The exposure draft of the Global Reporting Initiative’s (GRI) revised Biodiversity Standard is open for consultation until 28 February 2023, following approval by its Global Sustainability Standards Board (GSSB).
GRI, an independent sustainability disclosures standards-setter, said the review will ensure the revised standard represents “internationally agreed best practices” and aligns “with recent developments as well as relevant authoritative inter-governmental instruments in biodiversity”.
The announcement comes ahead of COP15, which will finalise the post-2020 Global Biodiversity Framework, which is expected to require companies and investors to report on their nature-related risks and impacts.
Changes to the existing standard are designed to improve reporting across the supply chain, help reporting firms prioritise their biggest impacts, and connect disclosures more closely to the drivers of biodiversity of loss.
The revised GRI Biodiversity Standard will be used to inform the CDP disclosure platform, and input to the disclosure framework for nature-related risks being developed by the Taskforce on Nature-related Financial Disclosures (TNFD).
Cooperation and alignment with EU reporting body EFRAG has also taken place on a new EU biodiversity standard, under the Corporate Sustainability Reporting Directive.
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