The health of our communities and livelihoods are dependent on the health of the natural world. However, biodiversity is declining faster than at any time in human history. Biodiversity loss is now recognised as one of the top five global risks to society. Nature conservation has transitioned from a corporate social responsibility issue to a core strategic risk management issue alongside climate?change. The Biodiversity Plan sets clear global targets for the sustainable use, restoration, and conservation of biodiversity by 2030, including disclosure of biodiversity impacts. It also acknowledges First Nations people as key partners in biodiversity conservation. The Australian Government has responded with a Nature Positive Plan, including new legislation and a national voluntary biodiversity market. This leads to implications for Australian utilities to understand their biodiversity performance. Yarra Valley Water have embarked on a journey to understand their nature-related impacts, dependencies and opportunities, their customer expectations, and how they could respond to these both on their own land and across their operations and supply chain. Here we report on this process and identify significant opportunities for utilities to meet local and global biodiversity restoration needs in addition to operational requirements.