‘Nature positive’ is a disruptive term that has quickly gained traction. It is widely agreed to mean a “global goal to halt and reverse nature loss by 2030 with a view of full recovery by 2050” - providing a collective and ambitious objective to guide the urgent actions of government, civil society, and business, in the same way ‘net zero’ does for climate action.
However, nature positive as a concept has been subject to debate, with valid concerns that the term could be misused if it isn’t translated into meaningful, measurable, and accountable action.
But we still need this rallying and collective goal to help us reset our relationship with nature and drive the rapid implementation of ambitious policies and bold action and collaboration across sectors. Importantly businesses and financial institutions play a critical role in transforming their businesses and must contribute to a nature-positive world. Corporate action is central to our response to the nature crisis: more than half of the world’s GDP is moderately or highly dependent on nature and the services it provides while transitioning to nature-positive business models can yield sizeable opportunities.
The nature crisis has never been so pressing. Accelerating natural disasters, plummeting wildlife populations and a growing body of scientific research show how dangerously close we are to reaching irreversible tipping points. The latest World Economic Forum Global Risks Report places biodiversity loss and ecosystem collapse - as well as a host of climate-related risks compounded by nature loss – at the top of the threats faced by the world over the coming decade.
Many, including more than 360 Non-Governmental Organizations, indigenous groups, and the business community, successfully called for a strong mission to halt and reverse biodiversity loss by 2030 at the UN Biodiversity COP15 in Montreal in December. This language was included in the final text of the Global Biodiversity Framework (GBF) and agreed by nearly 200 countries. It is the first time governments have adopted such a strong, shared, and time-bound global goal on nature.
Though not perfect, the historic deal adopted in Montreal has significantly pushed nature up the global agenda and promotes a whole-of-society approach that will be crucial in reversing its decline. It sets out clear goals and targets that build a roadmap to a nature-positive future - from a ground-breaking goal to protect 30% of the world’s land and seas by 2030, to crucial reform of environmentally harmful subsidies.
An unprecedented number of companies attended COP15 and called for ambitious policies to enable businesses to play their part. In response, the Framework delivered a clear message to all large and transnational businesses and financial institutions: to get ready to assess and disclose their risks, dependencies and impacts on biodiversity, as governments will require them to do so at the latest by 2030.
It is the first time governments have stated so explicitly, in a multi-lateral agreement, what they expect from businesses on nature. This sets out an ambition to accelerate the transformation of our socio-economic systems, and the requirements for businesses and financial institutions to reduce negative – and increase positive – impacts on nature.
The hard work starts now. Success will be determined by how quickly and effectively governments move to implementation, and business takes action. This means rapidly translating the global commitments agreed into national legislation while keeping the level of ambition and engagement as high as possible for the private sector and other parts of society. While there was a step up in the financial resources allocated for implementation of the GBF, more will be needed.
For business, success relies on the transformation not just of individual companies, but entire sectors and value chains, bolstered by unprecedented levels of collaboration and innovation. This will require investments of time and resources, but there is guidance available for companies to get started on their nature journey – with growing alignment across different frameworks and approaches to help them, such as the Science-based Targets for Nature and the Taskforce on Nature-related Financial Disclosures due to be finalized later this year.
2023 will be pivotal in proving that all parts of society, including business and finance, can turn the nature-positive ambition into concrete plans that secure material outcomes for people and the planet. With continued scrutiny around what nature positive means in practice and expectations heightened post COP15, we can expect clearer lines to start being drawn. Between those that are taking meaningful action on their impacts and dependencies on nature, and those that are not. Between those that are contributing to a nature-positive future by 2030, and those that are not. The time for inaction is over.
