Mind the Gap: Comparing Biodiversity and Climate Disclosures Across the CAC 40, FTSE 100, and S&P 500.

This working paper provides a systematic, quantitative comparison of biodiversity and climate disclosure quality across 120 of the world's largest listed companies, drawn from three major stock exchange indices: the CAC 40 (Euronext Paris), the FTSE 100 (London Stock Exchange), and the S&P 500 (New York Stock Exchange). Companies were scored against 14 biodiversity and 7 climate (GHG) disclosure questions derived from an analysis of leading reporting frameworks (ESRS E4, TNFD, GRI 101: Biodiversity 2024, and SBTN). The results reveal a stark and systemic gap: companies disclose roughly two-thirds of assessed climate information (68.5%), yet less than one-twentieth of the equivalent biodiversity information (4.1%) — a 17× difference.