The winners are companies with "net positive impact" on biological diversity
The business community too is increasingly recognising that the Earth's natural resources represent economic value, business possibilities and opportunities for profit. Worldwide, the costs of biodiversity loss amount to many trillions of dollars and thus have a growing influence on markets and consumers: 60 percent of consumers in America and Europe and more than 90 percent of consumers in Brazil are aware of the problem of biodiversity loss. More than 80 percent of consumers throughout the world said they would no longer buy products from companies whose business plans neglect ecological and social considerations.
These are the findings of the recent TEEB for Business Report which was presented today at a conference in London. The TEEB experts conclude that companies can only meet today's market requirements if they integrate sustainable biodiversity management into their corporate strategy.
The TEEB report recommends that companies embrace innovative concepts in the accounting of their activities, and named the multinational mining group Rio Tinto as one successful example. This company has made a voluntary commitment to achieving "net positive impact" in the field of biodiversity. In cooperation with leading nature conservation experts the company has developed new ways of assessing the biological diversity of its land holdings and begun to implement compensation measures.
The TEEB for Business Report furthermore calls for better accounting of business impacts on biodiversity - both positive and negative – in order to bring about changes in business investment and operations. The report recommends that business associations and accounting professions should develop new instruments such as common standards and metrics for companies.
TEEB (The Economics of Ecosystems and Biodiversity) was initiated in 2007 by Germany and the European Commission on the suggestion of the G8 environment ministers, in order to study the economic value of biological diversity and the costs of the destruction of nature. The study was carried out under the auspices of the United Nations Environment Programme (UNEP). An interim report was presented at the 9th meeting of the Parties to the Convention on Biological Diversity (COP 9 CBD) in Bonn in May 2008. The TEEB for Policymakers Report was published in November 2009. A report for public administrators and recommendations for consumers are due to follow by October 2010. The final TEEB synthesis report will be launched at COP 10 to the Convention on Biological Diversity in October 2010 in Japan.