We examine whether biodiversity risk is priced in global equity markets using two new firm-level biodiversity risk measures: an environmental cost-based measure grounded in the IPBES drivers of biodiversity loss and a geospatial measure that links firms' asset locations to key biodiversity areas. Our study encompasses a larger sample than prior research: 12,288 firms across 58 countries over 2009-2022. We find that biodiversity risk matters, but pricing depends on the level of variation in biodiversity risk. Within firms, higher biodiversity risk is associated with lower returns and profitability, consistent with negative cash flow effects. Within industries, higher biodiversity risk predicts higher returns. Our analysis of the geospatial measure reveals that firms with risky assets in biodiversity-sensitive areas earn higher returns. Thus, our results are consistent with a between-firm biodiversity risk premium. Our study contributes to a more nuanced understanding of biodiversity risk in asset pricing and offers new directions for climate and nature finance research.