Trillion-dollar group urges government action to stop nature loss

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: More than 100 companies, including Unilever, L'Occitane, and Iberdrola, urge governments to implement tougher policies to halt nature loss by the end of the decade
• They emphasize the urgency with a letter shared exclusively with Reuters, signed by 132 companies with a combined revenue of $1.1 trillion

🔭 The context: In 2022, the world agreed on a landmark deal to protect biodiversity, pledging to safeguard 30% of the world's natural ecosystems
• The COP16 biodiversity summit in Colombia this October will focus on the implementation of this pledge

🌍 Why it matters for the planet: Halting nature loss is critical to preserving ecosystems that support agriculture, water systems, and overall biodiversity
• The decimation of wildlife and ecosystems by human activities threatens food production and the stability of natural resources

⏭️ What's next: Governments will need to consider subsidy reforms, sustainable water use, and improved farming practices to meet these biodiversity goals
• The upcoming COP16 summit will be pivotal in outlining concrete steps for these measures

💬 One quote: "If we don't focus on nature, if we don't focus on biodiversity, the business that we operate may not even exist in years to come," said Rishi Kalra, executive director and group CFO of Olam Food Ingredients

📈 One stat: Over 1 million species are currently on the brink of extinction

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