Biodiversity COP: Firms encouraged to join US$1.1tn call for nature policy ambition

Companies are being encouraged to join a call, signed by 130 businesses and financial institutions representing US$1.1 trillion in revenue, for governments to step up their efforts to preserve and restore nature ahead of the UN Biodiversity COP16.

Through the Business for Nature coalition, companies including Danone, dsm-firmenich, H&M Group, Holcim, IKEA, Mahindra Group (which just got a new Chief Sustainability Officer), Natura &Co, Nestlé, ofi, Sainsbury’s, Salesforce, Unilever, Volvo and many more are urging global leaders to strengthen nature preservation policies, including those mandating businesses to protect nature and restore degraded ecosystems.

The call comes just weeks after a weakened Nature Restoration Law was adopted by the EU, with the inclusion of an “emergency brake” allowing targets (20% restoration by 2030 and all ecosystems by 2050) to be suspended “if they severely reduce the land needed for sufficient food production for EU consumption”.

“Voluntary action alone won’t be enough,” warns the coalition. “We need governments’ immediate leadership to strengthen – not weaken - the policies, incentives and legislation that will drive the necessary business action to halt and reverse nature loss by 2030. An enabling environment coupled with regulatory certainty will foster innovation, transform business models, mobilise investment and ensure companies are held accountable for their actions and performance.”

Other companies are invited to endorse the statement and strengthen this call for action ahead of the UN Biodiversity COP16, which is taking place from October 21 to November 1 in Cali, Colombia. 

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Supporting the Global Biodiversity Framework

Recognising the the Global Biodiversity Framework (which was adopted at COP15 at the end of 2022 and set 23 global targets for nature protection, including the restoration of at least 30% of degraded land and sea areas by 2030) is “essential to tackle the climate crisis and reduce inequality”, the 130+ firms also make 20 specific recommendations for government action.

These include adopting land conversion bans in protected areas and a moratorium on deep sea mining (something many carmakers have agreed to, but Tesla is refusing to do), implementing fiscal mechanisms and tax incentives to encourage investment in restoration projects beyond companies’ own operations, and incentivising the transition “all farming systems” to agro-ecological and regenerative models (ADM and others have had significant success with this but food-related SDGs are some of the most off-track).

“Businesses are uniting to call on governments for regulatory certainty to transform their operations and supply chains. Our policy recommendations illustrate how this can become a reality. Only through collective effort can we drive the systemic change needed for a nature-positive, net-zero, and equitable economy,” said Eva Zabey, CEO, Business for Nature.