Leading organizations unveil the actions businesses across 12 sectors should take to contribute towards a nature-positive future
In a collaborative initiative, Business for Nature, the World Business Council for Sustainable Development and the World Economic Forum today unveil priority actions for businesses spanning 12 global sectors. The sector actions serve as a guide to transform business practices and value chains and ensure businesses play their part in halting and reversing nature loss by 2030 - the mission at the heart of the Global Biodiversity Framework.
The stakes could not be higher. Just four global value chains - food, energy, infrastructure, and fashion – drive more than 90% of man-made pressure on biodiversity.
Despite the increased awareness and attention from businesses to take action on nature, progress remains slow. Recent research shows that although 83% of Fortune Global 500 companies have climate change targets, just 25% have established freshwater consumption targets, with that number dropping to 5% having targets related to biodiversity. Only 5% of companies have assessed their impacts on nature, with less than 1% understanding their dependencies.
Thriving businesses rely on thriving nature. While individual sectors are deeply reliant on nature across their value chain, they also play a role in exacerbating the factors leading to nature loss when their true impact is not accounted for in decision-making.
Startling facts underscore the urgency of action:
75% of the water demand for concrete production will likely occur in regions that are expected to experience water stress by 2050.
The chemical sector accounts for 5-10% of freshwater use globally yet is dependent on freshwater stocks to continue operating.
The personal care and household product sector relies on commodities and natural ingredients, yet some sourcing practices for harvesting plants have a direct impact on biodiversity.
Global food production relies on biodiversity and healthy ecosystems, yet agriculture is an identified threat to 86% of species at risk of extinction.
The sector-specific actions launched today, drafted in consultation with world-leading companies and organizations, serve as a foundation to transform business practices and help businesses contribute towards a nature-positive future.
We will host an event ‘How companies can contribute to a nature-positive future’ at the Nature Positive Hub during New York Climate Week, Monday 18 September, 9:15-10:45 AM EDT. The event will be live-streamed on Zoom and recorded.
In this opinion piece, our CEO Eva Zabey, together with Akanksha Khatri, Head of Nature and Biodiversity at the World Economic Forum, and Diane Holdorf, Executive Vice President, Pathways at WBCSD explains why every sector must play their part in contributing towards a nature-positive future.