Ipieca is the global oil and gas association for advancing environmental and social performance across the energy transition. In 2023, the Ipieca Global Biodiversity Framework (GBF) Task Force was formed as a reflection of Ipieca members’ commitment to biodiversity and nature. This paper documents the work that has been completed, and that which is still ongoing, by the Task Force. Results from a literature review of the Ipieca publications library and case studies collection exercise involving the Task Force members suggest that opportunities for contribution to the GBF from the energy industry exist beyond Target 15 (which is regarded as the target for business), and that there is significant potential to contribute to the GBF across its other 22 targets.
The GBF is a biodiversity initiative that aims to halt and reverse the loss of nature, which, in recent history, has been declining at a dangerous rate. According to the WWF, there has been, on average, a 69% decline in the relative abundance of monitored wildlife populations around the world between 1970 and 2018. The loss of nature represents a significant threat to all forms of life on Earth because damaged ecosystems will not only further endanger animals and other wildlife but also worsen climate change effects, putting people and their livelihoods at risk.
The GBF was adopted in 2022 at the United Nations Convention on Biological Diversity (UNCBD) Fifteenth Conference of the Parties (COP 15). The framework sets out four overarching goals for 2050 and 23 interim targets for 2030, which aim to deliver a vision of a world living in harmony with nature. Governments that adopted the framework agreed to develop national strategies and action plans to achieve those goals and targets. But what does the GBF mean for businesses and, more specifically, energy companies? Although the GBF is a framework for governments, there are many opportunities for other parties, such as indigenous peoples, nongovernmental organizations, and businesses, to contribute to the framework. The role of businesses has been deemed “critical and irreplaceable” to achieving the aims of halting and reversing biodiversity loss.
Target 15 of the GBF puts a spotlight on the role of the private sector in contributing to the implementation of the framework. Specifically, the target sets out an expectation for large and transnational companies to assess, monitor, and disclose their risks, dependencies, and effects on biodiversity, as well as provide this information to their consumers to encourage sustainable consumption, while reducing negative biodiversity-related effects and risks.
Oil and gas companies, which often fulfil the criteria of being large or transnational, are thus tied to the GBF through Target 15. Indeed, companies are being increasingly expected, by stakeholders and regulators, to accurately measure and reliably disclose their biodiversity-related effects, risks, and dependencies. The opportunities for contribution from the energy industry to the GBF, however, extends into other targets beyond Target 15, and this paper will present how and why that is the case. Businesses that are leading on the GBF implementation stand to protect their long-term interests while improving their value proposition, reputation, and operational efficiencies.