After a two-year delay, this week governments will finally meet in Montreal, Canada for the United Nations Biodiversity Conference – or ‘COP15’ – to agree a new global deal for nature. There has never been a more urgent need: we are in the midst of a catastrophic environmental crisis.

Nature is declining at rates unprecedented in human history. An average of around 25% of species in assessed animal and plant groups are threatened, suggesting that around 1 million species already face extinction. 75% of land & 66% of marine ecosystems have already been significantly altered by people.

The stakes are high and COP15 could be a historic moment, a once-in-a-decade opportunity for the world’s governments to agree a global agreement for nature, similar in significance to the Paris Agreement on climate change. The architects of the Paris Agreement, civil society, indigenous leaders and businesses are echoing this call to action. However progress on negotiations to this point has been woefully slow.

For the next two weeks, all eyes will be on the 196 countries agreeing the Global Biodiversity Framework (GBF), which should commit to halting and reversing biodiversity loss by 2030 to achieve the overarching goal of “living in harmony with nature” by 2050.

If successful, there is potential to set transformational goals and targets to unlock shared benefits, such as protecting 30% of land and seas, restoring large areas, eliminating environmental harmful subsidies, tackling pollution and mobilising finance.

The framework must include ambitious policies that require companies and finance institutions to protect, restore and sustainably manage nature. The global economy is embedded in nature. Companies throughout the value chain are exposed to risk from nature loss, from the direct exposure of land-use companies reliant on functioning ecosystems to the indirect exposure of the financial institutions investing in and insuring them. Businesses face serious nature-related risks due to the significant dependencies that their economic activities have on the natural environment and its systems.

Critically, COP15 will see mandatory environmental disclosure negotiated for the first time at a global level. Target 15 of the Global Biodiversity Framework would commit governments to mandate assessment and disclosure on corporate environmental impacts and dependencies. This is an absolute necessity, and something that CDP has advocated for years. While nature has risen up on the agenda of non-state actors, the majority of companies disclosing through CDP are still largely prioritising climate over wider environmental topics.

So, CDP has joined forces with Business for Nature, Capitals Coalition and hundreds of businesses asking governments to Make It Mandatory at COP15. There is an urgent need for a robust Target 15. Climate disclosure is now an accepted business norm and is now mandatory, or soon to be, in most major economies. It’s essential we harness that support into nature.

In 2022, disclosures on climate change through CDP rose by 42% to more than 18,600 – the highest rate in almost a decade.. In stark comparison, it is becoming increasingly clear that nature-related disclosure is not happening at the speed and scale that is required to halt and reverse nature loss and limit global warming in line with the goals of the Paris Agreement. In contrast to climate, just over 1,000 companies disclosed data on forests, a 20.5% increase on last year. Almost 4,000 companies disclosed water security data through CDP in 2022, a 16% increase on 2021.

A lack of focus on nature poses a fundamental risk to businesses, financial institutions and governments. Responses to CDP’s 2021 Climate Change Questionnaire revealed that while 86% of the 377 disclosing financial institutions assessed their portfolio’s exposure to climate risks, that figure dropped to around 67% for risks related to water security and to around 55% for risks related to deforestation.

Not only does this expose businesses to the unquantified risks associated with nature loss, but it also means that they are failing to benefit from the investment opportunities that come with addressing these risks. Businesses should embrace and invest in nature, rather than delay; inaction comes with notably higher costs.

As a result of the lack of prioritisation of nature disclosure, governments do not have the information needed to enforce changes, track progress and refine policies. Businesses and financial institutions don’t have the political certainty they need to invest and change their business models.

An ambitious Global Biodiversity Framework, including a robust Target 15, will be critical in ensuring companies can drive forward their commitments, by providing clear, comprehensive policies and guidance. This is very much needed.

In 2022, CDP collected data on biodiversity from companies for the first time. Positively, this data shows that companies are ready to disclose on biodiversity in their thousands and recognise its importance, but more than half of companies (55%) told us they have not taken actions to progress their biodiversity-related commitments into action. Evidence from over 20 years of disclosure through CDP has shown that disclosure not only drives environmental action, but also has tangible benefits for companies. Mandatory disclosure will only serve to further accelerate action and boost competitiveness.

Over the next two weeks, CDP will be closely monitoring negotiations at COP15. We stand ready to leverage our global environmental disclosure, through which nearly 20,000 entities disclosed in 2022, to accelerate implementation of the new Global Biodiversity Framework and track progress against its targets. This will in turn drive action to protect and restore biodiversity and nature loss across the global economy.