<p>Biological diversity—the complex tapestry of life and ecosystems—is facing an urgent global crisis, with increasing extinction rates and the loss of variety on all levels of biodiversity from genetic to ecosystem diversity. This study analyzes 2843 environmental, social, and governance (ESG) reports by companies from 43 countries, focusing on Global Reporting Initiative (GRI) standards, and examines the quality of biodiversity-related disclosure (BRD) from 2010 to 2019. The study achieves three objectives. First, it provides a global assessment of the quality of BRD, which declines after 2015 despite increased recognition of the importance of biodiversity. Second, it identifies the influence of climate-related risks and management incentives as internal determinants of BRD quality. Third, in examining the consequences of BRD, it highlights the impact of BRD quality on investor risk perception and stakeholder perceptions (i.e., corporate reputation). Improved BRD quality increases perceived risk. For companies with biodiversity impacts, however, the effect is the opposite, suggesting that investors do not fully understand the risks of biodiversity dependency. These findings suggest the need for equal recognition of biodiversity alongside climate change in reporting standards and policies.</p>