Top firms pile pressure on governments for mandatory nature reporting
Top global firms are piling pressure on heads of state to roll out mandatory nature reporting by 2030 as businesses prepare to gather for COP15 global talks on biodiversity in December.
Some 330 firms with combined revenues of $1.5tn, including GSK, Unilever and Nestle, have signed the letter to global business leaders, saying that firms now needed to be forced to cough up biodiversity data.
Regulators have been edging toward more rigorous requirements on climate impact and emissions data, with City watchdog the Financial Conduct Authority first rolling out requirements for mandatory climate disclosures for big firms at the start of the year.
The open letter today marks a major ramping up of the scrutiny on business’s impact on nature, with business chief claiming the current framework was “economically shortsighted and will destroy value over the long term”.
“Improving the health of our planet requires bold, decisive action from policymakers and businesses. Some progress has been made, but it’s not enough,” Rebecca Marmot, chief sustainability officer at consumer goods company Unilever said.
Currently, about 17% of the world’s land is protected, according to a 2021 report by the World Economic Forum, and just 7% of the global ocean is under some sort of conservation scheme.
“Assessment and disclosure are an essential first step to generate action, but it will only have an impact if it is made mandatory,” the 330 businesses said in their statement.