As we foresaw, the impetus on biodiversity and Nature-based Solutions has further gathered momentum, with COP15 continuing to pave the way on how to deliver a net-positive impact on nature.
The latest progression in talks has seen the World Business Council for Sustainable Development (WBCSD) launching a set of guidelines for businesses looking to deliver a net-positive planet by 2030.
This guidance - in a draft format at present - provides a checklist of actions to assess, commit, transform and disclose performance. In addition, it identifies six value-chain specific objectives for businesses to collectively embark on, aligning nature action with climate action, including assessing materiality, setting targets, deploying resources, supporting an enabling policy environment, using credible metrics and reporting progress.
Developed in recognition of the fact that more and more large businesses are pledging to go beyond doing less harm to nature and to achieve net-positive impacts, the resource is designed to ensure that businesses take the necessary actions to ensure these goals are credible and to deliver them to time.
The work takes place as part of a broader partnership with the Taskforce on Nature-related Financial Disclosures (TNFD) and the Science Based Targets Network (SBTN). An overarching call for business to support the emerging International Sustainability Standards Board (ISSB) guidelines (including for nature) to become the mandatory global baseline for nature as well as climate reporting underpins it.
Accountability measures
The last key theme of the new WBCSD resource is using credible metrics and regularly and transparently reporting progress. Bodies including the Science-Based Targets Initiative (SBTi) and the Taskforce on Nature-Related Financial Disclosures (TNFD), which are developing corporate nature reporting frameworks, have contributed to the WBCSD resource. The TNFD notably launched a third beta version of its framework last month and is aiming for a final version launch in 2023. Science-based targets for nature may also be forthcoming next year.
Knowing how your organisation is performing on environmental, social, and governance issues is important. But in order to benchmark that performance and communicate it to investors, regulators, and other stakeholders, it is important to align your reporting with standard sustainability and ESG frameworks.
There’s no one framework that suits every organisation. That’s why Rio supports easy disclosures aligned with a wide range of frameworks and legislation.
With Rio, you can track data and generate reports aligned with the framework of your choice in just a few clicks, saving you hours of form-filling and legalese-reading.
At Rio, we see that corporate ESG goals need a more holistic approach to ensure that companies not only reduce their carbon footprint but also increase their social stewardship. Only those that truly understand sustainability will act impactfully and be financially successful.
Don’t know where to start? Contact us today to begin your sustainability journey today.