Toward More Nature-Positive Outcomes: A Review of Corporate Disclosure and Decision Making on Biodiversity

Maheshika Senanayake, Iman Harymawan, Gregor Dorfleitner, Seungsoo Lee, Jay Hyuk Rhee () and Yong Sik Ok ()
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Maheshika Senanayake: Korea Biochar Research Center and the Division of Environmental Science and Ecological Engineering, Korea University, Seoul 02841, Republic of Korea
Iman Harymawan: Center for Environmental, Social, and Governance Studies (CESGS) and the Department of Accountancy, Faculty of Economics and Business, Universitas Airlangga, Surabaya 60132, Jawa Timur, Indonesia
Gregor Dorfleitner: Department of Finance, Universität Regensburg, 93053 Regensburg, Germany
Seungsoo Lee: Korea Biochar Research Center and the Division of Environmental Science and Ecological Engineering, Korea University, Seoul 02841, Republic of Korea
Jay Hyuk Rhee: Center for Environmental, Social, and Governance Studies (CESGS) and the Department of Accountancy, Faculty of Economics and Business, Universitas Airlangga, Surabaya 60132, Jawa Timur, Indonesia
Yong Sik Ok: Korea Biochar Research Center and the Division of Environmental Science and Ecological Engineering, Korea University, Seoul 02841, Republic of Korea

Sustainability, 2024, vol. 16, issue 18, 1-24

Abstract: Loss of biodiversity and natural degradation are vital issues that have significant impacts on society and economy. Businesses, investors, and regulators have focused on corporate efforts to support biodiversity and nature-positive activities. This review provides a comprehensive overview of the importance of biodiversity for businesses, its materiality, and the roles of mandatory and nonmandatory regulations in corporate environmental reporting and sustainability disclosure frameworks. It also discusses descriptive information on the evolution of sustainability frameworks by comparing the most prominent sustainability frameworks, with a key focus on the materiality approach and biodiversity-related disclosure recommendations. Furthermore, we provide recommendations for more holistic approaches to improve future sustainability frameworks focusing on the impact of biodiversity. Additionally, we demonstrate the necessity for greater focus on the decision-making paradigm. Further research to measure the impact of biodiversity and innovative trends in sustainability reporting is required to better reflect nature-positive outcomes in corporate sector businesses.

Keywords: ESG; UN SDGs; sustainability reports; corporate environmental reporting; resilience; sustainable industrialization; biodiversity (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
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