SPU CO16-2020 - Review of Options to Enhance Business Contribution to National Biodiversity Policy Objectives

Descriptions

Biodiversity loss is among the top risks to society. Business impacts and dependencies on biodiversity translate into risks to business and financial organisations, including ecological risks to operations; liability risks; and regulatory, reputational, market and financial risks (OECD, 2019). Comprehending these dependencies and impacts on biodiversity can help businesses and financial organisations manage and prevent biodiversity-related risks, while harnessing new business opportunities.Business and financial organisations increasingly need to understand how to integrate biodiversity factors across key dimensions of business and investment decision-making, including strategy; governance; impact assessment and risk management; due diligence; disclosure and external reporting; industry standards, labels and certification schemes; and communication. Action 1.1.12 of Ireland’s National Biodiversity Action Plan 2017-2021 sets out to “Establish a national Business and Biodiversity Platform under the UN Convention on Biological Diversity’s Global Business Partnership”. The establishment of the Platform is further supported by the 2019 Government policy on Future Jobs. As outlined in the UN Convention on Biological Diversity COP X decision on business engagement, the mandate of national initiatives is to “…encourage dialogue amongst stakeholders…and to help raise awareness of biodiversity and sustainability issues amongst the business community. They should also work to assist companies in understanding and mainstreaming the goals of the Convention and the Aichi Targets and future Goals delivered through the post 2020 Global Biodiversity Framework.See RfT for further information.