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Dive Briefing:
- Ahead of the United Nations Conference on Biodiversity (COP16) in October, more than 130 companies across industries are urging world leaders to step up action to halt biodiversity loss.
- nestle Danone, along with other members of the Business for Nature coalition, has pressed countries to accelerate implementation of biodiversity plans adopted by 196 governments that commit to strengthening conservation and restoring ecosystems by 2030.
- Countries that sign the agreement must submit plans for how they will achieve certain goals, including reducing pesticide use and increasing sustainable agricultural practices. The United States is not a signatory.
Dive Insight:
According to the UN, the food system accounts for up to 80% of global biodiversity loss and deforestation, yet private sector (especially in the US) commitments to biodiversity are typically a small part of corporate sustainability plans.
But the tide is slowly turning. According to S&P Global, the share of companies with biodiversity targets in the food industry will increase by 8.9 percentage points in 2022 compared to the previous year. Industry giants are taking action as the European Union imposes a ban on products linked to deforestation.
Corporate sustainability executives are calling on governments around the world to take further regulatory action to encourage greater progress on biodiversity, while Business for Nature has urged leaders to “strengthen, not weaken, the policies, incentives and laws that will drive the business action needed to halt and reverse nature loss this decade.”
As part of its recommendations, Business for Nature calls for regulatory and financial support to help farmers transition to regenerative farming models. The group also proposes mandatory requirements for companies to report water use, along with use and quality targets for industry and agriculture.
World leaders will attend COP16 in Cali, Colombia, from October 21 to November 1.
