The UN Biodiversity Conference (COP 15) is currently convening governments from around the world to agree a new set of ambitious goals for nature over the next decade. Biodiversity collapse is potentially a bigger risk to our lives than climate change; however too often it is seen as being the responsibility of the agricultural and conservation community. At Re_Set, we believe it’s time to rethink how to tackle this crisis. Getting to a nature-positive economy will require businesses to understand the challenge at hand, set new strategies and take an innovative regenerative approach.
Biodiversity is the foundation that supports societies, with more than half of the world’s economic output – around $44 trillion – dependent on nature. Whilst biodiversity broadly refers to the volume of life on Earth and how the different species and aspects interact with each other, the term is more commonly applied to agricultural nature, such as plants, woodlands, peatlands and water. The landmark Dasgupta Review, commissioned by the UK Treasury in 2019, concluded that human demands on nature far exceed nature’s capacity to supply them and the safe levels of biodiversity loss have long been exceeded. A report by the UN Global Compact & ICUN states that over the past fifty years, humans have consumed and degraded biodiversity more rapidly than at any other time in human history, with little indication of a reduction in the rate of decline. Furthermore, the accelerating destruction of nature and climate change are both crises that are inextricably linked and compounding.
Many studies have demonstrated the scope of threats caused by biodiversity loss – from geopolitical, social and environmental risk – to more specific regulatory, financial, reputational and operational risks. For the sixteenth year in a row, the World Economic Forum has cited biodiversity loss as one of the most existential threats to business.
Whilst the private-sector’s commitments to combat the ecological breakdown is not as pronounced as decarbonisation commitments, there is increased momentum in this space. Businesses are slowly starting to recognise their role as key actors in supporting efforts to halt biodiversity loss; not least because business operations have significant impacts, whether directly or indirectly, on biodiversity. This isn’t just about loss of natural land, GHG emissions and waste generation, it is because business activity is fundamentally reliant on healthy ecosystems.
Most business leaders understand this, but don’t know where to start in mapping biodiversity impacts or how to overcome typical obstacles around traction, implementation, and measurement. How can businesses accelerate the transition to nature-positive through new strategies and regenerative approaches?
In our view, the conversation has to start in the boardroom: get leadership buy in at board level, assess your current impact on nature to create a baseline, and then drive innovation to establish regenerative business models.
Some organisations are transitioning away from corporate commitments to do ‘less harm’, towards corporate commitments to achieve a Biodiversity Net Gain (BNG) or Net Positive Impact (NPI). Patagonia, often cited as the leader in demonstrating a sustainable business model, changed its mission statement in 2019 from ’cause no unnecessary harm’ to ‘being in the business to save our home planet’ and is investing in regenerative organic agriculture to help address the loss of topsoil.
With the Environment Bill passing through the final stages of the parliamentary process packed with new legislation, the launch of the Taskforce on Nature-related Financial Disclosures (TNFD) in June 2021 to promote the flow of investor money towards nature positive outcomes, and the unfolding conversations at COP 15, we see biodiversity considerations as the latest disruptor to ‘business as usual’. The loss of biodiversity cannot be seen as just an agricultural and nature challenge. It will affect our communities and ultimately the ability for organisations to be successful.
At Re_Set, we ensure our clients are equipped to navigate the wave of disruptive forces, working with business leaders to develop ambitious targets and transform their business models to achieve them. We are an accredited B-Corp consultancy and 1% for the Planet member. We are also a signatory of the ‘Business for Nature’s Call to Action’ campaign – joining over 1,000 businesses from around the world who are calling on governments to adopt greater policies to reverse nature loss in this decade.
