Sustainability
How is biodiversity shaping the future of business?
On today’s International Biodiversity Day, we’re answering three key questions inspired by this year’s theme “Harmony with nature and sustainable development”.
Can there be business without biodiversity?
No. Biodiversity underpins our collective survival, well-being and global economy.
According to research, over half of the world’s GDP is moderately or highly dependent on nature and what it has to offer.
The good news is that the critical role of nature is being increasingly recognised in decisions made by businesses and financial institutions across their operations, value chains and investments.
How can economic development and natural preservation go hand in hand?
One way we can enable economic development and the preservation of our natural environment is by promoting the sustainable use of biodiversity, which is a key pillar of the Convention on Biological Diversity (CBD). The global agreement aimed at conserving the diversity of life on Earth was adopted in 1992.
Companies are increasingly seeking ways to play their role in creating economic opportunities while fulfilling their responsibilities towards society and the environment. To do so, businesses can evaluate how their activities impact and depend on nature and nature-related risks, and use these insights in a meaningful way.
And what can governments do?
Governments can design supportive policies that encourage companies to adapt their operations and strategies in a way that biodiversity is maintained, and if possible, enhanced.
Businesses can and should be part of the solution to find paths to ensure that economic development is sustainable and in harmony with nature.
And what is the role of research and innovation?
Research and innovation is one way of making sustainable use of biodiversity to develop knowledge and solutions to tackle societal and environmental challenges. Enabling frameworks are needed to stimulate and support nature-based innovation which can form the basis of a sustainable bioeconomy and contribute to biodiversity conservation.
As the institutional representative of over 45 million companies worldwide, ICC is working with governments and other stakeholders to develop enabling frameworks for companies to share benefits from the use of biodiversity that can meaningfully support biodiversity conservation as well as research and innovation.
To understand what is needed to make the CBD’s multilateral benefit sharing mechanism work from a business perspective read our business views on a multilateral benefit sharing mechanism.
