What is Target 15 and why is it important

What is Target 15

Businesses are urged to assess and disclose their impacts on biodiversity as part of the Kunming-Montreal Global Biodiversity Framework, to reduce negative impacts, and to promote sustainable production patterns. In order to conserve biodiversity and ensure its sustainable use, this target is crucial, as businesses depend on biodiversity in various ways, and their activities can significantly impact it. Taking concrete steps to reduce negative impacts on biodiversity can be achieved by regularly monitoring, assessing, and disclosing risks, dependencies, and impacts.

How it can be achieved

It is essential that countries implement legal, administrative, and policy measures to encourage businesses and financial institutions to assess and disclose their biodiversity impacts, dependencies, and risks. Governments play a crucial role in encouraging and enabling businesses and financial institutions to take these actions consistently and equitably.

National target-setting should take into account the legal, administrative, and policy measures in place to encourage monitoring, assessing, and disclosing business risks, dependencies, and impacts on biodiversity, as well as measures aimed at ensuring consumers receive information and comply with regulations and measures regulating access and benefit sharing. In addition to evaluating ecological, economic, and social benefits and costs, it is also important to determine the actors who may be affected.

Why is Target 15 important?

The achievement of Target 15 will support the achievement of other related targets and contribute to the realization of all goals of the Kunming-Montreal Global Biodiversity Framework. Climate-related disclosure is well established across financial institutions and businesses and is used as a mechanism to better understand climate risk. It is hoped that Target 15 can act as the catalyst to ensure more transparency in reporting the interaction between business and biodiversity.

The role of businesses in achieving Target 15

Businesses are at the heart of Target 15, and they can already take proactive steps to implement Target 15. For instance, they can undertake biodiversity risk assessments to identify and prioritize areas of potential biodiversity loss or damage. Such assessments can help businesses develop strategies to mitigate negative impacts on biodiversity. Moreover, businesses can develop biodiversity management plans that incorporate measures to reduce negative impacts on biodiversity and promote positive impacts. These plans can also help businesses identify opportunities to generate positive impacts on biodiversity, such as through the restoration of degraded habitats or the promotion of sustainable land use practices.

In addition to risk assessments and management plans, businesses can also adopt sustainable sourcing practices that promote biodiversity conservation and sustainable use. Such practices can include sourcing materials and products from certified sustainable sources or developing partnerships with local communities to promote sustainable land use practices. Furthermore, businesses can invest in research and development to develop innovative solutions that promote biodiversity conservation and sustainable use. A sustainable consumption pattern can be promoted by developing new technologies that reduce negative impacts on biodiversity.

Companies and financial institutions with large net impacts on biodiversity, and where there is a direct interaction with the natural environment, need such measures. As sustainability reports often overlook the issues associated with supply chains and portfolios, improving their monitoring, assessment, and disclosure processes could have a significant impact on biodiversity.

Engagement

It is essential to recognize that the implementation of Target 15 requires the cooperation and engagement of all stakeholders, including businesses, governments, civil society, and local communities. Businesses should engage with local communities to understand their concerns and needs and develop strategies that promote their well-being and sustainable land use practices. Governments should also engage with civil society organizations and local communities to ensure that their policies and initiatives take into account the needs and concerns of all stakeholders. Furthermore, governments should ensure that their policies and initiatives are transparent and accessible to all stakeholders.

Measuring the progress

Several indicators are identified in the Kunming-Montreal Global Biodiversity Framework to measure progress toward Target 15. These include the number of companies that disclose risks, dependencies, and impacts on biodiversity, as well as how many companies publish sustainability reports. Businesses can also use the Task Force for Nature-related Financial Disclosures (TNFD) to disclose their nature-related risks and opportunities. A framework for setting nature-related targets and measuring progress against these targets is provided by Science-Based Targets for Nature.

At the heart of measuring this progress is the need for data that can feed into these key metrics. It is expected that for those organizations that have significant interaction with biodiversity, reliable geospatial data will be critical. The utilization of remote sensing and AI can provide an effective means to generate this data.

Resources

In the coming years, many organizations operating in the EU will be required to report. Target 15 can be implemented with the help of several resources:

You can access them by clicking on the links below: Webinar Recording: How AI is transforming Biodiversity measurement and monitoring

Conclusion

According to Target 15 of the Kunming-Montreal Global Biodiversity Framework, businesses play a critical role in conserving biodiversity and ensuring its sustainability. By monitoring, assessing, and transparently disclosing their risks, dependencies, and impacts on biodiversity, businesses can better understand their relationship with biodiversity and take steps to mitigate any negative impacts. Legislative, administrative, and policy measures by governments facilitate the implementation of this target by encouraging and enabling businesses and financial institutions to take these actions consistently and fairly. This target requires the cooperation and engagement of all stakeholders to achieve its objectives, and several resources and initiatives exist to assist with its implementation.