The Global Reporting Initiative (GRI) has unveiled a comprehensive update to its Biodiversity Standard, codenamed GRI 101: Biodiversity 2024.
This groundbreaking framework is set to redefine corporate accountability, addressing the critical state of global biodiversity, which is currently witnessing the potential extinction of one million species, primarily due to human activities.
Carol Adams, the Chair of the GRI Global Sustainability Standards Board (GSSB), highlighted the urgency and significance of this initiative. “The decline of biodiversity poses severe risks not only to the natural environment but also to the economy and societal progress. The GRI Biodiversity Standard aims to address these challenges by setting a new transparency benchmark for companies worldwide,” she explained.
The GRI Biodiversity Standard is a response to the escalating need for organizations to transparently report their impacts on biodiversity across their entire operations and value chain. Notable features of the new standard include full transparency in supply chains, where biodiversity impacts are often significantly underreported. The standard also mandates location-specific reporting, detailing the geographical footprint of operational sites and their influence on local ecosystems.
Moreover, the GRI Standard introduces comprehensive disclosures on direct drivers of biodiversity loss, such as land use changes, climate change, pollution, and overexploitation. It also emphasizes the reporting of impacts on society, including interactions with local communities and Indigenous Peoples, and the role of organizations in ecosystem restoration efforts.
This initiative is timely, aligning with key global developments like the UN Kunming-Montreal Global Biodiversity Framework (GBF), the Science-Based Target Network (SBTN), and the Taskforce on Nature-related Financial Disclosures (TNFD). The urgency is underlined by the latest IPBES assessment, which warns of declining biodiversity in every global region and the World Economic Forum’s analysis highlighting the threat of biodiversity loss to 50% of the global economy.
While GRI 101 is available for download and will formally come into effect for reporting from 1 January 2026, GRI has planned a pilot phase over the next two years, prioritizing members of the GRI Community. The new standard is not just a tool for reporting but a strategic framework that enables organizations to understand and mitigate their biodiversity-related risks and dependencies, ultimately contributing to the global endeavor of reversing biodiversity loss and safeguarding the future of our planet.
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