· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Thomson Reuters or enjoy below:
🗞️ Driving the news: Corporations are increasingly recognizing the importance of biodiversity and natural capital in their sustainability reporting and transition planning
• In January, the Thomson Reuters Institute predicted the mainstreaming of biodiversity topics in corporate reporting, a trend now evident with 320 companies adopting the Task Force on Nature-related Financial Disclosures recommendations
🔭 The context: Key publications such as the UK's Transition Plan Taskforce's Nature Working Group emphasize nature's integral role in economic stability, with 55% of the world's GDP relying on ecosystem services
• Reports from PwC and BCG highlight the significant reliance and risk exposure businesses have to natural capital
🌍 Why it matters for the planet: The degradation of nature is intertwined with the climate crisis, which collectively drives significant economic and environmental costs
• Addressing both in corporate transition plans is crucial to mitigating these impacts and fostering a sustainable global economy
⏭️ What's next: Companies are encouraged to integrate climate and nature goals, starting with materiality assessments and stakeholder engagement
• Developing clear metrics, robust governance, and actionable steps will be essential in aligning business practices with sustainability targets
💬 One quote: "Without ambition, action, and accountability by companies, governments, and humans, earth itself will impose dire consequences" — UK Transition Plan Taskforce
📈 One stat: 55% of the world’s GDP, approximately $58 trillion, depends on ecosystem services
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