A Global Consensus on Business and Biodiversity in Manchester
A significant international assembly has culminated in Manchester, where experts from over 150 countries have endorsed a new framework aimed at guiding businesses in their efforts to protect biodiversity. This assessment seeks to enhance the understanding of how businesses rely on and affect natural ecosystems.
Understanding and Addressing Biodiversity Challenges
The newly approved Business and Biodiversity Assessment spans a three-year study conducted by 80 specialists worldwide. It aims to establish a comprehensive understanding of the relationship between business activities and biodiversity, offering essential insights that decision-makers can use to mitigate risks and seize opportunities related to nature.
By improving comprehension and measurement of biodiversity impacts, this framework encourages companies to identify their roles and responsibilities. It also aids in establishing clear targets, monitoring progress, and fostering transparency regarding their environmental commitments.
Government Commitment to Biodiversity
During the proceedings, Nature Minister Mary Creagh emphasised the critical importance of nature for the economy, highlighting that the ongoing biodiversity crisis poses an existential threat to societal well-being. She affirmed the UK’s dedication to spearheading global initiatives and expressed satisfaction at hosting the summit.
“This crucial new assessment, agreed by 150 countries, will provide a vital framework for global businesses to help them better understand the risks they face from nature degradation and the action they can take,” stated Minister Creagh.
The UK government pledges to bolster the private sector’s efforts in addressing nature-related challenges. Following the introduction of an Overarching Principles Standard for nature markets last year, collaboration with the British Standards Institution will continue to develop additional standards. This initiative aims to enhance investor confidence in nature markets, allowing them to contribute positively to biodiversity.
Support for Sustainable Business Practices
The government plans to further assist businesses in comprehending and mitigating their environmental impacts, particularly through their supply chains. This includes support from the UK-backed Taskforce on Nature-Related Financial Disclosures, aimed at optimising the environmental responsibilities of firms.
Background
In recent years, the conversation surrounding biodiversity and its integral role in sustainable business practices has gained momentum. With increasing awareness of climate change and environmental degradation, initiatives like this assessment highlight the need for collective action and accountability from various sectors.
Source: official statements, news agencies, and public reports.
https://www.gov.uk/government/news/150-countries-approve-a-new-blueprint-for-business-action-on-nature
