The Global Reporting Initiative published a major update Thursday to its biodiversity standard for organizations to disclose their most significant impacts on the number of plant and animal species throughout their operations and supply chain.
The standard replaces one from 2016 and comes as up to 1 million species are threatened with extinction within decades, according to the
The arrival of the updated standard comes as the International Sustainability Standards Board is considering a request to
The revised GRI standard also builds on global developments in the biodiversity field, such as the UN Kunming-Montreal Global Biodiversity Framework, the Science Based Target Network and the Taskforce on Nature-related Financial Disclosures.
“Understanding the impacts that organizations have is therefore a crucial aspect of implementing global solutions to halt and even reverse the damage and address existential threats,” said Carol Adams, chair of the GRI Global Sustainability Standards Board, in a statement Thursday. “The updated GRI standard sets a new bar for transparency on biodiversity impacts. It will support detailed, location-specific reporting, both within an organization’s operations and throughout its supply chain, ensuring stakeholders can assess how impacts on biodiversity are mitigated and reduced. Identifying and managing an organization’s most significant impacts is critical to understanding dependencies and risks.”
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