ANNOUNCEMENTS
The unprecedented loss of biodiversity and ecosystems have become a global threat to world’s economies as all businesses and industries depend on the biological resources and ecosystem services provided by them, throughout their value chain. For this reason, businesses are required to take proactive measure and endorse in sustainable management of natural resources and conservation of biological diversity. Meanwhile, with increasing awareness about these biodiversity issues, investors and stakeholders are also demanding more transparency from the businesses regarding their biodiversity performance. Corporate reporting is a tool used by businesses, enabling them to monitor and evaluate their biodiversity performance as well as to communicate about this with the relevant stakeholders and investors. However, when it comes to biodiversity reporting businesses are facing many challenges due to the complexity of the subject, relative difficulty in gathering data for biodiversity reporting, and failing to understand the inter-linkages it has with other socio-environmental issues. This study therefore, aims to develop an effective reporting framework for IBBI member companies by developing a set of holistic and integrated indicators. This was met by following a qualitative analytical approach by gathering information from three different sources, i.e., on-site biodiversity assessment for four companies, biodiversity reporting requirements identified from globally recognized reporting frameworks and the post-2020 Global Biodiversity Framework, CBD. This aided in developing indicators that addressed site-level and corporate commitments of businesses for biodiversity conservation throughout their value chain. Key determinants and questions were identified from the analysis of these source, which helped in defining the purpose of each indicator. 21 possible indicators, which are both quantitative and qualitative in nature, were identified under the 10 IBBI declaration points which will enable businesses to compile information, analyze best practices and effectively communicate business actions towards positive change. It will also enable businesses to self-assess their progress made towards biodiversity conservation as well as integrate the biodiversity values in into their business operations. The suitability of these 21 indicators could be validated only after collecting and reviewing relevant information from member companies.
Key words: Biodiversity and Ecosystem Services, Business-Biodiversity Relationship, Biodiversity Reporting, IBBI declaration points, Indicator Development
