The year 2022 concluded with the United Nations Conference on Biological Diversity (COP15), which resulted in a historic agreement to guide global actions in favor of nature by 2030.

COP15 led to the adoption of the Kunming-Montreal Global Biodiversity Framework (GBF) on the last day of negotiations. The GBF includes 23 action targets, such as addressing biodiversity loss, restoring ecosystems, and protecting the rights of indigenous peoples. The strategic plan includes concrete measures to halt and reverse nature loss, including the protection of 30% of the planet and 30% of degraded ecosystems by 2030.

Biodiversity and Reporting

Non-financial information reporting and various reporting frameworks and standards, both mandatory and voluntary at international and European levels, have included Biodiversity as a crucial theme.

At the global level, the International Sustainability Standards Board (ISSB) has been working on a common voluntary standard for reporting non-financial information to global financial markets. During COP15, the ISSB announced that the standard for disclosing information on climate change will be enhanced to include biodiversity, natural ecosystems, and just transition topics, connecting with corporate decarbonization and resilience plans. They will draw on the framework of the Taskforce on Nature-related Financial Disclosures (TNFD), which guides companies on considering nature-related risks and how they relate to climate risks.

At the European level, the recently approved Corporate Sustainability Reporting Directive (CSRD) in November 2022 obliges companies to report non-financial information under European reporting standards developed by the European Financial Reporting Advisory Group (EFRAG). The standards include different thematic questionnaires, including one on Ecosystems and Biodiversity (E4).

Additionally, in December 2022, the Global Reporting Initiative (GRI), one of the most widely used voluntary standards by companies worldwide, published its new Biodiversity Topic Standard (GRI Biodiversity Topic Standard), replacing the 2016 GRI 304. The standard, which is in the public consultation phase until the end of February 2023, incorporates significant updates, such as examining biodiversity across the value chain, beyond companies’ direct operations. Companies must understand their most significant impacts, how these impact or may impact human rights, and how they relate to climate change.

TNFD: Biodiversity-related Risks

The importance of identifying, managing, and valuing climate risks under the recommendations of TCFD is undisputed today.

Similarly, TNFD has emerged with the aim of developing and offering a risk management and disclosure framework for organizations to report on the evolution of nature-related risks, ultimately supporting a change in global financial flows that lead to positive results in climate action.

Currently, financial institutions and companies lack the necessary information to understand how nature affects the immediate financial performance of the organization, including the potential impact that financial risks can have on the environment. Therefore, TNFD has created an integrated framework based on existing standards, metrics, and data. This market-driven approach, combined with the involvement of leading scientific organizations, seeks to provide better information.

Improved information will enable financial institutions and companies to incorporate nature-related risks and opportunities into their strategic planning, risk management, and asset allocation decisions.

From Carbon Credits to Biodiversity Credits

The Biodiversity Credit Alliance (BCA) seeks to provide clarity and guidance for the development of a credible and scalable biodiversity credits market for “voluntary biodiversity credits” (VBC).

Supported by the United Nations Development Programme (UNDP) and the International Institute for Environment and Development (IIED), the BCA operates under the Global Biodiversity Credits Principles and aims to mobilize financial flows towards biodiversity protectors, recognizing local knowledge and contexts.

For more information on Reporting topics (ESG, Climate Change, Biodiversity, etc.), please feel free to contact José Manuel Correa (

For more information on TNFD, do not hesitate to contact Itziar Patiño ( or Carlos O’Neill (


Source: Global Factor

Global Factor is an international group with 19 years of experience, specialised in offering global, original, and innovative solutions in the fields of climate change adaptation and mitigation, carbon footprint, sustainability, circular economy, renewable energies, climate neutrality and carbon markets. Global Factor has an interdisciplinary team with a presence in 8 countries and has participated in more than 2,000 projects for more than 700 public and private clients, international organisations and non-profit entities in 51 different countries.