Targets, monitoring and reporting
We are engaging business in the development of new frameworks and mapping existing initiatives for targets, monitoring and reporting on nature. Nature Action creates opportunities for consistent engagement and provide support in readying members to set and implement frameworks in development and targets including Science-based Targets Network and Task Force on Nature-related Financial Disclosures (TNFD). This work helps WBCSD members to step up action and commitments to nature, and start readying for the new WBCSD membership criteria for Nature.
The Challenge
The COVID-19 crisis has clearly demonstrated the impact that the decline of nature can have on the socioeconomic system as it results in increased risks for human health, stable food supplies and other key economic systems, such as urban and energy infrastructures.
The Business Case
The new decade started with a significant wake-up call in the form of COVID-19. Restoring nature will play a central role in the green recovery and science-based targets and nature-based solutions must drive it. Increasing numbers of financial organizations are committed to shift away from nature-negative outcomes and toward nature-positive outcomes. Reporting and disclosure requirements are on the way to inform these investments decisions and business can start to get ready now.
The Business Solution
Our Nature Action Project is playing an active role in supporting the development of consistent targets, including an apex target for nature on which all align and work. In addition, we are representing the business voice in the development of new reporting frameworks for Nature such as TNFD and CDSB. The project is also mobilizing its members to participate in the corporate engagement on the development of science-based targets for nature, with WBCSD as one of the 20+ partners of the Science-Based Targets Network (SBTN).