The valuing nature movement is gaining momentum with new initiatives, accounting standards, business commitments and policy changes all driving change. We launched We Value Nature in November 2018 and just some of the developments we’ve seen over the previous three years are:
- The European Green Deal: adopted in December 2019, this overarching EU policy addresses the dual challenges of climate change and environmental degradation and sets out to transform the EU into a modern, resource-efficient and competitive economy. The Green Deal is being accompanied by a series of new regulations and initiatives including on corporate reporting and sustainable finance, and enhanced finance for climate, nature and sustainability under Horizon Europe and EU structural funds.
- COP26: the Glasgow Climate Pact adopted in November 2021 calls for the protection and restoration of nature and the COP also saw progress in addressing deforestation, the launch of IFRS’s sustainability disclosure standard, and progress more generally in connecting the nature and climate agendas.
- Preparations for a post-2020 Biodiversity Framework under the CBD: the new Framework, to be adopted in April-May 2022 at COP15 in Kunming, China, will set out an ambitious plan to implement broad-based action to bring about a transformation in the relationship between society and biodiversity, to ensure that by 2050 the shared vision of living in harmony with nature is fulfilled.
- The G7 Nature Compact: this key agreement adopted at the G7 Leaders’ Summit in Cornwall, brings G7 countries together to address the challenges of biodiversity loss and climate change.
- The Dasgupta Review: this independent review on the Economics of Biodiversity has raised awareness and understanding of the threat to economies, livelihoods and wellbeing posed by the decline of nature, seeks to incorporate nature in economic decision-making, and identifies a range of actions that can simultaneously restore biodiversity and deliver economic prosperity.
- Task Force on Nature-related Financial Disclosures (TNFD): launched in 2020 the TNFD will develop a risk management and disclosure framework for organizations to report and act on nature-related risks, with potential to change the way corporations, financial institutions and investors make strategic decisions, manage risk and allocate capital to benefit nature.
- Transparent and Align: these EU-funded projects, initiated this year, and involving the Capitals Coalition, WBCSD, Value Balancing Alliance, WCMC and others, are developing standardized natural accounting principles and practices for business, financial institutions and others, covering air, water, land and biodiversity.
- The IUCN Global Standard for Nature-based Solutions: adopted in 2021, this is a rigorous, scientifically robust, consistent and accountable framework, applicable across a range of regions and scenarios – helping governments, business and civil society ensure the effectiveness of nature-based solutions and maximise their potential to help address climate change, biodiversity loss, food and water security and other global challenges.
- Increasing business commitments to valuing nature: Over 1,000 businesses around the world have joined Business for Nature in calling for policies to accelerate business action for nature.
All these initiatives and developments – and many more – are inspiring and enabling more and more businesses to make environmental commitments and take important steps towards valuing nature.
Businesses are increasingly recognising that the natural capital crisis is a business crisis and are changing the way they identify, measure, value and prioritise nature in decision-making.
But the climate and nature crises are already here and are causing enormous, irreversible damage. To avoid disastrous impacts, we need to challenge and enable businesses to move beyond commitments to actions, and to do more and act faster.
We’re proud of the impact the We Value Nature campaign has had – providing businesses with practical support, resources and tools to help turn their pledges and ambition into action. Over the last three years, we have seen demand from businesses for such support growing rapidly. We recognize however that the number of businesses engaging remains a fraction of the whole. To reach more businesses, we are working to ensure our legacy of training resources and interactive tools can be taken up and leveraged by others following the end of the campaign in January 2022.
As we reflect on the We Value Nature campaign and progress made, we’re also looking towards the future and considering what further action and funding will be required to accelerate the necessary transition of businesses to nature positive and thereby support the European Green Deal and the global ambitions under the UNFCCC and CBD.
Join We Value Nature partners and guests for two Dialogues exploring the current valuing nature landscape and what further action and funding is required.
The first Dialogue will reflect on the operating landscape for accelerating the transition of businesses to nature-positive, share resources and exchange experience and tips on fostering action. The online event will take place on 7 December 2021, 10:00-12:00 CET. Find out more and register.
The second Dialogue will focus on what further actions and funding are needed to accelerate the transition of businesses to nature-positive. Guests from the European Commission will share news on upcoming initiatives and funding opportunities. The second dialogue will take place on 20 January 2022 10:00-12:00 CET. Find out more and register.
We would encourage you to take part in both Dialogues if you can as the second will build on the first.