Business for Nature’s Closing Statement OEWG-4

 

26 June 2022

Thank you Mr. Co-Chair, 

I am making this statement on behalf of the Business for Nature coalition. 

We came here to demonstrate that leading businesses are ready to support a nature positive economy.  

In fact, many leading companies are already taking concrete action to address nature loss within their operations and their value chains. But they are operating in a competitive economic system that favors short term profit over long-term value creation.    

Governments have the responsibility to change the rules of the economic game. They need to make sure businesses that are already disclosing and acting to reduce their impacts on biodiversity are not at a competitive disadvantage.  

This is why we strongly welcome and support the discussions on Target 15 to include mandatory requirements for business and financial institutions to assess and disclose their impacts and dependencies on nature. Business supports such mandatory requirements because: 

  • It is essential to create a level playing field.  

  • It is essential for business to understand their impacts and enable them to act to reduce them. 

  • It is essential to create a baseline for action; and 

  • It is essential to provide the information needed to governments, investors and consumers.  

These mandatory requirements to assess and disclose impacts in Target 15 must be coupled with an objective for business and financial institutions to reduce their negative impacts by at least half and increase positive impacts. Businesses need clear, measurable and time-bound goals. They need governments to create this sense of urgency 

We encourage you to continue with this level of ambition towards COP15.  

Voluntary actions are not enough. Business must be compelled to act. This is the opportunity to send this strong signal to the global business community.   

Implementation will not be easy. But we know we have to do it. Business stands ready to work with all Parties to find solutions and ensure a successful implementation.  

Thank you, Mr. Co-Chair.