Consultation On Update To Global Biodiversity Standard

In November 2022, the Global Reporting Initiative (GRI) launched a consultation on the latest draft of their biodiversity disclosure standard. The draft standard extensively updates the 2016 version (GRI 304) and is designed to assist companies report on their impact on nature. According to research published last year, less than half of the 5,800 largest global companies (made up of the largest 100 companies by revenue in 58 jurisdictions) report on biodiversity. To the extent adopted in a particular jurisdiction, the revised draft would require nature-related reporting on the organization's activities and on its suppliers' activities with the most significant impacts on biodiversity, "not all impacts." The proposed standard also now includes additional disclosures to "report on the direct drivers of biodiversity loss" and emphasizes the importance of location-specific data to ensure greater transparency on the impacts on biodiversity. The consultation recognizes