Safeguarding nature and biodiversity: 3 critical steps for businesses

The decline of nature and the rapid loss of biodiversity is a major challenge for the world today. With almost one million species at risk of extinction due to human activity, it is crucial that businesses take action to address their impact on the environment. 

However, according to a joint United Nations Global Compact and Accenture CEO Study, only 17 per cent of global CEOs acknowledge the significant impact of biodiversity loss on their business. This is concerning as the World Economic Forum warns that $44 trillion, half of the world's GDP, is at risk due to businesses relying on nature. 

The UN designated 22 May as International Day for Biological Diversity. Embracing this year's theme of "From Agreement to Action", here are three critical steps for businesses to safeguard nature and biodiversity:

#1: Assess and address reliance and impacts on ecosystems

Companies can start by conducting a comprehensive evaluation of their reliance and impacts on ecosystems to effectively manage potential risks. This will enable them to implement proactive strategies that minimize environmental vulnerabilities and maximize opportunities to become nature-positive.

#2: Invest in ecosystem protection and restoration

In addition to reducing emissions, companies should invest in safeguarding and restoring ecosystems on a global scale. This can involve payments for ecosystem services and eliminating deforestation from the supply chain.

#3: Integrate nature considerations in decision-making and reporting

Businesses must incorporate nature considerations into their corporate decision-making processes. Soon, all companies will be expected to establish ambitious, time-bound, measurable and science-based targets to reverse negative impacts on nature and maximize positive contributions. The Science Based Targets Network (SBTN) provides tools for setting such targets and guiding focused efforts so nature and business can thrive. Companies will also increasingly be required to disclose their nature-related risks in line with the upcoming Taskforce on Nature-related Financial Disclosures recommendations. 

Adapting business models to safeguard nature and biodiversity will lead to many benefits for businesses, including job creation and economic growth. Now is the time for businesses to take action and help advance global progress!

Not sure where to start?

To help companies on this journey, the UN Global Compact Academy, together with the UN Environment Programme - World Conservation Monitoring Centre (UNEP-WCMC), offers an interactive e-learning module to help you understand key biodiversity concepts, support a business case and gain valuable insights from pioneering companies that have already taken action. The course is available in English, French, Portuguese and Spanish. 

In just 60 minutes, you will:

1. Understand essential biodiversity approaches relevant to business.
2. Get equipped with a practical approach and real-life examples of how to get started.
3. Earn a certificate of completion from the UN Global Compact to share with your networks.

Enroll today in the Biodiversity Fundamentals e-learning course and do your part in securing a thriving future for nature and biodiversity.