Healthy Boundaries
The planetary boundaries framework provides us a safe operating space for human existence on Earth.
We have exceeded the planetary boundary for genetic diversity indicating we need to act now to avoid crisis. If we continue to transgress across multiple planetary boundaries, irreversible environmental impacts will occur. Business as usual is not an option.
More than 1m species are ‘threatened’; two thirds of vertebrates declined in less than a century, impacted by the destruction of our natural environment (IPCC, WWF).
Commitments to net zero are growing rapidly, but fewer commitments to combatting biodiversity are observed. The role of business in tackling biodiversity is fundamental.
During Climate Week, leaders across the world came together to address biodiversity. The UK became one of 16 countries to support a 10-point plan to finance biodiversity. The plan includes policy reforms and levers to reduce harm and increase finance towards biodiversity. A large part of the plan aims to promote international working and partnerships to address some of the biggest challenges.
Pressure was applied through the Finance for Biodiversity, a pledge made by 103 financial institutions who submitted a letter to the Finance Ministers Coalition for Climate Action. The letter proposed mandatory requirements for businesses and financial institutions to monitor, assess and disclose dependencies and impacts on biodiversity utilising the Task Force on Nature-Related Disclosures. Whilst many businesses have now implemented the TCFD framework, mobilising teams to prepare for alignment with the TNFD is necessary ahead of it’s likely mandatory requirement in the near future. Planning is key.
AXA have been one of the first to apply the TNFD beta framework in their Climate and Biodiversity Report 2022. To go a step further companies will soon be able to make commitments to Nature through the Science Based Targets Initiative. The Science Based Targets Network has recently released guidance on Science Based Targets for Nature for consultation and will launch in 2023.
Biodiversity is “the fastest developing ESG theme in global capital markets,” (Catherine Howarth, Chief Exec, ShareAction).
Climate and Nature and intertwined systems, align your thinking, engage your stakeholders and act now.