A diverse coalition of over 130 businesses is urging global leaders to address a critical but often overlooked aspect of corporate sustainability: biodiversity loss.
Over 130 companies spanning various industries, including giants like Nestlé and Danone, have called on world leaders to intensify efforts to combat biodiversity loss as they prepare for the United Nations Biodiversity Conference (COP16) in October. The Business for Nature coalition, which includes these companies, is urging nations to expedite the implementation of the Biodiversity Plan—a global agreement endorsed by 196 countries aimed at enhancing conservation and restoring ecosystems by 2030.
The plan’s targets, such as reducing pesticide usage and promoting sustainable agricultural practices, require signatory countries to outline their strategies. Notably, the U.S. has not signed the agreement.
The U.N. reports that food systems are responsible for up to 80% of global biodiversity loss and deforestation. Despite this, biodiversity commitments have historically been a minor component of corporate sustainability initiatives, especially in the U.S.
This trend is about to change. According to S&P Global, the proportion of food industry companies with biodiversity targets rose by 8.9 percentage points in 2022. The European Union’s forthcoming ban on products linked to deforestation has also prompted major industry players to take action.
Business for Nature advocates for stronger regulatory measures to drive business action on biodiversity. The coalition emphasizes the need for policies, incentives, and legislation that will help halt and reverse nature loss this decade.
Their recommendations include regulatory and financial support to help farmers adopt regenerative agriculture practices and mandatory reporting of water usage, with specific targets for water usage and quality in both industry and agriculture.