Biodiversity loss, driven by human activities, significantly affects the environment, human societies, and economies. Using the extended multi‐regional input–output (EEMRIO) and life cycle assessment (LCA) techniques, we offer insights into how these methodologies can be used to inform financial decisions related to biodiversity focusing on two key aspects: biodiversity impacts and ecosystem service dependencies. Our method combines spatially explicit characterization factors from LC‐IMPACT with the Global Resource Input‐Output Assesment (GLORIA) database to estimate biodiversity impacts. As a case study we assess the biodiversity impact of the MSCI All Country World Index (MSCI ACWI) which consist of about 3000 large‐ and mid‐sized companies, from 23 developed and 24 emerging countries. The results demonstrate that most of the biodiversity impact is caused in the Americas, followed by Asia, despite its low representation in the index's country weight (6%). Europe shows the least impact. These results emphasize the need to account for global supply chain linkages as products sold in one country might have significant biodiversity impacts elsewhere due to sourcing of production inputs. Second, our results identify the main determinants of the index's impact: land use, followed by water stress and climate change. Although most of the impact is localized in few sectors, the distinct characteristics of these sectors require industry‐specific mitigation approaches. Finally, double materiality results show both, the influence companies have on biodiversity and the reciprocal effects. Companies neglecting these impacts risk financial setbacks, making it a crucial concern for investors.