Published on
February 6, 2024

Navigating Nature's Regulatory Landscape

Some nature and biodiversity regulations are mandatory for companies operating in certain regions of the world while others are voluntary frameworks and standards that are ever changing.

We understand the challenges posed by this evolving regulatory framework and are here to guide businesses through the complexities.

5
 min read
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In an era of heightened environmental consciousness, businesses are increasingly recognising the need to integrate nature and biodiversity considerations into their operations and strategies. However, the regulatory landscape governing nature and biodiversity can be a perplexing maze for them. Some nature and biodiversity regulations are mandatory for companies operating in certain regions of the world while others are voluntary frameworks and standards that are ever changing.

We understand the challenges posed by this evolving regulatory framework and are here to guide businesses through the complexities.

Which nature regulations are applicable to me?

he first step in successfully navigating the regulatory landscape is recognising the diversity of regulations applicable to different organisations. Location, sector, size, and ambition all play crucial roles in determining which frameworks are relevant. Similarly, some aspects are mandatory and others are best practice, others relate specifically to setting targets (e.g. SBTN), while others are related to a company’s entire nature journey and therefore include everything from strategy and governance to metrics and reporting (e.g. TNFD). Many organisations are seeking alignment with multiple frameworks simultaneously, which is why we work effectively to maximize the interoperability of standards and encourage alignment.

NatureMetrics can help you navigate the landscape and create approaches that maximize opportunities across them, whilst delivering best in class assessments to put companies in a nature-positive journey.

What nature regulations should I know about?

Understanding the legislations, regulations, frameworks and standards landscape is key to navigating the intricate world of nature and biodiversity regulations. Here's a chronological overview that traces the emergence and growth of significant milestones:

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2006: UN Principles for Responsible Investment (PRI)

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2012: UN Principles for Sustainable Investment (PSI)

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2018: Sustainable Financial Disclosure Regulation (SFDR)

Adverse impact of investments on biodiversity

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2018: Global Reporting Initiative (GRI)

Impacts on biodiversity, changes to the state of biodiversity, and direct drivers of biodiversity loss

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2020: EU Deforestation Law

Due diligence obligations around deforestation

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2020: EU Taxonomy

Classification of economic activities that ‘protect and restore biodiversity & ecosystems’

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2022: Partnership for Biodiversity Accounting Principles (PBAP)

Assess and disclose impact and dependencies on biodiversity of loans and investments

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2022: Corporate Sustainability Reporting Directive (CSRD)

Reporting on material topics in line with ESRS4 ‘Biodiversity & Ecosystems’

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2023: Taskforce for Nature-Related Disclosures (TNFD)

Framework to assess, manage and report on nature related IRO’s

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2023: International Sustainability Standards Boards (ISSB)

Global baseline for sustainability reporting, to add biodiversity to its climate related disclosure standards

By examining this timeline, you can gain insights into which regulations are important for your specific situation and prepare your organisation for the evolving nature governance landscape.

Our approach to nature reporting

Define a starting point: We help organisations to define a starting point through a granular gap analysis of their current state of business alignment with various regulatory frameworks. Whether it's the Global Biodiversity Framework (GBF), Science-Based Targets Network (SBTN), Task Force on Nature-related Financial Disclosures (TNFD), Corporate Sustainability Reporting Directive (CSRD), Sustainable Finance Disclosure Regulation (SFDR), or beyond, we have the expertise to guide you.

Close the Gap: Identifying gaps is only the beginning. Our team at NatureMetrics provides actionable recommendations to close these gaps. This spans from governance, strategy to monitoring, including refining internal policies and goals to align with regulatory frameworks and future-proofing your reporting strategy. We understand that staying ahead requires more than mere compliance; it demands a proactive approach to evolving regulations.

Building In-House Capabilities: To empower organisations further, we facilitate training sessions on the biodiversity regulatory landscape and nature-related risks and opportunities. Our upskilling workshops are designed to enhance the capabilities of teams responsible for leading on disclosure. By fostering in-house expertise, we ensure that your organisation is well-equipped to adapt to future regulatory changes.

Materiality Screening: Mapping and understanding biodiversity impacts and dependencies within your value chain are essential steps in compliance. Our geospatial tools enable materiality screening, helping you identify and assess the significance of biodiversity-related factors throughout your operations. We do this across the levels of your business, including:

  • Company level – Sector Agnostic Materiality Assessments
  • Sector level Refinement
  • Site Level Refinement

Enhance Reporting with GroundTruth: Our Nature Intelligence Platform provides scalable, high-integrity ground truth data to monitor your biodiversity footprint. As evidenced by independent research from Untapped in June 2023:

66% of sustainability leaders identified platform features as valuable in overcoming barriers to new nature reporting requirements.

Navigating the intricate regulatory landscape for nature and biodiversity reporting requires a strategic and informed approach. At NatureMetrics, we offer a comprehensive suite of services to guide your organisation through this dynamic terrain. From gap analysis and recommendations to in-house training and cutting-edge reporting tools, we are committed to ensuring that your business not only complies with current regulations but also thrives in the era of nature governance. Embrace the future with NatureMetrics as your trusted partner in navigating nature's regulatory landscape.

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