Following success of Science-Based Targets for CO2 emissions, firms offered guidance on measuring and tackling their impact on nature
Experts from the Science-Based Targets Network have launched new guidance to help companies align their business strategies with efforts to protect and restore nature.
Dubbed 'Science Based Targets for Nature', the guide released yesterday aims to help businesses - and eventually whole cities - to operate "within the Earth's limits while meeting society's needs", and sets out to show how companies can assess, prioritise, address, measure and track their impact on the environment using scientifically-rigorous methods, according to the Science-Based Targets Network (SBTN).
The guidance - which has been produced by SBTN in consultation with more than 65 global environmental organisations, companies and consultancies across 22 countries - also includes recommended interim targets focused on land use, freshwater use, climate impact and ecosystem regeneration, it said.
SBTN - part of the Global Commons Alliance environmental network and which shares the same NGO partners as the Science Based Targets initiative (SBTi) for emissions - said there had been increasing calls from the private sector to follow up the SBTi initiative, which has to date seen over 1,000 businesses commit to climate-science aligned CO2 goals, with a nature-based equivalent.
Although the guidance released yesterday is an interim report, the aim is to refine it further in collaboration with companies "for maximum useability". Reviewers include representatives from corporates such as Sky, Unilever, Kering and eleven other businesses with a combined market capitalisation of $1.1tr, SBTN said.
Erin Billman, executive director of Science Based Targets for Nature, urged companies to start following the guidance and to engage with the process to find further improvements. "Harnessing the power of the private sector to innovate, develop and scale solutions is an essential part of securing a safe and just future for humanity," she said. "Companies need this guidance to understand how much is 'at least enough' action to ensure they play their part."
Billman also emphasised the positives that were available to businesses which met the new targets: "Alongside the benefits to nature, companies acting for nature can experience benefits like more secure supply chains, increased innovation and strengthened customer, employee and investor confidence."
Johan Rockstrӧm, who sits on the Leadership Council of the Global Commons Alliance and is co-chair of Earth Commission, said the targets were vital for businesses assessing their impact on nature, local communities and the climate. "We urgently need to restore to health our life support systems - the Earth's biodiversity, land, ocean and water," he said. "Without this we cannot halve greenhouse gas emissions by 2030. Business has a key role to play."
'Block Fossils Out' aims to block users from accessing websites and social media accounts belonging to firms which produce or fund coal, gas and oil
Partnership will see Biffa supply Nestlé Waters UK with recycled PET to produce bottles for its water brands such as Buxton
Climate Minister Lord Callanan becomes latest speaker to join top line-up of CEOs, campaigners, academics, policymakers, and over 1,000 delegates at the inaugural Net Zero Festival
The deal follows a similar supply agreement for renewable jet biodiesel between Neste and rival oil giant BP last month