The Global Reporting Initiative (GRI) provides the most widely used sustainability reporting standards in the world, helping companies to communicate their economic, environmental and social impacts transparently. With the publication of the new GRI 101: Biodiversity 2024 standard, there are important innovations that companies must take into account in their reporting.

Introduction to GRI 101: Biodiversity 2024

On January 25, 2024, the GRI published the new standard GRI 101: Biodiversity 2024, which will replace the previous standard GRI 304: Biodiversity 2016. This new standard comes into force on January 1, 2026 and is mandatory for all reports on biodiversity from this date. However, earlier application is recommended.

The new standard is designed to help companies better understand their impacts and dependencies on nature. It is in line with the international Kunming-Montreal Global Biodiversity Framework and was developed to meet the increasing expectations of stakeholders and the growing importance of biodiversity.

Main changes in GRI 101: Biodiversity 2024

1. focus on the entire value chain

A significant difference to the old standard is the shift in focus to the entire value chain. While GRI 304 focused mainly on companies' own operations, GRI 101 requires information on impacts along the entire value chain. This includes:

• Disclosure 101-4, 101-5, 101-6: Information about products and services in the supply chain that have a significant impact on biodiversity.
• Disclosure 101-7 and 101-8: Recommendations for providing information about products and services in the supply chain and downstream value chain.

2. significance of materiality

Only significant (material) impacts need to be reported, which is in line with international reporting requirements such as the Corporate Sustainability Reporting Directive (CSRD). This change recognizes the challenges that many companies face in identifying, measuring and reporting all impacts on biodiversity, particularly in their supply chains.

3. location-related information

As most impacts on biodiversity are site-specific, the new standard places great emphasis on site-specific information. Companies must provide specific information on the sites with the most significant impacts on biodiversity.

New disclosures and requirements:

• Drivers of biodiversity loss: Companies must report on five direct drivers of biodiversity loss: Land and marine use change, overexploitation of natural resources, climate change, pollution and invasive species.
• Changes in the status of biodiversity: There are new requirements for reporting on the status of the affected ecosystems.
• Impacts on people: New requirements for reporting on the impacts of biodiversity loss on people, supplemented by disclosures in GRI 411 (rights of indigenous peoples) and GRI 413 (local communities).
• Biodiversity management: New biodiversity-specific management disclosures that focus on a company's commitments to halting and reversing biodiversity loss.

Importance of early preparation

Identifying significant impacts and interdependencies related to biodiversity is often complex and resource-intensive. Therefore, GRI 101: Biodiversity 2024 provides guidance on identifying the most significant impacts on biodiversity, including the supply chain. Companies should start collecting data early and use parallel processes to make both the dual materiality analysis and data collection efficient.

Conclusion

GRI 101: Biodiversity 2024 brings significant changes and new requirements that companies must consider in order to improve their reporting and meet stakeholder expectations. Early preparation and the use of comprehensive guidelines and tools are crucial to successfully mastering these requirements.

For further information and support in implementing the new GRI standards, please do not hesitate to contact us. Contact us to find out more about how we can support you with your sustainability reporting.