Nature has an intrinsic value and is also essential for the benefits it provides to people and society. It supports biodiversity, which is crucial for ecosystem resilience and adaptability. Additionally, nature underpins every business, industry, and sector, directly or indirectly. Therefore, the ongoing loss of natural biodiversity poses a profound risk to all businesses everywhere.
The World Economic Forum categorizes biodiversity loss as a ‘fat-tail’ risk which, once triggered, will have cascading implications for all businesses in both the short-and-long term. The protection and restoration of biodiversity must become an essential priority for the business community.
Here are three reasons why integrating nature into business is a smart and strategic move:
Poised for action
Businesses are now better equipped than ever to incorporate nature-based strategies. With technological advancements, heightened environmental awareness, and consumer demand for sustainability, companies can leverage these favourable conditions to implement practices that benefit both their operations and the planet.
While businesses have contributed to environmental challenges, they are also uniquely positioned to drive and implement solutions. Unlike governments, which require time to formulate targets and pass legislation, businesses can act swiftly and adaptively. Serving as innovation hubs, businesses can pool together funds, technology, people and creative ideas to address the impact on nature and biodiversity.
Today’s businesses are more connected and interconnected than ever before. They can share best practices instantly, respond rapidly, and collaborate to implement solutions together as they continuously evolve to meet the environmental expectations of new consumers and clients.