Since 1970, biodiversity — the variety and variability of life on Earth — has declined by an average of 69%, according to the WWF Living Planet Report 2022. Habitat loss, overfishing and invasive species (the introduction of alien species that lead to decline and extinction of native species) are just some examples of how our ecosystems are going down the drain.
At the same time, biodiversity crisis is more far-reaching than climate crisis, as it concerns a variety of ecosystems facets — that are not only CO2.
Hello, corporate world, did you hear that?
Why does no one act on biodiversity— while at the same time, having their shiny zero emission targets at the front of their website?
Climate < Biodiversity
Having a climate strategy is common, nowadays. Most corporates have set net zero targets. Also, over 80 percent of S&P 500 companies disclosed data through completing the Carbon Disclosure Project (CDP) questionnaires. CDP is rating companies for their environmental impact. So if you participate, first step is to have a climate strategy in place.
Climate, we got you covered (well, at least in corporate strategies). But why are you so much easier to cover than your big brother biodiversity?
The answer is simple: Existing frameworks.
The first Greenhouse Gas (GHG) Protocol was released in 1998. It was established to develop and promote the use of best practices for accounting and reporting greenhouse gas emissions. The first version of the Corporate Standard was published in September 2001, providing a global and standardized framework for measuring and managing emissions.
We have guidance on the climate case since a long time and one universal Key Performance Indicator (KPI): Emissions shown in tons of CO2. This is way more for Biodiversity: The topic is complex and has more parameters. Currently, there is no global understanding that bases on one KPI.
This is why biodiversity, even if the more severe issue, experiences less coverage then emissions in the corporate world.
But hold on. We’re on the way!
2022: We finally have a global biodiversity framework!
We all know the COP28, the climate conference that just took place in Dubai. Way less known is its pendant for biodiversity issues: The last United Nations Biodiversity Conference was COP15 in Montreal in 2022.
Its major outcome was the adoption of the Kunming-Montreal Global Biodiversity Framework (GBF). This is a global framework, setting a roadmap for saving biodiversity until 2050 and beyond.
The GBF’s aim is to address biodiversity loss, restore ecosystems and protect indigenous rights. For that purpose, the framework defines global biodiversity goals: For example, to put 30 per cent of the planet and 30 per cent of degraded ecosystems under protection by 2030, halting human-induced extinction of threatened species and reducing the rate of extinction of all species tenfold by 2050.
It also includes 23 action-oriented targets of which some will impact businesses.
Upcoming biodiversity regulations will bring speed to the topic
The most important target for the corporate world is target 15 of the GBF. It intends to encourage businesses to monitor and disclose on risks, dependencies and impacts on biodiversity.
This is where the most important upcoming business regulations base on. The Taskforce on Nature-related Financial Disclosures (TNFD) released its final reporting framework in 2023. The TNFD to encourages organizations to integrate nature into decision-making and supports a nature-positive approach by providing disclosure recommendations in four areas: governance, strategy, risk and impact management, and metrics and targets. Even if this is a voluntary reporting framework to follow, it is expected to be of key relevance for investors in the future.
This is closely linked to the Science-Based Targets for Nature (SBTN), which have been released in May 2023. After the Science-Based Targets Initiative (SBTi) exclusiveliy covered climate targets, these new metrics provide the first nature approach. The SBTN framework includes integrated technical guidance for companies to assess and prioritize land and freshwater targets, emphasizing the interconnectedness of biodiversity, climate change, and sustainable business practices.
Let’s get biodiverse!
It can be expected that biodiversity targets and strategy become the new hot shit on the corporate agenda. As biodiversity is at stake, stakeholders are even more attentive on how corporate actions impact nature. Also, regulations will enforce the topic anyways in the future and make it a non-negotiable.
Therefore, setting sail for incorporating biodiversity in each and every business should happen rather sooner than later — if the aim is to stay competitive.
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This post was previously published on medium.com.
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From The Good Men Project on Medium
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Photo credit: Markus Spiske on Unspalsh
