The Methods workstream is leading in the field of assessing methodologies – and related metrics – for identifying, measuring, valuing and disclosing business and financial institution impacts and dependencies on biodiversity.
It publishes regular Update Reports which reflect evolutions in the development of biodiversity assessment approaches for businesses and financial institutions. The previous reports (2018, 2019) provide detailed information on key characteristics of biodiversity measurement approaches. The Update Report 3 marks the launch of a pragmatic decision framework to select the most suitable measurement approaches for a specific business context: the Biodiversity Measurement Navigation Wheel.
Key features of the Biodiversity Measurement Navigation Wheel 1.01 are the following:
- It offers a ‘Fast Track’ approach as it allows for considering multiple criteria at once;
- It relies on easy-to-use overview tables full of information on how tools can be differentiated on specific criteria;
- It brings in new selection criteria such as information on accessibility, costs and efforts and the maturity level of tools based on the application frequency for specific business contexts;
- It explicitly highlights the possibility to combine different approaches and metrics,
- It acknowledges the different perspective of the financial sector and made a start with an adapted version for that sector;
- It covers 19 biodiversity measurement approaches; and,
Last but not least, it has been built based on (updated) information from tool developers and on the thorough review of 16 quality reviewed and well elaborated case studies, i.e., real-life applications of biodiversity measurement approaches by businesses and financial institutions.
This report is another step in refining the findings and solving some of the challenges identified by the Aligning Biodiversity Measures for Business (ABMB) Initiative, which were extensively described in the Update Report 2 published in 2019. ABMB aims to achieve common ground between biodiversity tools for business and was a joint work of the EU B@B Platform and the UN Environment Programme World Conservation Monitoring Centre (UNEP-WCMC) which will be continued under the recently launched Align project (Aligning biodiversity metrics for business and support for developing generally accepted accounting principles for natural capital) running from 2021 to 2023 and funded by the EC.
In October 2020, the Methods workstream organised the webinar series “Measuring biodiversity for business and finance.” The series is designed for businesses who want to better understand the latest progress made in the field of biodiversity measurement for companies, including businesses and financial institution representatives, ESG providers, consultants, and NGOs. The recordings of all five webinars are available on YouTube, and more information about each session is available here.
1 The development of the Navigation Wheel is part of a coordinated effort. The Cambridge Conservation Initiative, Capitals Coalition and the EU Business @ Biodiversity Platform are continuing to work together to support business and financial institutions to select biodiversity measurement approaches suitable for their specific contexts. The Biodiversity Guidance Navigation Tool, developed by the Cambridge Conservation Initiative and Capitals Coalition (launching soon) has integrated the underlying principles and data of the Biodiversity Measurement Navigation Wheel (launched as part of this EU Business @ Biodiversity Platform’s Update 3 Report). Future iterations of the EU B@B’s Biodiversity Measurement Navigation Wheel will be developed in close consultation with CCI and The Coalition to ensure integration and alignment of these complementary tools.
Would you like to share experiences and get engaged in this work?
Contact the Methods workstream leader Johan Lammerant.