150 countries approve a new blueprint for business action on nature
⢠UK hosted nature summit ends with agreement of a Business & Biodiversity Assessment to shape private sector action on nature
Environment Secretary Emma Reynolds (right) and Nature Minister Mary Creagh (left) at IPBES 12.
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NatureĀ Minister hails it as pivotalĀ momentĀ on road to this yearāsĀ BiodiversityĀ COPĀ
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IPBES 12 hasĀ brought estimated economic benefits of Ā£3.1 millionĀ toĀ ManchesterĀ
A gathering ofĀ scientists,Ā businessesĀ and governmentsĀ fromĀ more than 150Ā countriesĀ inĀ Manchester has concludedĀ with the approval of a new Business and Biodiversity Assessment to guideĀ theĀ actionsĀ businesses can takeĀ to save nature.Ā Ā
Businesses depend on and impact biodiversity and natureās contributions to people, across value chainsĀ but they need to develop their resilienceĀ against the decline ofĀ nature.Ā Ā
This 3-year scientific assessment, involving 80 expert authors from every region of the world, agreed today, will become the accepted state of science on the impacts and dependencies of business on biodiversity and natureās contributions to people, providing all decision-makers with evidence and options for action to measure and better manage business relationships with nature.Ā
Better understanding ā and better measurement ā helps companies understand their role and responsibility to act, while alsoĀ identifyingĀ risks and opportunities, setting targets,Ā monitoringĀ performance, and supporting transparency and accountability of their nature-related commitments.Ā
Nature Minister Mary Creagh said:Ā Ā Ā
āNature is the lifeblood of our economy, and the nature crisisĀ representsĀ a profound threat to our way of life, which is why the UK is committed to leading the way and was pleased to host this summit.Ā
āThis crucial new assessment, agreed by 150 countries, will provide a vital framework for global businesses to help them better understand the risks they face from nature degradationĀ and the action they can take.āĀ
The government will continue to supportĀ the private sector toĀ take actionĀ on nature. Following the announcement of a pioneering Overarching Principles Standard for nature markets last year, the government will continue to work with the British Standards Institution on further nature investment standards. This will help to boost investor confidence in nature markets, enabling them to do more for biodiversity.Ā Ā
We will also continue to look at how we can support businesses to understand and address their impact on nature through their supply chains, including through the UK-supported Taskforce on Nature-Related Financial Disclosures.