OCTOBER 2023 
Methodology Document
MSCI ESG Research LLC
MSCI ESG Ratings 
Methodology: 
Biodiversity & Land 
Use Key Issue 
MSCI ESG Research LLC 
October 2023

MSCI ESG Ratings Methodology: Biodiversity & Land Use Key Issue | October 2023
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Introduction ................................................................................... 3 
Risks associated with this Key Issue ........................................... 4 
Biodiversity & Land Use Key Issue Score .................................... 4 
Biodiversity & Land Use Management Score .............................. 4 
Management Score category: Policies & Disclosure Score .... 5 
Management Score category: Programs & Structures Score . 6 
Management Score category: Performance Score .................. 6 
Controversies ............................................................................. 7 
Biodiversity & Land Use Exposure Score ..................................... 7 
Business Exposure Score .......................................................... 8 
Business Segment Exposure Scores ..................................... 9 
Geographic Exposure Score ...................................................... 9 
Geographic Segment Exposure Scores ............................... 10 
Data Sources ............................................................................ 11 
 
 
 
Contents

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Introduction 
This document provides essential information on the components of the Biodiversity 
& Land Use Key Issue to enable users of ESG Ratings to understand how our outputs 
are determined. Biodiversity & Land Use is a Key Issue in the Environmental Pillar of 
the MSCI ESG Ratings model. Companies are evaluated on the potential impact of 
their operations on biodiversity in their areas of operation and their efforts to 
manage the environmental impact of their operations. 
For additional details on the MSCI ESG Ratings Model, refer to Section 2, Data, 
ratings and scores, of “ESG Ratings Methodology.” 
 
Exhibit 1: MSCI ESG Key Issue hierarchy 
3 Pillars 
10 Themes 
33 ESG Key Issues 
Environmental 
Climate Change 
Carbon Emissions 
Climate Change Vulnerability 
Financing Environmental Impact 
Product Carbon Footprint 
Natural Capital 
Biodiversity & Land Use 
Raw Material Sourcing 
Water Stress 
Pollution & Waste 
Electronic Waste 
Packaging Material & Waste 
Toxic Emissions & Waste 
Environmental Opportunities 
Opportunities in Clean Tech 
Opportunities in Green Building 
Opportunities in Renewable Energy 
Social 
Human Capital 
Health & Safety 
Human Capital Development 
Labor Management 
Supply Chain Labor Standards 
Product Liability 
Chemical Safety 
Consumer Financial Protection 
Privacy & Data Security 
Product Safety & Quality 
Responsible Investment 
Stakeholder Opposition 
Community Relations 
Controversial Sourcing 
Social Opportunities 
Access to Finance 
Access to Health Care 
Opportunities in Nutrition & Health 
Governance 
Corporate Governance 
Board

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3 Pillars 
10 Themes 
33 ESG Key Issues 
Pay 
Ownership & Control 
Accounting 
Corporate Behavior 
Business Ethics 
Tax Transparency 
 
Risks associated with this Key Issue 
• 
Loss of formal and social license to operate. 
• 
Litigation by landowners and other affected parties. 
• 
Increased costs of land protection and reclamation. 
 
Biodiversity & Land Use Key Issue Score 
The Biodiversity & Land Use Key Issue Score evaluates the company’s level of 
exposure to, and management of risks on this Key Issue. The Key Issue Score is 
based on the Exposure Score and the Management Score using the formula below. 
The Exposure Score and the Management Score are combined such that a higher 
level of exposure requires a higher level of demonstrated management capability in 
order to achieve the same overall Key Issue Score. 
𝐾𝐾𝐾𝐾𝑖𝑖= 7 −(max (𝐸𝐸𝐸𝐸𝐸𝐸𝑖𝑖, 2) −𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑖𝑖) 
Where: 
• 
𝐾𝐾𝐾𝐾𝑖𝑖 is the Key Issue Score for company 𝑖𝑖. 
• 
𝐸𝐸𝐸𝐸𝐸𝐸𝑖𝑖 is the Exposure Score for company 𝑖𝑖. 
• 
𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑖𝑖 is the Management Score for company 𝑖𝑖. 
 
