GRI at COP16: Enhancing Transparency on Biodiversity Impact
Biodiversity loss is a significant global issue, bringing numerous risks to society and the environment. In October 2024, Colombia hosted COP16, the world's largest biodiversity summit. It focussed on reducing negative impacts on nature and enhancing corporate responsibility.
To take serious commitments towards environmental protection and sustainable resource use, COP16 brought together representatives from various sectors, including government, business, academia, and financial organisations.
Key Resources and Support Presented at the Event:
- GRI Academy’s biodiversity course;
- Translations of GRI 101 into Spanish and Portuguese;
- A joint resource with TNFD for mapping the compatibility of natural information disclosure standards.
During key events, senior representatives of GRI presented the results of implementing the new GRI 101 standard for biodiversity reporting. They analysed the use of the standard by companies and ways to improve transparency and effectiveness in reporting.
Key GRI Events at COP16
- Innovations in Transparency and Biodiversity Reporting
GRI and S&P Global discussed how detailed biodiversity reporting helps combat its destruction. The event highlighted the implementation of GRI 101 for disclosing the impact of companies on nature and fostering effective integration with other standards. - Fair Transition and Positive Impact on Nature
During a panel discussion led by Andrea Pradilla (Director of GRI Latin America), experts discussed the inclusive transition to a nature-friendly economy. - Digitalisation and the Future of Biodiversity Reporting
Kristina Gill White, interim CEO of GRI, discussed achievements in the digital transformation of reporting over the next 5-10 years. - How Corporate Transparency Helps Protect Biodiversity
Harold Pawels and Elodie Chen shared experiences from companies using GRI 101. The speakers discussed innovations in data collection and the application of sustainable development principles.
Speakers Andrea Pradilla and Lina Camargo (GRI Latin America) provided a detailed review of regional companies' reports on biodiversity standards. Under the leadership of TNFD, standard developers and governance representatives discussed progress and updates following COP15.
Key Takeaways:
- Stronger Focus on Biodiversity Reporting:
The implementation of GRI 101 strengthens corporate transparency on biodiversity, encouraging companies to disclose their environmental impacts more clearly and consistently. This move aims to improve accountability, guide companies in managing their biodiversity risks, and drive meaningful actions towards biodiversity conservation. - Collaboration Drives Global Standards:
Efforts between GRI, TNFD, and other stakeholders are crucial in aligning biodiversity disclosure standards, helping companies integrate consistent, global best practices into their reporting processes. - Regional Adoption and Inclusivity:
Translating GRI 101 into Spanish and Portuguese expands accessibility, encouraging regional co-operation.
The growing use of digital tools, such as the GRI Academy biodiversity course and the digitalisation of sustainability reporting, makes biodiversity disclosure more effective, accessible and transparent. Discussions at COP16 emphasised the importance of a fair and inclusive transition to an economy that supports nature conservation.
