This step helps you decide what your biodiversity policy or vision should be.
We define biodiversity valuation as the process of estimating the relative importance, worth, or usefulness of biodiversity components to business or people, in a particular context. Biodiversity measurement and valuation go hand in hand, with mDeciding on the biodiversity policy of your business is about determining which biodiversity dependencies and / or impacts are material and should be actively managed. In these guidelines, we define materiality assessment as the process that involves determining which biodiversity dependencies and / or impacts are (or are potentially) material in relation to your business operating environment and its stakeholders. In other words, a biodiversity dependency or impact is material if consideration of its value has the potential to alter your business’ decision-making process. Determining whether the biodiversity dependencies and / or impacts of your business are important involves gathering and synthetizing all the information you have obtained from the application of the previous four steps of our biodiversity mainstreaming guidelines; from the framing of your business case to the identification, measurement and valuation of the biodiversity dependencies and impacts of your business. This means, in essence, assessing the materiality of the evidence you have gathered for the biodiversity risks and opportunities you previously identified in step 1; which may eventually lead you to re-frame your initial business case. Once you have identified what needs to be managed, it is necessary to explore the appropriate scope of activities for your material dependencies and / or impacts i.e. measures focused on conservation, sustainable use or the fair and equitable sharing of benefits arising from biodiversity, in reference to the convention on Biological Diversity’s strategic goals and Aichi Targets. So as to be able to decide on what your biodiversity policy should be, we invite you to consult the forthcoming guidance document for this fifth step of our biodiversity mainstreaming guidelines. This should help you:
- Identify the information needed to assess the materiality of the biodiversity dependencies and / or impacts of your business;
- Decide whether to actively manage material biodiversity dependencies and / or impacts, for instance through the mapping of expected benefits against the level of effort or resources required;
- Start defining the scope and content of your biodiversity policy as per the Convention on Biological Diversity’s strategic goals and Aichi targets.
Download the new report “Invitation to join the Biodiversity Disclosure Project – A study of the biodiversity performance of South African companies”.
Undertake a self assesment of your biodiversity perfomance.
Many businesses are already on the biodiversity mainstreaming journey. Here is a selection of case studies from various industries.