRI's Biodiversity Standard is not merely a reporting requirement; it signifies a paradigm shift towards a sustainable future. As stakeholders increasingly prioritise ethical investments and responsible business practices, GRI beckons organisations to embrace transparency, accountability, and a shared commitment to biodiversity conservation.

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