Dive Brief:
- More than 130 companies from across industries called on world leaders to step up action to prevent biodiversity loss as countries prepare to convene in October for the United Nation’s Biodiversity Conference, or COP16.
- Nestlé and Danone joined other members of the Business for Nature coalition in pressing countries to move faster on implementing the Biodiversity Plan, an agreement adopted by 196 governments to boost conservation and restore ecosystems by 2030.
- Countries who signed the agreement are expected to submit plans on how they will meet certain goals, which include slashing pesticide use and enhancing sustainable agriculture practices. The U.S. is not a signatory.
Dive Insight:
Food systems are responsible for up to 80% of the world’s biodiversity loss and deforestation, according to the U.N. But biodiversity commitments among the private sector — particularly in the U.S. — have typically remained a smaller part of corporate sustainability plans.
The tide is slowly shifting, however. In 2022, the food industry’s share of companies with biodiversity targets increased 8.9 percentage points year over year, according to S&P global. An upcoming ban from the European Union on products tied to deforestation has also spurred industry giants to take action.
Corporate sustainability executives are pushing world governments to take further regulatory action in order to encourage more progress on biodiversity, with Business for Nature calling for leaders to “strengthen — not weaken — the policies, incentives and legislation that will drive the necessary business action to halt and reverse nature loss this decade.”
As part of their recommendations, Business for Nature calls for regulatory and financial support to aid farmers’ transition to regenerative agriculture models. The group also suggests mandatory requirements for companies to report their water usage, with usage and quality targets for industry and agriculture.
World leaders will convene for COP16 in Cali, Colombia, from Oct. 21 to Nov. 1.