Dive Brief:
- Over 130 companies from various sectors have come together to urge world leaders to take action to prevent biodiversity loss ahead of the United Nation’s Biodiversity Conference, COP16, in October.
- Members of the Business for Nature coalition, including Nestlé and Danone, are calling for faster implementation of the Biodiversity Plan, an agreement aimed at enhancing conservation and ecosystem restoration by 2030.
- Countries that have signed the agreement are expected to submit plans outlining how they will achieve specific goals, such as reducing pesticide use and promoting sustainable agriculture practices. The U.S. has not signed the agreement.
Dive Insight:
The U.N. reports that food systems contribute to up to 80% of global biodiversity loss and deforestation. While biodiversity commitments in the private sector, especially in the U.S., have traditionally been limited, there is a growing recognition of the need for action.
In 2022, the number of food companies with biodiversity targets increased by 8.9 percentage points compared to the previous year, according to S&P Global. The impending EU ban on products linked to deforestation has also spurred major industry players to take steps towards conservation.
Corporate sustainability leaders are advocating for stronger government regulations to drive progress on biodiversity. Business for Nature is calling on policymakers to enhance policies and incentives that will support businesses in addressing nature loss.
Recommendations from Business for Nature include providing support for farmers transitioning to regenerative agriculture and implementing mandatory water usage reporting for companies, with specific targets for industry and agriculture.
World leaders will gather for COP16 in Cali, Colombia, from October 21 to November 1.