The Global Biodiversity Framework and the Role of Business
Kick-starting RSK’s Route to COP15 webinar series, Dr Rossa Donovan, Technical Director of Nature Positive, joined Dr Rich Young of Durrell Wildlife Conservation Trust, Maelle Pelisson of Business for Nature and Amanda Williams of Spirax Sarco Engineering plc to discuss the Global Biodiversity Framework and the role of business in a nature positive future.
“The greatest risk facing companies today is inaction.” Rossa Donovan
The webinar explores the upcoming post-2020 Global Biodiversity Framework and how businesses can contribute to a nature positive world by 2030. Businesses are key to reaching this goal and Rossa sets out actions they can take to begin addressing their impacts, risks and dependencies on nature.
The very first step that companies can take to start their nature positive journeys is creating a biodiversity baseline. It is difficult to understand where you need to go when you do not understand where your business is to start with. A biodiversity baseline helps businesses understand where their impacts are and helps inform action plans for priority risks.
Our report on the FTSE 100 identified that more than half of the FTSE 100 don’t understand their dependencies or impacts on nature. This highlights that there are still many businesses with a way to go in this area.
Science-based Targets for Nature (SBTN)
Utilising SBTNs is one method to set clear targets as part of your company’s biodiversity strategy. These should consider both the direct and indirect operations of a business and the impacts of your operations on biodiversity outside of your site boundaries.
Taskforce on Nature-related Financial Disclosures (TNFD)
The framework for TNFD is currently being developed and will be released later this year. It will work in the same way as the more familiar Task Force on Climate-related Financial Disclosures. Although it will be voluntary to start with, businesses should get ready for TNFD reporting as it is likely to be mandatory in the future.
Environmental, social and governance (ESG) strategies
It is important that your company’s biodiversity strategy does not sit apart from other strategies, such as those concerning carbon or waste. These topics are inherently interlinked, so we need to talk about them within the same space. Integrating strategies will also make your approaches to the environment more cost effective.
For a company just starting its nature positive journey, the most important step is to carry out a biodiversity baseline of its direct operations to identify its impacts on biodiversity.
Who are Nature Positive?
The Nature Positive team is made up of a unique combination of environmental, sustainability and business specialists that work with business leaders to help solve the world’s greatest challenges. Ahead of the release of the post-2020 Global Biodiversity Framework, we are looking to engage and support businesses that want to incorporate nature into their business strategies. Please visit our services page to find out how we can help you start your own nature positive journey.
Missed the webinar? Catch up below:
*Banner photo by ANGELO CASTO on Unsplash