including automotive, cement, chemicals and extractives sectors, are committed to set or have set science-based emissions reduction targets in line with climate science. [52]
7.5 Find new partners Other initiatives, such
as the United Nations Global Compact (over 12,000 participants) and the United Nations Principles for Responsible Investment (over 3,000 signatories), offer metrics and reporting frameworks to further strengthen corporate transparency and accountability, better track progress, inspire leadership, foster goal-setting and provide learning opportunities. Still others, like the Taskforce for Climate-Related Financial Disclosures (TCFD) framework, allow business leaders, investors, insurers and others to to better understand company's exposure to climate-related risk. [53]
Context-based goals should result in a shift from short-term, purely financially driven metrics to those that measure the quality and the
environmental sustainability of business growth. [54]
Such metrics should be supported by investors and financial markets and enable research and innovation funding to be focused appropriately. These targets are already resulting in greater public awareness and some traceability initiatives, such as those that use blockchain technology to trace food sourcing, packaging and distribution practices. Companies are also announcing the deployment of goal setting initiatives and training, to allow employees and stakeholders to contribute to their commitments to achieve carbon neutral trajectories by 2050.
7.4 Disrupt business from within
Many of the nature positive, disruptive business models and shifts with the potential to reshape industries are already here. (see Section 4.1) Businesses that have recognized the emergence of the nature positive economy and need to anticipate these shifts are able to transition out of activities that do not fit this future and are benefiting from positive reputational and investor attention. [55],[56] Key businesses are now disrupting by, for example, eliminating the use of petrochemicals in cleaning products or moving much more towards producing and consuming renewable energy.
Most businesses need time to adapt to new regulations and consumer trends and to commercialize new models and solutions. It is therefore best to create space internally to explore alternative, nature positive futures beyond the existing business models as a way to anticipate future disruptions. Companies that refuse or are slow to understand these changes are the most vulnerable and will be hit hardest.
No single business, acting alone, can drive these transformations, but business action plays a critical role alongside policy, markets and society. Business organizations like the International Chamber of Commerce can strengthen the case for action and change, help generate business and policy breakthroughs in social, economic and technological areas, lower the costs of transition and help scale nature positive products, services and business models. Others can shape business practices and products in entire sectors. The Forest Stewardship Council, for example, has dramatically changed business practices and products in the forest and paper industries.
More and more companies are mobilizing support for some of the policies mentioned above by calling on national governments to set a clear direction of net-zero emissions by mid-century to help them speed up the pace of investment, innovation and change. Examples of these business coalitions include the Corporate Leaders Group on Climate Change, the We Mean Business Coalition and many others. Today, most national business chambers of commerce and industry bodies also have dedicated groups to guide companies in their sectors on setting emissions and mitigation targets.
7.6 Change the definition of success
Every board chair, CEO and business owner will need to ask new questions about the impact, the role and the future of their organizations. These leaders must now widen their measures of success and develop partnerships to include outcomes aligned with the health and well-being of people and nature. Among others, the International Union for the Conservation of Nature (IUCN) is helping businesses to advance their own biodiversity goals by valuing biodiversity, investing in nature and promoting biodiversity net gain.
Whether one is a long-lived multinational corporation or a new small business, as the economy embarks on this nature positive transformation, it is not only possible but increasingly commercially desirable to question long held assumptions about business growth, efficiency, consumption and profitability. At the same time, business leaders must ensure their companies play their part in removing negative impacts on nature and society and join forces to contribute to collective well-being and resilience, upon which human civilization and natural systems rely.
Business is at the forefront of this nature positive transformation. Looking at the science and the state of the world today, there is only one direction it can take.
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