Press release: Strengthened reporting on biodiversity from GRI & CDP
As part of the revision of GRI’s Biodiversity Standard (GRI 304), CDP (a not-for-profit charity that runs a global disclosure system for companies, investors, cities, states and regions) confirmed they will participate in the process and, once the new Standard is published, will use it to inform the CDP disclosure system.
Additionally, the Taskforce on Nature-related Financial Disclosures (TNFD) confirmed that the revised GRI Standard will input to their work on a new financial disclosure framework for nature-related risks. GRI has also accepted an invitation to join the TNFD Forum, and become a TNFD Knowledge Hub partner.
Moreover, last week GRI and the European Financial Reporting Advisory Group (EFRAG) announced that they entered into a co-construction process to align a new EU biodiversity reporting standard with the GRI update.
The project to review GRI 304 will integrate the latest developments and authoritative intergovernmental instruments in the field of biodiversity. Tweet This! GRI 304 is used every year by at least 2,000 organisations globally, out of the more than 10,000 companies reporting according to the GRI Standards.
In 2020, research by KPMG found that less than 25% of large companies at risk from biodiversity loss disclose on the topic.
Judy Kuszewski, Chair of the Global Sustainability Standards Board (GSSB), which has responsibility for setting the GRI Standards, said:
“The warning sirens for biodiversity are getting louder, as emphasized by widespread concerns over environmental degradation and habitat loss. That is why we have prioritized the review of GRI 304, to increase accountability by organizations on these crucial issues by delivering effective and comprehensive reporting on biodiversity impacts.
It is highly significant that GRI will collaborate with both CDP and TNFD, in addition to our co-construction work with EFRAG. I’m confident that we can deliver credible and multi-stakeholder accepted disclosures – which form the basis of the GRI Standards – leading to improved transparency in support of global efforts to safeguard biodiversity.”
Paul Simpson, Chief Executive Officer of CDP, said:
“The Glasgow Climate Pact, forged at COP26, explicitly recognizes the importance of the integrity of all ecosystems and the protection of biodiversity in achieving the goals of the Paris Agreement. Given the urgency of the environmental crises, companies and financial institutions need to measure and disclose their impacts. Disclosure through CDP allows corporations, investors and cities to communicate their nature-related risks and the actions they are taking to reduce their impacts on biodiversity.
This collaboration with GRI allows CDP to build upon our decade-long work on water and forests, helping to ensure that corporations, capital market actors and cities are equipped to support the goals of the Convention on Biological Diversity. CDP looks forward to working in partnership with GRI to enable corporate reporting across a broader spectrum of biodiversity issues through CDP’s disclosure platform.”
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