This Practice Note provides guidance on biodiversity and business and why this area is rising up the corporate agenda, alongside climate change. It provides details on a natural capital approach, nature-based solutions (NbS) and how a whole value chain approach is relevant. The Practice Note also provides information on the business risks (such as reputational or facing biodiversity litigation) and opportunities associated with biodiversity loss, as well as details on future reporting frameworks such as the Taskforce on nature-related Financial Disclosure (TNFD), Science-Based Targets (SBTs) for Nature and any requirements stemming from the Greening Finance and Sustainable Investing Roadmap. There is also guidance on key frameworks, such as the Environment Act 2021 requirements around biodiversity net gain (BNG) and conservation covenants and the 2023 Strategic Framework for International Climate and Nature Action, as well as international developments such as COP26, COP27 and the Conference on Biological Diversity (CBD), including COP15. Finally, the Practice Note provides practical steps through a mitigation hierarchy and examples of how businesses should address biodiversity impacts, such as conducting a biodiversity footprint assessment and formulating a biodiversity strategy.