Biodiversity & Land Use Management Score 
The Biodiversity & Land Use Management Score evaluates the company’s ability to 
manage its exposure to risks on this Key Issue. It is based on an average of the 
scores associated with each of the Management Score categories listed below, 
modified by Controversies. These scores are derived from data points that are 
scored on a 0-10 scale, with 10 corresponding to best practice and 0 corresponding

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to lack of management. Refer to Section 3.3, Analyzing risk management, of “ESG 
Ratings Methodology” for additional details. Sources are company disclosures 
except where otherwise indicated. The following formula is used to calculate the 
Biodiversity & Land Use Management Score - Excluding Controversies: 
𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖= 𝑃𝑃𝑃𝑃𝑃𝑃𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖+ 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖 + 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖
3
 
Where: 
• 
𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖 is the Biodiversity & Land Use Management Score - Excluding 
Controversies for company 𝑖𝑖. 
• 
𝑃𝑃𝑃𝑃𝐿𝐿𝐵𝐵𝐵𝐵𝐵𝐵, 𝑖𝑖 is the Policies & Disclosure Score for company 𝑖𝑖. 
• 
𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖 is the Programs & Structures Score for company 𝑖𝑖. 
• 
𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖 is the Performance Score for company 𝑖𝑖. 
 
The following data points, without constituting an exhaustive list, are representative 
of the inputs to the Management Score and are used in the Management Score 
calculation:  
Management Score category: Policies & Disclosure Score 
• 
Involvement with external stakeholder groups to address the biodiversity 
impacts of its operations. 
Definition: Indicates whether there are external stakeholder groups that work 
with the company to address the biodiversity impacts of its operations.  
 
• 
Scope of third-party engagement or standard to address the biodiversity 
impacts of operations. 
Definition: The estimated share of operations with ecosystem protection 
programs certified or assured by an external stakeholder group. 
 
• 
Commitment to minimize disturbances on biodiversity. 
Definition: Indicates whether the company has disclosed an explicit 
commitment to minimize disturbances on biodiversity, for example following 
the mitigation hierarchy of “avoid, minimize, restore and offset.”

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• 
Commitment to reclaim habitat on disturbed land. 
Definition: Indicates whether the company has disclosed an explicit policy to 
eventually reclaim the habitat of all disturbed land. 
 
• 
Scope of biodiversity and land reclamation policy. 
Definition: The scope of operations covered by the company’s disclosed 
biodiversity and land reclamation policy, where applicable (i.e., all operations 
including its supply chain, all direct operations, or partial operations). 
 
Management Score category: Programs & Structures Score 
• 
Extent of programs to protect ecosystems. 
Definition: Assesses the comprehensiveness of the company’s steps to 
protect ecosystems, for example, whether the company creates ecosystem 
reserves vs. isolated initiatives to protect single species, and whether such 
practices apply to all major sites or only selected operations. 
 
• 
Conducts biodiversity impact assessments. 
Definition: Indicates whether the company conducts biodiversity impact 
assessments prior to settling in new areas. 
 
Management Score category: Performance Score 
Assesses the company’s performance on quantitative metrics related to 
biodiversity & land use. Expressed as a 0-10 score, where 10 indicates the 
highest level of performance relative to peers on industry-specific metrics, 
including oil spill intensity (volume of oil spilled/million USD sales) and 
freshwater usage intensity (volume of freshwater withdrawal/million USD 
sales).  
Representative performance metrics: 
o 
Oil spill volume/million USD sales relative to industry average. 
o 
Oil spill volume/million USD sales trend. 
o 
Freshwater withdrawal/million USD sales relative to industry average.

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o 
Other industry-specific metrics. 
 
Controversies 
A controversy deduction ranging from 0 to 5 points is subtracted from the 
Management Score - Excluding Controversies, based on the severity and type of 
controversies facing the company on this Key Issue. The result is the Management 
Score. The following categories of controversies are used in the assessment:  
• 
Biodiversity & land use controversies. 
• 
Oil spills. 
• 
Toxic releases to water/land controversies. 
For more details on how controversies are included in the MSCI ESG Ratings model, 
refer to Section 3.3.2, Controversies cases, of “ESG Ratings Methodology.” 
 
Biodiversity & Land Use Exposure Score 
The Biodiversity & Land Use Exposure Score evaluates the company’s exposure to 
risks on this Key Issue. It is based on the Business and Geographic Exposure Scores. 
The Geographic Exposure Score functions as a multiplier on the Business Exposure 
Score, with an impact ranging from -50% to +50%. The Business and Geographic 
Exposure Scores are scored on a 0-10 scale, with 10 corresponding to the highest 
risk and 0 corresponding to the lowest risk. Refer to Section 3.2, Analyzing risk 
exposure, of “ESG Ratings Methodology” for additional details. The following formula 
is used in the Exposure Score calculation: 
𝐸𝐸𝐸𝐸𝐸𝐸𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖= 𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖(1 + 0.1൫𝐺𝐺𝐺𝐺𝐺𝐺𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖−5൯) 
Where: 
• 
𝐸𝐸𝐸𝐸𝐸𝐸𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖 is the Biodiversity & Land Use Exposure Score of company 𝑖𝑖. 
• 
𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖 is the Business Exposure Score of company 𝑖𝑖. 
• 
𝐺𝐺𝐺𝐺𝐺𝐺𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖 is the Geographic Exposure Score of company 𝑖𝑖.

