As the world grapples with the realities of the climate crisis, public bodies and private corporations must come together to tackle impending global issues. It’s becoming increasingly critical that nature and biodiversity are at the centre of planning and operations across all bodies and industries.
While the need is becoming clearer, the mechanisms for tracking and reporting on nature impacts and biodiversity uplift as a result of investment remain a grey area. However, initiatives such as the GBF fund and the TNFD are making it clearer how governments and private bodies can successfully invest in nature and measure results.
For private organisations, science-based targets (SBTs) are fast becoming a trusted framework for the measurement and reporting of nature investments by organisations. While the SBTi is firmly established, science-based targets for nature launched in 2023 under the moniker Science-based Targets Network (SBTN) and are only starting to take off.
In this article, we’ll explore:
- A quick introduction to SBTs and the SBTN
- How real companies are using SBTs to track their nature impacts
- How SBTs are creating change in how private companies invest in nature
Introducing SBTs for nature
In 2015, the Paris Agreement was signed at the UN Climate Change Conference. A key tenant of the agreement called for more cooperation between public and private bodies to help mitigate the climate crisis.
Science-based targets are a starting point for private organisations to measure and report on their nature investments. The Science-Based Targets initiative (SBTi) takes the Paris Agreement requirements and articulates them into emission-reduction goals for companies. While SBTs provide businesses with an environmental framework that allows them to reduce greenhouse gas emissions, a new entity has been formed to support businesses to set targets to protect and restore nature.
The SBTN builds on the momentum of the Science Based Targets initiative and also works to meet the demand for a framework to measure nature investment and impact post the launch of the Global Biodiversity Framework. The network brings together global experts to support businesses to make decisions backed by science to safeguard the natural world in all aspects of their operations.
While the SBTi and SBTN are separate entities, a number of the founding organisations for the SBTi are also involved in the SBTN. For a more in-depth look into SBTs and how they work, check out this article.
The companies pioneering SBTs for nature
The SBTN has selected a target group of 17 companies for the initial pilot launch of SBTs for nature, with the framework to be accessible to all companies in early 2024. Let’s look at the plans and targets some of these initial companies have set.
Alpro
Plant-based food producer Alpro recognised the need for a shift from traditional agricultural practices that degrade nature to more circular practices which actively restore the nature in which they operate. To do this, they partnered with the SBTN to adopt targets focused solely on nature preservation and restoration (for example, soil, water and biodiversity).
One of their earliest projects focuses on setting targets to find solutions and improvements for their almond supply chain based in Spain.
Tesco
Already a leading adopter of SBTs via the SBTi, Tesco is one of the pioneering adopters of SBTs for nature. The food retailer was part of the SBTN’s first target validation group and has set numerous nature-positive targets in soil, water and biodiversity.
“The effects of climate change and nature loss are already being felt around the world, and the food system is a key driver of these twin threats,†says Tanya Steele, Chief Executive of WWF on Tesco’s actions.
“We cannot safeguard our future and limit warming to 1.5 degrees without urgently transforming the way we produce and consume food, from ensuring deforestation-free supply chains to tackling overconsumption of meat and dairy. We welcome Tesco’s important step forward…â€
L’Occitane Group
As part of their latest biodiversity strategy, the cosmetic retailer has set out “a clear framework of behaviour covering the five key areas of biodiversity loss: land/sea-use change, resource exploitation, pollution, invasive alien species and climate change.â€
The strategy was developed under the guidance of the SBTN and supports the company to expand on its already established frameworks around people and climate to include biodiversity going forward.
GSK
Pharmaceutical company GSK has committed to being nature-positive by 2030 and is also one of the first companies to trial the SBTN to measure its impact. This process allowed them to understand where they had poor insight into the full impact of their supply chains on nature and where they could make improvements.
Some of their targets include the sustainable management of the natural materials used to make vaccines while the industry explores alternative materials.
LVMH
Luxury goods company LVMH has already taken steps towards reducing its impact on nature through the reduction of water usage and improved recycling processes across its supply chain.
Partnering with the SBTN, the group announced its first qualitative target for reducing its water consumption footprint at the end of 2023.
The future of SBTs for nature
Building on the amazing foundation set by the SBTi, SBTs for Nature supports the corporate world in expanding its activities beyond carbon reduction and broadening the scope to include the preservation and restoration of the natural world.
The adoption of these nature-positive targets marks a significant step towards environmental sustainability and biodiversity conservation. They also help bridge the gap between climate action and nature preservation, an essential reframing of how we should be tackling the climate crisis.
Dulra is developing a cutting-edge AI data management platform designed to help nature-based solution projects secure funding by converting raw ecological, climate and socio-economic data into actionable reports for funders. Learn more.
