Biodiversity and functioning ecosystems are essential for livelihoods and economies. Biodiversity is important to business in terms of providing inputs, but also in terms of preventing ecosystem collapse and loss of GDP. In addition, nature provides key life support systems in terms of climate change mitigation and adaptation, but poor ecosystem health can also exacerbate these climate risks.
Globally, as awareness and action on climate change grows, there has been a shift in focus towards nature related risks and impacts, and a rapidly growing discourse on natural capital and biodiversity in the business sector.
But time is running out. To achieve the Convention on Biological Diversity’s global of protecting and restoring the Earth's biodiversity, and transforming society’s relationship with biodiversity and nature over the next decade through post-2020 framework process – businesses, governments and communities need to support each other and take action now.
Businesses have a role to play by engaging with emerging frameworks such as the Task Force on Nature Related financial disclosures; participating in implementation projects; conducting biodiversity footprints (for example using the PBAF guidance) to understand impacts of their business, as well as the dependencies of their business, on nature; and integrating these considerations into business strategy so as to drivee change through core business. Systemic thinking is needed to address challenges and enhance opportunities, including those of a Just Transition that integrates people, planet and the economy.
Achieving ESG – Environmental, Social, and Governance dimensions and growing sustainability helps the corporate establish the resiliency and drive long-term value for the businesses. Thus, ESG has become a must have and huge opportunities to satisfy customers, employees, and other stakeholders. To become a sustainable business, listed companies are required to do thing differently while not enough to turn just a profit. As the world has changed drastically and is facing challenges all around, I do believe that ESG is not just a framework to create a business growth, rather, it is the way to help all sectors including government sector, private sector, and public sector to collectively come together to build the right balance circumstances and deliver a better world for our next generation.