COP15: Advocating for global biodiversity in Montreal
The aim is for companies to be more transparent in terms of the information they provide on their environmental impact.
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On December 7, the United Nations Convention on Biodiversity (COP15) began, which brought together more than 20,000 delegates from 190 countries with the aim of establishing the essential objectives and commitments to address and mitigate the devastating loss of biodiversity throughout the world.
Highlighting the summit's focus, which seeks to hold corporations accountable for the impact of their operations on the environment, the Global Reporting Initiative (GRI) recently unveiled its revised transparency standard for impacts on biodiversity, which is currently in a 12-week public comment period, and that it can be used to evaluate this type of information that has a key emphasis on supply chain transparency.
It is important to notice that, despite some progress, only 6 of the 20 objectives proposed in the previous convention were partially met by the 2020 deadline, something that they hope to reverse with this year's edition in Canada.
Transparent companies at COP15
In addition to its purpose of establishing a new biodiversity framework, committing the world community to halt the loss of biodiversity by 2030 and achieve recovery by 2050, the convention will negotiate goal 15 within the framework of the event, which has a proposal of mandatory requirements for all large companies and financial institutions to assess and disclose their impacts and dependencies on biodiversity, which already has strong support in the global business community.
Biodiversity is calling you to— CBD COP15 (@CBD_COP15) November 23, 2022
Confronting the greatest loss of species since the dinosaurs’ demise, the community convenes for #COP15 from 7-19 December with the aim of adopting a new global biodiversity framework (GBF).
Live updates-https://t.co/QiVgAT0A07#ForNature pic.twitter.com/SOLVCKO46F
Here are some of the key findings revealed by a series of studies focused on the impact of business on biodiversity:
- New CDP research, which included nearly 8,000 companies, revealed that while companies are ready to disclose biodiversity data, the majority (55%) have not taken action on the biodiversity commitments they have already made.
- The same analysis found that few companies (30%) currently assess biodiversity impacts in their supply chains.
- The KPMG Sustainability Reporting Survey (October 2022) included findings that only 40% of the 5,800 leading companies in 58 countries report on biodiversity.
- The updated 2022 WBA Nature Benchmark (for which GRI was represented on the Expert Review Committee) identifies that, out of a snapshot of 400 companies across eight sectors, only 5% have completed a full assessment of how their operations impact the biodiversity.
- When contrasted with the 50% setting greenhouse gas reduction targets, it further emphasizes the need for comprehensive and widespread biodiversity reporting.
It is an independent international organization that helps companies and other organizations take responsibility for their impacts by providing the common global language for reporting on those impacts. The GRI Standards are developed through a multi-stakeholder process and are provided as a free public good.
GRI will speak at a series of events at COP15 this week, as well as host global webinars for stakeholders, to share more information about the draft Biodiversity Standard and cooperative efforts with other initiatives.
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