Using the 15th United Nations Biodiversity Conference (COP15), we investigate the pricing of biodiversity risk in the corporate bond market. We find that COP15 was a significant repricing event. Before COP15, a firm's biodiversity footprint was not priced. After the conference, firms with worse footprints experienced higher subsequent bond returns, consistent with an emergent risk premium. Event study analysis reveals an immediate negative price reaction for high-footprint firms and longer-duration bonds. Investor attention initially centers on air pollution and greenhouse gas emissions, but later focuses on land and water concerns. Our evidence indicates that biodiversity risk has become a priced factor in corporate debt markets.