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Exhibit 2: Exposure Score components 
 
Business Exposure Score 
The Business Exposure Score is a weighted average of the Segment Exposure 
Scores of a company’s business segments. Scores are weighted by the proportion of 
a company’s total assets in each business segment,1 using the following formula to 
calculate the Business Exposure Score: 
𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖= ෍
𝑤𝑤𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴,𝑖𝑖,𝑗𝑗𝐵𝐵𝑆𝑆𝐸𝐸𝐵𝐵𝐵𝐵𝐵𝐵,𝑗𝑗
𝑛𝑛𝑖𝑖
𝑗𝑗=1
 
Where:  
• 
𝐵𝐵𝑆𝑆𝐸𝐸𝐵𝐵𝐵𝐵𝐵𝐵,𝑗𝑗 is the Business Segment Exposure Score for business segment 𝑗𝑗. 
• 
𝑤𝑤𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴,𝑖𝑖,𝑗𝑗 is the weight of business segment  𝑗𝑗 for company 𝑖𝑖 based on the 
contribution to total company assets.  
• 
𝑛𝑛𝑖𝑖 is the number of business segments of company 𝑖𝑖. 
 
1 The percentage of assets is typically calculated as the company-reported asset value of the segment divided by the total 
asset value. In certain cases, industry-specific metrics are used to calculate the percentage of assets, such as power 
generation, production volume or reserve value. In cases where neither segment assets nor a relevant industry-specific 
proxy is available, the percentage is calculated based on segment revenue. 
Biodiversity & Land Use 
Exposure Score 
Geographic Exposure 
Score 
Business Exposure 
Score 
Business Segment 
Exposure Scores 
Geographic Segment 
Exposure Scores 
Biodiversity Business 
Impacts, Controversies 
Forest Area Loss, 
Threatened Species

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Business Segment Exposure Scores 
The Business Segment Exposure Score of a business segment is based on a 
mapping of the business segment as disclosed by the company to a corresponding 
business activity. MSCI ESG Research uses the  Standard Industrial Classification 
(SIC) system along with industry-specific adjustments to define business activities. 
The score associated with a business activity is used to calculate a Business 
Segment Exposure Score. Each business activity score is determined by a simple 
average of the Biodiversity Business Impacts Score and the Controversies Score of 
the business activity.  
𝐵𝐵𝑆𝑆𝐸𝐸𝐵𝐵𝐵𝐵𝐵𝐵,𝑗𝑗= 𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝑗𝑗+ 𝐶𝐶𝐶𝐶𝑗𝑗
2
 
Where: 
• 
𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝐵𝑗𝑗 is the Biodiversity Business Impacts Score for business activity 𝑗𝑗. 
• 
𝐶𝐶𝐶𝐶𝑗𝑗 is the Controversies Score for business activity 𝑗𝑗. 
 
The Biodiversity Business Impacts Score of a business activity is assessed by 
examining the business impacts that are present for that activity. Nine business 
impacts such as disruption of operations, restricted access to land and resources, 
litigation, etc. arising from biodiversity and ecosystem changes are considered. For 
each business activity, each impact is presented as a 0 or 1 value, with 1 indicating 
that the impact is present. The number of impacts that apply to each activity is 
counted and scaled to a factor of 10 to calculate the Biodiversity Business Impacts 
Score. 
The Controversies Score of a business activity is determined by the percentage of 
companies involved in a biodiversity controversy assessed as Moderate to Very 
Severe among all the companies with the same primary business activity.2 Refer to 
Section 3.3.2, Controversies cases, of “ESG Ratings Methodology” for details on how 
the severity of controversy cases is assessed.  
 
Geographic Exposure Score 
The Geographic Exposure Score is a weighted average of the Geographic Segment 
Exposure Scores of the countries and regions in which a company operates. Scores 
 
2 The primary business activity of a company is the industry, as defined by the SIC System, that is the largest contributor 
to its total assets.

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are weighted by the proportion of a company’s total assets in each geographic 
segment through the following equation:  
 
𝐺𝐺𝐺𝐺𝐺𝐺𝐵𝐵𝐵𝐵𝐵𝐵,𝑖𝑖= ෍
𝑤𝑤𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴,𝑖𝑖,𝑟𝑟𝐺𝐺𝑆𝑆𝑆𝑆𝐵𝐵𝐵𝐵𝐵𝐵,𝑟𝑟
𝑛𝑛𝑖𝑖
𝑟𝑟=1
 
Where:  
• 
𝐺𝐺𝑆𝑆𝑆𝑆𝐵𝐵𝐵𝐵𝐵𝐵,𝑟𝑟 is the Geographic Segment Exposure Score of region 𝑟𝑟. 
• 
𝑤𝑤𝐴𝐴𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠,𝑖𝑖,𝑟𝑟 is the weight of total assets in region 𝑟𝑟 for company 𝑖𝑖 based on the 
contribution to total company assets. 
• 
𝑛𝑛𝑖𝑖 is the number of geographic segments for company 𝑖𝑖. 
 
