With biodiversity loss emerging as a critical concern, the urgency to address climate resilience has companies searching for solutions. Even as they recognize the importance of integrating nature positive actions into their sustainability strategies, many companies struggle with operationalizing nature positive actions.

Addressing Biodiversity via Existing Nature Positive Programs

Companies exploring their nature-related dependencies or impacts (and the corresponding risks and opportunities) will find a myriad of programs and tools to support their needs. This lets businesses explore new frontiers while rethinking how their existing operations and risk mitigations can help reduce nature risks. Available tools include:

• The Taskforce on Nature-related Financial Disclosures (TNFD’s) LEAP planning approach — helps companies understand how their operations depend on and impact nature

• Exploring Natural Capital Opportunities, Risks and Exposure (ENCORE) — helps financial institutions and companies take initial steps to understand their dependencies and impacts on nature

• The Natural Capital Protocol — helps companies measure and value their impacts on natural capital, which can include aspects of biodiversity that support capital dependencies

• The Science Based Targets for Nature (SBTN) — guides businesses in setting measurable biodiversity goals

With risks and opportunities identified, a company can consider how to address its business concerns. Because biodiversity loss has been an ongoing concern over the past few decades, many programs have already been developed by government agencies, not-for-profit conservation organizations, private investors, and public-private partnerships to address biodiversity loss and support nature positive actions. However, this rush to fill a market need has caused poor results in some cases and criticisms of greenwashing in others. Companies engaging in nature positive programs must carefully choose where to invest time and money to avoid reputational risks. Third-party audits and verification programs are needed to reduce the risk of underperforming biodiversity programs.

Many third-party verification programs are already in place. These initiatives provide frameworks and tools for businesses to integrate conservation into their operations. An example is the Rights-of-Way as Habitat Working Group (ROWHWG), which administers voluntary conservation agreements, convenes industry peer exchanges, and supports other nature-related sustainability efforts. By participating in programs like these, companies can enhance their sustainability strategies and contribute to conservation efforts.

[For more from the authors on this topic, see: “Leveraging Existing Nature Positive Programs for Corporate Sustainability.”]