• UK hosted nature summit ends with agreement of a Business & Biodiversity Assessment to shape private sector action on nature
Nature Minister hails it as pivotal moment on road to this year's Biodiversity COP
IPBES 12 has brought estimated economic benefits of £3.1 million to Manchester
A gathering of scientists, businesses and governments from more than 150 countries in Manchester has concluded with the approval of a new Business and Biodiversity Assessment to guide the actions businesses can take to save nature.
Businesses depend on and impact biodiversity and nature's contributions to people, across value chains but they need to develop their resilience against the decline of nature.
This 3-year scientific assessment, involving 80 expert authors from every region of the world, agreed today, will become the accepted state of science on the impacts and dependencies of business on biodiversity and nature's contributions to people, providing all decision-makers with evidence and options for action to measure and better manage business relationships with nature.
Better understanding - and better measurement - helps companies understand their role and responsibility to act, while also identifying risks and opportunities, setting targets, monitoring performance, and supporting transparency and accountability of their nature-related commitments.
Nature Minister Mary Creagh said:
"Nature is the lifeblood of our economy, and the nature crisis represents a profound threat to our way of life, which is why the UK is committed to leading the way and was pleased to host this summit.
"This crucial new assessment, agreed by 150 countries, will provide a vital framework for global businesses to help them better understand the risks they face from nature degradation and the action they can take."
The government will continue to support the private sector to take action on nature. Following the announcement of a pioneering Overarching Principles Standard for nature markets last year, the government will continue to work with the British Standards Institution on further nature investment standards. This will help to boost investor confidence in nature markets, enabling them to do more for biodiversity.
We will also continue to look at how we can support businesses to understand and address their impact on nature through their supply chains, including through the UK-supported Taskforce on Nature-Related Financial Disclosures.
