Recently, the 16th Conference of the Parties (COP 16) to the Convention on Biological Diversity (CBD) was held under the theme, "Peace with Nature." One could translate this to a “live and let live” perspective towards the natural world. Biodiversity conservation can be seen as embodying this spirit, encompassing all living organisms, from individual species to entire ecosystems. Reflexively associated with wildlife reserves, biodiversity exists in many diverse settings like urban gardens, wetlands and even abandoned industrial areas.
Urban biodiversity offers numerous benefits, including improved air and water quality, flood control, climate change mitigation and recreational opportunities. These ecosystem services contribute significantly to the global economy and are valued at over $150 trillion annually. However, declining ecosystems due to land use changes, overexploitation, climate change, pollution and invasive species pose risks to businesses operating within these areas. Given their significant urban presence, businesses in India have the potential to lead urban biodiversity conservation efforts.
While corporations are becoming aware of their environmental impact, corporate social responsibility (CSR) initiatives by businesses remain largely focused on social causes and not the environment. The initiatives that do focus on the environment continue to support piecemeal solutions. This short-sighted approach to climate change, where solutions are proposed to solve surface-level problems, undermines the implementation of long-term solutions.
Given the current state of climate change and biodiversity loss, businesses must focus on adopting a comprehensive and strategic approach to their CSR programs. The current CSR contribution towards biodiversity in India is only about 3% of total CSR expenditures. It is even lower for urban biodiversity. There is a clear opportunity to enhance this area of contribution. The convening at COP16 also urged businesses and the financial sector to mainstream biodiversity in an inclusive manner across all sectors.
Businesses can play a critical role in advancing and protecting biodiversity. Below are some of the ways this can be done –
Businesses that champion biodiversity reap benefits such as a healthier and more productive workforce owing to cleaner air and water. Working toward environment conservation improves brand reputation as integrating sustainability practices attracts both talent and environmentally conscious customers. Another benefit includes reduced operational costs through sustainable water and energy use practices like integrating green infrastructure solutions.
In response to the current state of climate change, efforts for biodiversity conservation by businesses must gain momentum by shifting from a piecemeal approach to a long-term strategic approach. The adoption of the Kunming-Montreal Global Biodiversity Framework (GBF) by countries around the globe sets a vision of a world living in harmony with nature by 2050. It also calls for urgent action to halt and reverse biodiversity loss. Businesses, with their significant impact on biodiversity, can bring about transformative change to meet the goals of vision 2050 by taking steps to mobilize resources and driving action for biodiversity conservation.
Complex natural ecosystems require a collaborative approach that connects different actors across different sectors. The onus is on all of us – businesses, communities and governments – to build trust in nature-based solutions, leverage technology and learn from traditional practices to protect and restore our urban ecosystems.