There is growing awareness that biodiversity loss poses a significant risk to the global economy, but a lack of clarity on what this means for corporations, and how they are responding. This study provides a first quantitative assessment of biodiversity risk exposure across the world's largest listed companies, compared with their adoption of biodiversity policies, through analysis of disclosures from a sample of 11,812 companies from 2004 to 2018. We find that companies have started responding strategically to biodiversity risk, with 29% having adopted a biodiversity policy by 2018. However, around $7.2 trillion of total enterprise value remains exposed to unmanaged biodiversity risk. Companies in sectors with material impacts on biodiversity tend to have high levels of response, but there is poorer responsiveness to material biodiversity dependency risks. A natural-capital-based view (NCBV) of the firm is proposed to theorise how corporations are constrained by both their impacts and dependencies on natural capital.

中文翻译：

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从影响到依赖：首次对企业生物多样性风险暴露和应对措施进行全球评估

人们越来越认识到生物多样性丧失对全球经济构成重大风险，但对于这对企业意味着什么以及它们如何应对尚不清楚。本研究通过对 2004 年至 2018 年 11,812 家公司样本的披露分析，首次对全球最大的上市公司的生物多样性风险敞口与其采用的生物多样性政策进行比较。我们发现，公司已经开始对到 2018 年，29% 的企业已采取生物多样性政策。然而，约 7.2 万亿美元的企业总价值仍面临未受管理的生物多样性风险。对生物多样性有重大影响的行业的公司往往会做出高水平的反应，但对物质生物多样性依赖风险的响应能力较差。提出了基于自然资本的公司观点（NCBV），以理论化公司如何受到其对自然资本的影响和依赖的约束。