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Majority of G20 countries lack policies on nature-related disclosure, despite COP15 commitments

London – WEBWIRE
  • Regulation on corporate disclosure on nature is severely lagging, according to CDP, the world’s environmental disclosure platform.
  • Whilst the majority of G20 members[1] have implemented or are in the process of implementing climate-related disclosure requirements, only 40% have introduced water-related disclosure requirements.
  • Only Brazil, the EU and Indonesia have requirements for companies to report biodiversity-related data.
  • This is despite commitment made by 193 governments, including 19 G20 members, at COP15 to require companies and financial institutions to disclose their risks, dependencies and impacts on biodiversity by 2030 at the latest.
  • G20 must show leadership at annual summit by committing to robust policies on nature-related disclosure.
  • Positively, regulation on climate-related disclosure is now the form across the G20, with more than half of G20 members how having policies in place, including India, where the summit will take place.

 The majority of G20 members still have limited to no policies on nature-related corporate disclosure, according to new research by CDP, which runs the global environmental disclosure system for corporates, financial institutions, cities, states and regions.

This is in spite of the commitment made at COP15, including by 19 of the 20 G20 members, to require companies and financial institutions to disclose their risks, dependencies and impacts on biodiversity by 2030 at the latest, through Target 15 of the Global Biodiversity Framework.

However, with just over six years to meet that deadline, CDP found that just Brazil, the EU and Indonesia have implemented or are in the process of implementing any biodiversity-related disclosure requirements. While progress on water-related requirements is more advanced, still only 40% (8) of G20 members have introduced policies[2].

“Whilst we have seen significant movement towards widespread mandatory climate-related financial disclosure in recent years, it is disappointing to see the lack of ambition from most G20 policymakers on nature-related disclosure.”, said Pietro Bertazzi, Global Director for Policy Engagement and External Affairs, at CDP. “Science has left no room for doubt: climate and nature must be tackled together and a lack of action and sufficient data on nature from real economy actors has severe ramifications. This weekend, we urge G20 members to demonstrate leadership on the implementation of Target 15 of the Global Biodiversity Framework by committing to robust policies on nature-related disclosure.”

To support governments and regulators with developing the most robust and impactful policies, CDP has developed ten principles for high-quality mandatory disclosure (HQMD) which it is calling on G20 regulators to adopt. These principles will support policymakers to address key gaps in their current regulatory approach, including the lack of a holistic approach to environmental, a narrow scope of businesses and the inclusion of transition plans. CDP’s HQMD Principles were co-created in consultation with organizations such as WWF, Business for Nature, ClientEarth and the International Finance Corporation (IFC)[3].

“Mandatory disclosure is critical to deliver on the Paris Agreement and the Global Biodiversity Framework”, comments Eva Zabey, CEO of Business for Nature. “A growing number of businesses and investors have been calling for mandatory disclosure as a strategic enabler to create a level playing field and to drive informed business and investment decisions in support of sustainable practices. Now more than ever, businesses and governments must unite to enact these principles, ensuring a net-zero, nature-positive and equitable global economy for generations to come.”

CDP data has shown the need for holistic mandatory disclosure requirements. While more than 18,700 companies globally disclosed data on climate change through CDP in 2022, less than half of that (8,700) disclosed any information related to biodiversity and just under 4,000 disclosed on water security. Calls for mandatory disclosure on nature were backed by more than 400 businesses and financial institutions ahead of COP15[4].

While CDP found that regulation on climate-related financial disclosure is fast becoming the norm across the G20, there are still shortfalls in their scope across G20 jurisdictions, with some regulations neglecting critical aspects of a corporate net-zero journey, including Scope 3 emissions and credible transition plans in line with science.

“IFC commends CDP’s effort in setting High-Quality Mandatory Disclosure Principles to support the development of mandatory ESG reporting guidelines. These principles are a great lever to address the environmental crisis, especially in the emerging markets where IFC operates, and address market needs and investor demand for robust and comparable ESG data, raising the bar on sustainability and climate disclosure standards.”, said Martine Valcin, Global Manager, Corporate Governance / ESG Advisory, Knowledge and Learning, at the International Finance Corporation.


[1] As all EU companies, including G20 member states France, Germany and Italy, will fall under the EU Corporate Sustainability Reporting Directive (CSRS) these three member states were analyzed under EU-wide policies, rather than individually.

[2] CDP has developed a series of interactive maps which can be used to assess climate, biodiversity and water-related disclosure requirements across G20+ countries. This includes G20 members alongside Singapore, Hong Kong and Switzerland.

[3] To develop the HQMD Principles, CDP convened a steering committee with representation from Business for Nature, Ceres, ClientEarth, Climate & Company, China Water Risk, eftec, European Climate Foundation, GRI, IFS Beijing, International Finance Corporation, Minderoo Foundation, Oxford University and the Pew Charitable Trusts.

[4] Through Business for Nature’s Make It Mandatory campaign, together with Capitals Coalition and CDP, more than 400 business and finance institutions from 52 countries with combined revenues of more than $2 trillion asked governments to make nature-related disclosure mandatory at COP15.

About CDP
CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 740 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Nearly 20,000 organizations around the world disclosed data through CDP in 2022, including more than 18,700 companies worth half of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit

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