Urgent Call for Corporate Responsibility to Protect Biodiversity and Economic Stability

A new report from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES), released during a recent session in Manchester, highlights the critical dependence of businesses on biodiversity and the urgent need for corporate accountability in preserving it. Despite this reliance, human economic activities are causing widespread environmental degradation, risking both biodiversity and business futures.

The report reveals stark financial imbalances: in 2023, global public and private financial flows causing direct harm to nature reached an estimated $7.3 trillion, including $2.4 trillion in environmentally damaging subsidies. Conversely, only $220 billion was invested in conserving and restoring biodiversity. The findings emphasize that virtually every business depends on biodiversity, whether through raw materials, regulatory frameworks, or intangible benefits like tourism.

Experts involved in the report warn that failure to act jeopardizes economic stability and increases costs. Remarkably, less than 1% of publicly listed companies currently disclose their biodiversity impacts, underscoring a lack of transparency and responsibility within the corporate sector. IPBES co-chair Matt Jones stresses that businesses must play a pivotal role in shaping a sustainable economy to avoid species loss and their potential extinction as enterprises. Co-chair Ximena Rueda underscores that improved engagement with nature is essential—not optional—to safeguard profits and long-term viability.

The IPBES report, crafted over three years by 80 experts from 35 countries, advocates establishing robust political and regulatory frameworks, fostering corporate cultures that prioritize biodiversity, and enhancing collaboration with scientific communities and indigenous peoples. Stephen Polasky, another co-chair, points out the report’s goal to provide tools for developing effective methods and policies to better integrate biodiversity concerns into business practices.

In sum, the IPBES report urges governments, companies, and investors to take immediate, coordinated action to preserve biodiversity, protect economies, and ensure human well-being amid ongoing environmental challenges.