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GRI: 88% of Latin America companies referenced biodiversity in their sustainability reports
A recent report showed that 88% of companies in Latin America referenced biodiversity in their sustainability reports as sustainability reporting is increasingly vital to help companies and stakeholders understand the region’s unique environmental, social, and economic challenges.
Recent research from GRI, nuam and PwC, which analyzed sustainability reports from 75 organizations in Colombia, Chile and Peru, said more than 3,000 small and medium-sized enterprises (SMEs) in the region have produced a GRI sustainability report for the first time, with 500 in 2024 alone.
Reporting with globally-applicable standards, such as GRI’s, allows organizations to recognize, disclose and address their impacts on biodiversity. This year marks the first anniversary of the launch of GRI 101, the Topic Standard for Biodiversity. In effect for all reporting from January 2026, the Standard emphasizes the importance of disclosing biodiversity impacts across supply chains and operations.
“Adopting GRI 101 empowers Latin American businesses to gain deeper insights into their dependencies on natural ecosystems and the risks tied to biodiversity loss. By addressing their biodiversity impacts, companies not only play a key role in safeguarding the environment but also strengthen their competitiveness in global markets, driving long-term success and sustainability.” Andrea Pradilla, Director of GRI Latin America, said.
To further increase the global adoption of GRI 101, GRI launched a pilot program through which 14 GRI Community member organizations – including four from Latin America –become pioneers in the adoption of the Standard. Ecopetrol, a Colombian company that took part, were able to integrate biodiversity and ecosystem services into their materiality analysis, enabling a comprehensive, location-specific approach.
Biodiversity is now central focus of the global development agenda, as highlighted by key events such as the UN Conference of the Parties on Biodiversity (COP16) and publication by GRI of a new Biodiversity Standard in 2024. The second round of COP16 concluded last month in Rome, Italy, with a key outcome being the agreement to mobilize at least $ 200 billion per year to safeguard biodiversity by 2030.
This global push for action is particularly critical in biodiversity-rich regions like Latin America, home to six of the world’s 17 ‘megadiverse’ countries, including Brazil and Colombia, which hosted the first phase of COP16 last October. Yet this natural wealth has been under threat for the past 50 years, with a 94% decline in animal populations, as reported by WWF.
“The pilot allowed us to identify gaps in the value chain and gain clearer understanding of the relationship between reporting frameworks. Using GRI Standards helped us align with global best practices, ensuring transparency and comparability across sectors,” said Xiomara Sanclemente (Climate Change Manager) and Lorena Ortiz Melo (HSE Integral Professional), Ecopetrol.
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