Emerging Global Biodiversity Frameworks

Stakeholder expectations and business pressure are growing as a result of biodiversity loss. This creates competing priorities for companies and a need for pragmatic and focused action. Regional, national, and international authorities around the world are developing new rules to govern biodiversity management and disclosure. Of note: Global Biodiversity Framework (GBF) agreed to in Dec 2022, new Task Force on Nature-related Financial Disclosures (TNFD) related to Target 15 of the GBF, Canada’s commitment to the framework and pledge to the 30×30 call to action, the National Biodiversity strategy engagement, and the anticipated Biodiversity strategy from the AB government in 2024. As a collective, COSIA-Pathways would benefit from being at pace or ahead of the curve in its understanding of evolving expectations. To support COSIA/PA objective 3.1, Land EPA hired a consultant (KPMG) for a three phase engagement process to begin developing knowledge and guidance for Pathways members to update and realign their biodiversity management protocols with emerging standards, regulations, and best practices.

Phase 1, Nature and Biodiversity: Relevance for Oil Sands. Aim: (1) contextualize biodiversity frameworks, recommend disclosures, and anticipate future trends, and (2) build a common understanding of various frameworks and enable discussion on practices and processes. Outcome: PowerPoint presentation that can be used by members’ sustainability teams to understand the “so what” of recent biodiversity trends. Phase 2, Leading Practice. Aim: (1) share leading global nature-positive practices, benchmarking, and actions from in-situ, mining, and forestry industries as well as (2) discuss common risks (green-washing), map solutions, leverage leading practice, and improve ratings. Outcome:115-page report describing the results of the benchmarking study and outlining the emerging legal risks around greenwashing in Canada. Phase 3, Roadmaps to Requirements. Aim: (1) build consensus on path forward for all COSIA Land EPA Members and (2) develop a “menu of options” for company-specific roadmaps and how these interface with ratings agencies, standards, and reporting guidelines/regulations. Outcome: roadmap outlining the different opportunities Pathways and its members can seize as well as estimates of the effort, risks, and impacts entailed for each.