Making biodiversity impact measurable and accountable
The Biodiversity Consultancy collaborates with Nature Positive Initiative
As nature loss declines at an unprecedented rate and climate change becomes more pervasive, resulting in disastrous consequences for global economic stability and human well-being, restoring and regenerating nature becomes more important than ever.
The Kunming-Montreal Global Biodiversity Framework (GBF) has sounded the alarm for urgent action to halt and reverse nature loss by 2030. However, unlike the Paris Agreement's standard unit for carbon, there is a lack of global metrics to accurately gauge nature's decline or recovery, given the complexity of measuring nature loss.
A lack of clear science based metrics prevents businesses from accurately measuring the impact of their responses to nature risk and their contributions towards a nature positive future. Furthermore, without standardisation, comparison and scrutiny of the effectiveness of nature risk mitigation in company disclosures is extremely challenging for executives, investors and stakeholders.
The Nature Positive Initiative has introduced 'State of Nature' metrics to offer a solution to the challenge, and The Biodiversity Consultancy is collaborating with them to ensure both ecological validity and practical applicability, especially for businesses and financial institutions.
“A standard set of nature metrics will provide consistency, comparability and transparency. This will reduce confusion, allow companies to make informed decisions, hold their transformation programs accountable, and track progress towards nature positively over time,” said Helen Temple, the Executive Director of Impact and Partnerships at The Biodiversity Consultancy.
Affirming our steadfast commitment to providing support in the future, she said, “We are delighted to be collaborating with Nature Positive Initiative to make this a viable reality.”
The 'State of Nature' metrics, instead of replacing the existing frameworks, identify the most practical and credible set of metrics that can be used to measure the progress and impact of a business’s nature strategy that can be incorporated into existing frameworks and reporting requirements. These include the Taskforce for Nature-related Financial Disclosures (TNFD), the Science-based Targets Network (SBTN), the Global Reporting Initiative (GRI), and World Business Council for Sustainable Development (WBCSD).
The metrics will complement The Biodiversity Consultancy’s Nature Positive Journey, by helping to track and monitor our clients’ progress in their contribution towards a nature positive future while aligning with relevant nature-related frameworks.
Categories: Company news, Science-Based Targets, Nature Positive
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