More than half of the global economy depends on the prosperity of the natural world.
From the water we drink, to the food we grow, and the resources we use in manufacturing, biodiversity and ecosystem services support our daily lives and many of our products and services. We would be in great danger without the nurture of Mother Nature.
In December, BCSD Malaysia organised “The Business Case for Biodiversity and Ecosystem Services” webinar. We have invited a few experts from different sectors to engage in the conversation in how business benefit from integrating impacts to nature into their risk assessment and disclose nature-related financial risks to build a more resilient business.
The webinar has been featured in the #MYNatureTour event, a pre-event leading to the Climate Ambition Summit, organised by British High Commission Kuala Lumpur.
We have summarised a few key messages from our esteemed speakers in “The Business Case for Biodiversity and Ecosystem Services” webinar:
1. Biodiversity issues have increasingly gained visibility due to COVID-19 pandemic. Biodiversity loss should not be seen as a single issue, and it would not be solved alone without addressing its linkage to economic, finance, and livelihood.
2. Business CANNOT be as usual. Nature has to be taken account into decision-making process in businesses and government. It is the time for businesses to play a constructive role in biodiversity conservation, by adopting ESG and promoting responsible business conduct.
From the palm oil sector, IOI Group has been working hard on mitigating the impact of biodiversity loss, protecting and integrating biodiversity into their business. They also actively engaging different stakeholders and consumers to promote the uptake of sustainability produced products.
In the case of the investment sector, BNP Paribas Asset Management Malaysia has fully integrated ESG in investment for their clients’ assets as it will improve risk-adjusted returns to the investors. Sector policies are put in place for screening requirements. Businesses are expected to meet their fundamental obligations in human and labour rights, fulfilling environmental responsibilities.
3. Incentives is one of the key drivers for the biodiversity conservation effort. We have to incentivize the right behaviour to encourage and inspire more nature positive actions.
By establishing a reporting framework for finance sector impacts and dependencies on nature, WBCSD is part of the Informal Working Group that will lead to the creation of a Task Force on Nature-related Financial Disclosure (TFND) in 2021. This could increase corporate awareness and interest in assess and evaluate natural capital, and realise the economic potential of biodiversity.
3. There is a need in bridging emerging technologies, knowledge of biodiversity, social and economy. Academy of Science Malaysia-Special Interest Group (ASM-SIG) is offering an innovative approach in Precision Biodiversity (PBD) where the next-generation technologies effectively help in conserve, monitor and manage valuable biological resources alongside a biorevolution, to protect the planet as well as for socio-economic returns to the citizens through Return on Value, via collaboration with industry, university, government and community.
“Nature is everyone’s business”, said Dr Peter White. It is time for us to join the Call to Action, to work with Business for Nature. Players within the private sector must come together for a synergetic approach. BCSD Malaysia is taking the lead to champion the Malaysia Platform for Business & Ecosystem Services, together our commitment and efforts could propel Malaysia to a leading nation with full corporate responsibility towards biodiversity conservation and sustainable use and in the process enhance the business opportunities.
