October 1, 2024
Nature targets and action: four lessons from the European Business & Biodiversity Forum
By Pieter van Exter
On September 19th, the WWF organized the second edition of the European Business & Biodiversity Forum (EBBF), a one day conference in Brussels that puts the spotlight on the cutting edge of what companies are doing to reverse biodiversity loss and restore nature. The program was structured nicely, starting with reporting, continuing with target setting, and finishing off with taking action. Below are four lessons that I learned while attending the forum:
Overwhelmed by CSRD? SBTN is a great guide
Many sustainability teams have their hands full right now. The Corporates Sustainability Reporting Directive (CSRD) introduces new methods and terminologies which can be overwhelming. The Science Based Targets for Nature (SBTN) is a helpful, more prescriptive and science-based process for creating many of the environmental-related data points and narratives. Rather than taking on another initiative, the SBTN can help your company to prepare for the CSRD with more rigor and confidence.
Setting Science Based Targets for Nature is a steep path but a rewarding journey
17 companies participated in the pilot phase of SBTN and shared their experience on stage. The pilots generated many new insights, both for the Science Based Targets Network and for the companies. Such as how to collect all the data from site managers and suppliers, and what to do when there is a conflict between the targets you want to set. For example, what do you do if you want to reduce your land footprint and improve animal welfare at the same time? How can competing targets be prioritized in a rigorous manner? Everyone acknowledged that this was a big lift, but very worthwhile in the end.
Don’t set targets without a plan
The CSRD requires you to disclose your goals, but it’s optional to disclose a transition plan. In other words, you’re required to think about where the company wants to be in the future, but you can ignore how you get there. Legal requirements aside, it is still recommended to develop a natural transition plan while you’re setting goals. This doesn’t only make it more likely to reach those goals but also forces your company to think about the actions that can be taken right now.
Stakeholders are the key to taking action
While sustainability teams typically take the lead in developing a nature strategy, others need to be involved when you begin to implement the strategy. One effective way to create more internal awareness and attention is to make sustainability goals part of the executive compensation system.
But most of the time should be spent on engaging with external stakeholders. Once you’ve localized your priorities and set your goals, it’s time to engage with local stakeholders. Citizens, businesses, governments, NGOs, academia – they all have a stake and a say in the area where you’re planning to operate. Taking the time to meet, learn, and collaborate with all stakeholders is a worthwhile investment because it can amplify the impact of the action you’re taking.
The second edition of the EBBF highlighted how nature and biodiversity have moved up the agenda for many companies in Europe and beyond. While it’s fair to say that the majority of companies are still trying to establish a good baseline, there is a clear path on how that baseline can lead to goals and actions that are in line with what nature needs.
Are you interested in setting Science Based Targets for nature for your company? Reach out to us about Link, our nature and biodiversity assessment tool.
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Link, by Metabolic Software
Link is made by Metabolic Software, a company from the Metabolic ecosystem of impact-driven organizations based in Amsterdam. Metabolic identifies, implements, and scales innovative solutions to address global sustainability issues.
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