Biodiversity conservation is necessary as well as profitable: Protecting the natural order can not only provide social and environmental benefits but also can lead to economic gains.

• Author: Sasaki, Lika
• Position: SPECIAL REPORT

In the wake of the sustainability movement, many companies are now striving to change their business models to minimize their ecological footprint. Nevertheless, biodiversity conservation tends not to be among their top priority. This is a dilemma as halting biodiversity loss is a global priority that is directly referenced in United Nations' Sustainable Development Goals 14 and 15 (life below water and life on land), but also in other SDGs.

Today over 4.4 billion people depend on biodiversity (including forestry, agriculture, and fisheries) for their livelihoods. Moreover, the loss of biodiversity can have significant impact on business operations. There is every reason for businesses to play a bigger role in conservation efforts and in supporting local livelihoods. The big question is how companies can be more proactive in incorporating biodiversity conservation in their businesses.

SOUND BIODIVERSITY = PROFITS

Companies need to realize that and assess how biodiversity loss can be detrimental to their businesses. According to a study by Sustainable Food Trust, biodiversity loss is costing companies over $ 16 billion in externalities in the United Kingdom of Great Britain and Northern Ireland alone.

On a brighter note, safeguarding biodiversity can lead to bigger company earnings and cost savings, enhancing their competitiveness and addressing consumer trends. While the concept of biodiversity conservation being profitable may sound outlandish, current market trends prove this is the case. A 2014 study published by the Global Environment Change found that services and products from nature are valued at as much as $145 trillion per year. There is still more room for expansion: A study from the Development Bank of Latin America shows that biodiversity-related products have a potential annual growth of 19% until 2020.

Moreover, companies must play a role in fostering sustainable consumption and production that favours biodiversity. According to a survey by the Union for Ethical BioTrade (UEBT), 79% of global consumers believe that companies have a moral obligation to have a positive impact on biodiversity.

DEVELOP CAPACITY, ENHANCE BIODIVERSITY

Once companies realize the importance of biodiversity and define its objectives, they need to strategize on how to adapt their existing practices through assessing priorities, risks, and opportunities. This enables continuous improvement through measuring and mitigating various impacts, and clearly...