Ministry of Environment and Korea Chamber of Commerce and Industry Hold 'Natural Capital Disclosure Forum'

The Ministry of Environment announced on the 11th that it will hold the '2nd Natural Capital Disclosure Forum' with the Korea Chamber of Commerce and Industry.

This forum was organized to introduce international trends related to natural capital disclosure and to explore response measures. Natural capital disclosure is a system that evaluates and publicly discloses the impact and dependence of corporate activities on biodiversity. It was agreed to be introduced at the '15th Conference of the Parties to the Convention on Biological Diversity (CBD)' held in Montreal, Canada, at the end of December 2022.

At the 15th Conference of the Parties to the Convention on Biological Diversity (COP15), held in Montreal, Canada from December 9 to 20, 2022, participants applaud following the adoption of the 2030 Global Biodiversity Framework (GBF). Photo by UN

At the event, an expert discussion will be held on case presentations of natural capital disclosure by Japanese and domestic companies and their response strategies. Japan is the most proactive country in responding to natural capital disclosure, with 267 organizations currently participating in related forums. Additionally, 133 companies have announced plans to prepare natural capital disclosure reports by 2025.

At the forum, four Japanese companies?Mitsui Sumitomo (insurance company), Bridgestone (tire manufacturer), Nippon Electric Company (information and communication company), and Suntory (liquor company)?will present their response strategies. Among Korean companies, KT&G and Shinhan Financial Group, which have proactively prepared natural capital disclosure reports, will share their future plans.

The Ministry of Environment explained that it is responding swiftly to ensure smooth implementation of the system. In March, the Ministry launched a natural capital disclosure consultative body involving industry, accounting and law firms, and experts. Through this consultative body, international trends are shared and capacity-building education is provided.

Lee Byung-hwa, Vice Minister of the Ministry of Environment, said, "The management risks caused by biodiversity loss are increasing," and added, "Soon, natural capital disclosure will establish itself as an international norm following climate disclosure." He emphasized, "We will continuously support domestic companies through the public-private consultative body to ensure they face no difficulties in responding to natural capital disclosure."