By Chris Hancock 

With increasing focus on nature-positive actions and global biodiversity targets, companies require guidance, approaches, and tools that extend beyond simply mitigating water risk to providing larger ecosystem benefits. But few resources exist to account for the biodiversity benefits of corporate water stewardship projects. 

The Biodiversity Benefit Accounting (BioBA) guidance helps fill this gap by providing a framework for integrating biodiversity into corporate water stewardship. BioBA introduces a practical seven-step methodology to guide companies and practitioners from project assessment through monitoring and reporting.  

1. Select Projects with Potential Biodiversity Benefits 

Projects should aim to address corporate interests and the needs of stakeholders that rely upon local water and biodiversity resources. Projects that maximize biodiversity benefits, spatially and temporally, should be prioritized where possible. 

2. Define the Project’s Biodiversity Objectives 

Biodiversity objectives should be identified in the preliminary stages of a project, informed by local expertise, aligned with recognized restoration or implementation pathways, and consistent with regional ecological goals and plans. 

3. Develop a Project Plan Aligned with Biodiversity Objectives 

Project plans should be revisited as needed throughout implementation to reflect new information and lessons learned. 

4. Implement Project Activities and Collect Data 

Project activities should be implemented using the most relevant and up-to-date science, often in the form of manuals or guidance. Data should be collected and managed throughout implementation, and progress should be shared with the project team as the work advances. 

5. Quantify Outputs from Activity Implementation 

Outputs are tangible, direct results of project implementation that are expected or measured to improve conditions for biodiversity within the project footprint. Outputs are quantified through estimates or direct measurements and reported as numerical values using easily understood units. 

6. Evaluate Outcomes from Activity Implementation 

Outcomes are direct or indirect biodiversity changes resulting from project implementation and associated outputs. BioBA identifies three outcome indicators for evaluating biodiversity outcomes: ecosystem extent, ecosystem condition, and species. 

7. Communicate Biodiversity Benefits 

Corporate water stewardship and biodiversity projects frequently yield multiple benefits. The final step provides guidance on when and how companies can credibly report or claim biodiversity benefits. It also explains how to communicate project activities, outputs, and outcomes while aligning with broader biodiversity-related reporting and strategies. 

Putting the Seven-Step Methodology into Practice 

BioBA provides a structured, science-based approach to quantify, evaluate, and communicate biodiversity benefits. By aligning with global frameworks and other benefit accounting methods, BioBA situates biodiversity within the broader context of multi-benefit corporate water stewardship. 

BioBA fills a gap in the corporate water stewardship toolbox by enabling companies to prioritize and formalize biodiversity in their efforts. Learn more in the Biodiversity Benefit Accounting guidance.