UNEP-WCMC hosted the inaugural Nature Action Dialogues in July 2024 with a vision to scale private sector action in the lead up to the United Nations Biodiversity Conference, COP16. The event catalysed discussions on how businesses and financial institutions can establish meaningful strategies and approaches to address their impacts and dependencies on biodiversity and scale action across portfolios, value chains and landscapes. It was clear from the discussions that many businesses are keen to engage with the Kunming-Montreal Global Biodiversity Framework (GBF) but sometimes lack the awareness of how to do this effectively.

Through the Proteus Partnership, UNEP-WCMC produce a variety of knowledge resources that enable businesses to navigate global goals and contribute to their achievement. This includes a Proteus technical brief that explores the potential contributions of business to the delivery of the GBF. Our hope, with Proteus, is to empower businesses as key drivers of change to help prevent biodiversity decline, as part of a whole-of-society approach.

The role of business in delivering the Kunming-Montreal Global Biodiversity Framework

In December 2022, Parties to the Convention on Biological Diversity adopted the landmark GBF and associated package of decisions. These set out an ambitious plan to transform society’s relationship with nature to ensure that the vision of ‘living in harmony with nature’ is fulfilled by 2050.

The stakes are high, with wildlife populations declining on average by 69% in the last fifty years. Economic activities, such as extraction of resources, have been a major driver of this biodiversity loss, however, businesses and financial institutions now have an opportunity to support positive transformative change. Implementation of the GBF calls for whole-of-government and whole-of-society approaches to transform our relationship with nature and take urgent steps to halt and reverse biodiversity loss by the end of the decade. The GBF provides the roadmap, outlining 23 action-focused targets that deliver on four long-term goals.

Companies are uniquely positioned to reduce biodiversity pressures and drive positive environmental outcomes across their operations and value chains. By understanding and acting on their nature-related dependencies, impacts, risks and opportunities, businesses can begin to scale their efforts and support the delivery of the GBF’s ambitions.

Biodiversity is essential for all businesses

Businesses have always depended on biodiversity, but it has not always been a mainstream concern. However, biodiversity is now rapidly becoming a critical business issue, and the GBF presents a strategic pathway for businesses to contribute positively while future-proofing their operations. Companies that take the lead in biodiversity management not only mitigate risks but also unlock new opportunities for growth, market access, and financing.

Now is the time for credible business leadership and transformative action aligned with the global targets to halt and reverse biodiversity loss.

A framework for business action

In structuring their actions and contributions towards the GBF, businesses can be guided by the five areas for action:

1.  Holistically consider the GBF targets. Businesses should look across all 23 targets to identify where they have the potential to either hinder or support progress towards their achievement. By identifying areas where the business has its most material risks and opportunities, they can focus efforts towards reducing their pressures on biodiversity while making a significant contribution to those targets they can credibly enable progress towards.
2. Complement and enhance national efforts. National biodiversity strategies and action plans (NBSAPs), are the principal mechanism for governments to implement the GBF. Subject to national processes, there may be direct opportunities for the private sector to engage in the development and implementation of these national plans. Generally, businesses can be guided by the priorities and targets in the countries they operate (either directly or via their value chains) and align their efforts to complement and enhance national implementation approaches.
3. Be guided by the cross-cutting considerations. The GBF outlines 18 considerations for its implementation. These provide a useful guide for businesses to ensure they are approaching the biodiversity plan in a balanced and effective way. For example, the considerations highlight the need for integrated, collaborative and science-based approaches that contribute towards biodiversity, climate, social and economic objectives.
4. Establish credibility and transparency. Various nature-related assessment and disclosure approaches have been developed to ensure that companies base their plans, decisions and commitments on science and externally disclose on progress at regular intervals. In considering their approaches, businesses are also increasingly being asked to develop nature transition plans to demonstrate how they will manage risks and take action to meet nature targets.
5. Take urgent action to address biodiversity loss. Set short, medium and long-term biodiversity targets that transform business models and activities in pursuit of global and national biodiversity goals. In defining their targets businesses can look for opportunities to reduce threats to biodiversity from their operations and value chains; ensure sustainable use of biodiversity and benefit sharing; and mainstream biodiversity throughout their corporate policies and decision-making processes.

What’s Next for Your Business?

As we move towards the 2030 targets, businesses can:

• Engage in the upcoming UN Biodiversity Conference, COP16.
• Stay informed about updates to NBSAPs and national biodiversity priorities.
• Proactively engage in biodiversity planning, both within the company and in partnership with stakeholders.
• Align corporate biodiversity commitments with global and national goals.
• Consider the Biodiversity Plan in the wider context of needs for finance, benefit sharing and transparency as a package for concreted action.

For further guidance on aligning your business with the Kunming-Montreal Global Biodiversity Framework, consult the full Proteus technical briefing from UNEP-WCMC.

Main image: AdobeStock #599748646, TStudious