For geographic segments disclosed as regions (example: Asia Pacific), a nominal 
GDP-weighted country aggregation is used to calculate region-level scores, using the 
following equation: 
 
𝐺𝐺𝑆𝑆𝐸𝐸𝐵𝐵𝐵𝐵𝐵𝐵,𝑟𝑟= ෍
𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺,𝑟𝑟,𝑐𝑐𝐺𝐺𝑆𝑆𝐸𝐸𝐵𝐵𝐵𝐵𝐵𝐵,𝑐𝑐
𝑛𝑛𝑟𝑟
𝑐𝑐=1
 
Where: 
• 
𝐺𝐺𝑆𝑆𝐸𝐸𝐵𝐵𝐵𝐵𝐵𝐵,𝑐𝑐 is the Geographic Segment Exposure Score of country 𝑐𝑐. 
• 
𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺,𝑟𝑟,𝑐𝑐 is the specific weight of country 𝑐𝑐 within region 𝑟𝑟. 
 
Geographic Segment Exposure Scores 
The Geographic Segment Exposure Score is determined by a simple average of (1) 
average annual forest area loss score, and (2) the number of threatened species 
score in the country: 
 
𝐺𝐺𝑆𝑆𝐸𝐸𝐵𝐵𝐵𝐵𝐵𝐵,𝑐𝑐= 𝐴𝐴𝐴𝐴𝐴𝐴𝑐𝑐+ 𝑁𝑁𝑁𝑁𝑁𝑁𝑐𝑐
2
 
Where: 
• 
𝐴𝐴𝐴𝐴𝐴𝐴𝑐𝑐 is the average annual forest area loss score in country 𝑐𝑐. It is calculated 
from the 5-year average annual forest area loss (1,000 Ha) per country.

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• 
𝑁𝑁𝑁𝑁𝑁𝑁𝑐𝑐 is the number of threatened species score in country 𝑐𝑐. 
 
Data Sources 
The following sources are used to determine the Biodiversity & Land Use Exposure 
Score: 
World Resources Institute, “Global Forest Watch;” World Resources Institute; UNDP 
Human Development Reports; Refinitiv; MSCI ESG Research; company disclosures.

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AMERICAS 
 
Americas 
1 888 588 4567 * 
Atlanta  
+ 1 404 551 3212 
Boston  
+ 1 617 532 0920 
Chicago 
+ 1 312 675 0545 
Monterrey 
+ 52 81 1253 4020 
New York 
+ 1 212 804 3901 
San Francisco + 1 415 836 8800 
São Paulo 
+ 55 11 3706 1360 
Toronto 
+ 1 416 628 1007 
 
EUROPE, MIDDLE EAST & AFRICA 
 
Cape Town 
+ 27 21 673 0100 
Frankfurt 
+ 49 69 133 859 00 
Geneva  
+ 41 22 817 9777 
London  
+ 44 20 7618 2222 
Milan  
+ 39 02 5849 0415 
Paris 
 
0800 91 59 17 * 
 
ASIA PACIFIC 
 
China North 
10800 852 1032 * 
China South 
10800 152 1032 * 
Hong Kong 
+ 852 2844 9333 
Mumbai 
+ 91 22 6784 9160 
Seoul  
00798 8521 3392 * 
Singapore 
800 852 3749 * 
Sydney  
+ 61 2 9033 9333 
Taipei  
008 0112 7513 * 
Thailand 
0018 0015 6207 7181 * 
Tokyo  
+ 81 3 5290 1555 
 
* = toll free 
About MSCI 
MSCI is a leading provider of critical 
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over 50 years of expertise in research, 
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industry-leading research-enhanced 
solutions that clients use to gain insight 
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About MSCI ESG Research Products 
and Services  
MSCI ESG Research products and 
services are provided by MSCI ESG 
Research LLC, and are designed to 
provide in-depth research, ratings and 
analysis of environmental, social and 
governance-related business practices 
to companies worldwide. ESG ratings, 
data and analysis from MSCI ESG 
Research LLC. are also used in the 
construction of the MSCI ESG Indexes. 
MSCI ESG Research LLC is a Registered 
Investment Adviser under the 
Investment Advisers Act of 1940 and a 
subsidiary of MSCI Inc. 
 
To learn more, please visit 
www.msci.com. 
 
Contact us 
msci.com/contact-us

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