Summary of the New GRI Biodiversity Standard
The urgency of the biodiversity crisis has escalated, with human activities pushing numerous species towards extinction. In Australia, the State of the Environment 2021 Report revealed a staggering figure of over 1,900 species and ecological communities under threat or at risk of extinction. Australia has, unfortunately, witnessed the loss of more mammal species than any other continent in the past two centuries.
In recognition of this worldwide issue, the Global Reporting Initiative (GRI) revised GRI 304: Biodiversity 2016 to reflect current best practice reporting and released the new standard, GRI 101: Biodiversity 2024. Developed through a committee made up of experts in the field, the new standard aims to allow organisations to be as transparent as possible in the reporting of their significant impacts on biodiversity and how they manage them.
The new standard builds on the work of the Taskforce on Nature-related Financial Disclosure’s (TNFD) recently released recommendations, bringing GRI in alignment with the European Financial Reporting Advisory Group (EFRAG) and International Financial Reporting Standards (IFRS).
So, what has changed?
An increased focus on reporting impacts across the supply chain.
Shifting the reporting of impacts onto significant impacts rather than all impacts.
Emphasis on location-specific information on impacts.
New disclosures relating to:
How organisations decide which sites had the greatest impact,
The direct drivers of biodiversity loss,
The changes to the state of biodiversity,
How people are impacted by an organisation’s biodiversity impacts,
The organisation’s policies and commitments to stop and reverse biodiversity loss,
How an organisation applies the mitigation hierarchy.
The GRI Biodiversity Topic Standard update is focused on organisations being more transparent about their significant impacts on biodiversity and the actions they are taking to reduce or halt these impacts. While these updates are welcome, there are always challenges as we transition from the old standard to the new.
How do I get started?
If you need help understanding the new GRI Biodiversity Topic Standard and how it affects your existing reporting, or if you are a new reporter just getting started, contact us. With decades of experience in environmental reporting, Greenbase is here to help you navigate the guidelines and establish the best practice approach.
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