The Nature Tools Compass launches to support businesses and financial institutions in finding the right tools to assess their nature dependencies, impacts, risks and opportunities. 

UNEP-WCMC, in collaboration with partner organizations of the Strengthening Understanding and Strategies of Business to Assess and Integrate Nature (SUSTAIN) project, has launched the Nature Tools Compass to help businesses and financial institutions in navigating tools to assess their nature dependencies, impacts, risks and opportunities. It provides an overview of more than 70 tools as well as recommendations on how to use them. The tools are categorized according to the Locate, Evaluate, Assess and Prepare (LEAP) approach developed by the Taskforce for Nature-related Financial Disclosures (TNFD). The Nature Tools Compass will provide valuable support to businesses and financial institutions looking to respond to the findings of the recently released IPBES Business and Biodiversity Assessment. 

Help finding the right tools to understand and address nature-related risks and opportunities 

Businesses and financial institutions are increasingly recognizing their dependencies and impacts on nature as well as the risks and opportunities that may emerge because of these. Data and tools are critical for robust assessments that can inform action as well as disclosure. However, choosing the right tools can be challenging as each tool has its own specific use case, and many new tools have emerged in recent years. 

The Nature Tools Compass is more than just an inventory of tools. It helps businesses and financial institutions navigate the tools landscape and identify which ones may be relevant for different phases of a nature assessment. It also offers recommendations on how to apply each tool and highlights any key limitations. Users can find tools tailored to their needs, whether they are looking for data layers that can support a high-level screening of ecologically sensitive locations or remote sensing tools that can help them evaluate impacts at a specific site. 

The Nature Tools Compass is built to align with TNFD’s LEAP approach 

The Nature Tools Compass offers two pathways, one tailored to businesses and one to financial institutions. Both follow the phases of the LEAP approach. LEAP is used by organizations preparing for reporting in line with TNFD as well as other standards and frameworks, such as the International Sustainability Standards Board (ISSB), GRI Standards, European Sustainability Reporting Standards (ESRS) and Science Based Targets Network (SBTN). Businesses and financial institutions can also use LEAP and the Nature Tools Compass for non-disclosure purposes, for example, to inform their risk management processes or future strategy. 

Building on UNEP-WCMC's expertise and research 

Several of the tools featured in the Nature Tools Compass have been developed or co-developed by UNEP-WCMC. Notable examples include Exploring Natural Capital Opportunities, Risks and Exposure (ENCORE), Integrated Biodiversity Assessment Tool (IBAT), Ecosystem Integrity Index, Global Critical Habitat Screening Layer, Natural and Modified Habitat Screening Layer and the Impact Indicators Directory. 

As a global centre of excellence on biodiversity, UNEP-WCMC develops tools and knowledge platforms for a wide range of stakeholders from public and private sectors to academia and civil society. 

As more businesses and financial institutions actively engage with understanding and disclosing on nature, the Nature Tools Compass can provide support in navigating the tools landscape. 

The Nature Tools Compass is an output of the SUSTAIN project funded by the Horizon Europe grant programme. The development of the output was led by UNEP-WCMC. SUSTAIN project consortium is made up of Capitals Coalition, Oxford Sustainable Finance Group, UNEP-WCMC, WBCSD, ShareAction, PBL Netherlands Environmental Assessment Agency, ETH Zürich, Fundación Biodiversidad (Spanish Ministry for Ecological Transition and Demographic Challenge) and IUCN Secretariat (Headquarters and European Regional Office). More information on SUSTAIN can be found here.  

Main image: marcin jucha, Adobe Stock #202306731