The #COP15 global biodiversity conference has just closed last month and some important resolutions have been decided.
The main targets that are described in the agreement:
These resolutions represent major efforts to be done by all sectors (forestry, agriculture, urban developments, industry). In Europe, these resolutions fall very much in line with the EU biodiversity strategy and nature restoration targets that have been set in 2022.
For industry, beyond the environmental impact assessments that are done at the moment (renewal) of permitting, the obligations linked to the Corporate Sustainability Reporting Directive (also published end of 2022) require reporting according to set standard on different Environmental, Social and Governance topics that specifically include biodiversity.
Businesses and industry will have to assess their impacts on biodiversity. They will also need to have plans in place that guide a transition towards being nature positive by 2050, in alignment with the EU Biodiversity Strategy for 2030. These plans will have to be followed through and monitoring in subsequent reporting.
Biodiversity impact must be assessed at all levels of the supply chain. For companies with large and complex supply chains this can involve data that can be difficult to sort through, as even small changes in local conditions can impact which species are naturally present, and how they are best protected. obtain, particularly for companies with a large and complex supply chain.
Consultancy companies as TAUW will be strongly involved in supporting industries in collecting the relevant information, in identifying relevant and impactful action plans and monitoring their progress based on our expertise in this specific field.
In terms of timing, the reporting obligations will concern listed companies with more than 500 employees (reporting for fiscal year 2024) followed by non-listed large companies the following year and SMEs as well for the fiscal year 2026 (but with more limited reporting standards).
We look forward to engaging with you on this topic in the coming year!
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