BNP Paribas Asset Management (BNPP AM) and climate research provider and environmental disclosure platform CDP announced today a new partnership to explore and support the development of common biodiversity corporate reporting metrics.
Biodiversity protection and restoration is emerging as a key focus area for corporate environmental sustainability initiatives, as the threatened extinction of thousands of species highlights the urgent need to integrate biodiversity considerations into decision making across all sectors. Similar to other ESG pursuits, the development of material, consistent and reliable data collection and reporting systems for biodiversity will be necessary to guide company actions and initiatives in this area.
Cate Lamb, Global Director of Water Security at CDP, said:
“For over 20 years, CDP has worked with investors, businesses, governments and other NGOs to drive systemic change and achieve our vision of a thriving economy that works for people and planet in the long term. Environmental disclosure through CDP provides insights that lead to actions resulting in positive change, and now more than ever, there is an urgent need to accelerate action and mainstream corporate reporting on biodiversity impacts. This partnership allows CDP to build on our decade long work on water and forests, enhance the quality and quantity of environmental data created and made available to the market and accelerate positive corporate impact on biodiversity on an industrial scale.”
Under the new agreement, BNPP AM will back CDP’s development of a common, globally relevant corporate biodiversity reporting framework. According to the companies, the partnership aims to accelerate action on nature within the private sector by incentivizing companies to reduce biodiversity loss driven by business practices, while raising company and financial institutional awareness on biodiversity risks to support increased disclosure. Biodiversity reporting is also expected to encourage corporate behavioural change by favouring those companies that are managing natural resources sustainably and reducing negative impacts on species and ecosystems.
Robert-Alexandre Poujade, ESG Analyst at BNP Paribas Asset Management, said:
“The asset management industry is in urgent need of better data on biodiversity and how it is impacted by capital allocation choices. There is unprecedented interest from financial institutions and companies to better understand how they can make biodiversity-conscious investment decisions based on reliable data and thus reward companies that are managing natural resources sustainably. BNPP AM has a strong desire to be ‘part of the solution’ during the UN Decade on Ecosystem Restoration and through our partnership with CDP, we aim to enhance corporate disclosure to effectively address biodiversity loss.”