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29 July 2010

The Economics of Ecosystems and Biodiversity

The second of the TEEB (The Economics of Ecosystems & Biodiversity) reports – TEEB for Business – has been launched at the Global Business of Biodiversity Symposium in London.

The report, which has been funded by the European Commission, intends to show how businesses that integrate biodiversity into their business plans and core activities can create a win-win situation.

The report finds that most companies still only address biodiversity superficially in their reports, but that growing numbers are aware of the potential benefits. It says that biodiversity and ecosystem services (BES offer opportunities for all sectors, and they can bring added value by ensuring the sustainability of supply chains, generating new products, penetrating new markets and attracting new customers.

The TEEB for Business report makes 7 recommendations for businesses:

  1. Identify the impacts and dependencies of your business on BES;
  2. Assess the business risks and opportunities associated with these impacts and dependencies;
  3. Develop BES information systems, set SMART targets, measure and value performance, and report your results;
  4. Take action to avoid, minimize and mitigate BES risks, including in-kind compensation (‘offsets’) where appropriate;
  5. Grasp emerging BES business opportunities, such as cost-efficiencies, new products and new markets;
  6. Integrate business strategy and actions on BES with wider corporate social responsibility initiatives; and
  7. Engage with business peers and stakeholders in government, NGOs and civil society to improve BES guidance and policy.

The report also calls on accountants and financial reporting bodies to develop common standards to assess biodiversity impacts, and develop new tools for this purpose.
 

TEEB for Business will form part of the final TEEB synthesis report, which will be launched at the meeting of the Convention on Biological Diversity in Nagoya in October.

A TEEB for policymakers has been published, and a TEEB for local and regional policy and one for citizens will also be published.

This briefing was provided by Scotland Europa.

Scotland Europa, Scotland House Rond-Point Schuman 6, B-1040 Brussels, Belgium
T +32 (0)2 282 8303 F +32 (0)2 282 8318, www.scotlandeuropa.com 

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