Foretics, a leading organization in sustainability and corporate social responsibility in Spain, has presented the report 'Nature's moment: Steps to be 'Nature Positive' within the framework of the initiative 'Nature Business Ambition' together with 10 major companies (such as Damm, Leroy Merlin and Naturgy, among others), who have joined forces with the aim of promoting business action in the field of nature recovery and biodiversity as key axes to achieve a “Nature-Positive” planet by 2030.
The report analyses the corporate management of nature in order to raise awareness and catalyse the consideration of the risks and opportunities of biodiversity and its relationship with the fulfilment of other extra-financial objectives, such as climate objectives, among others.
As the United Nations points out, "nature is one of the most effective ways to combat climate change" as it can help reduce greenhouse gas emissions by up to a third, and therefore must be an essential part of all plans to reduce global warming.
In this sense, Forética has developed a roadmap in which it highlights: Six steps to seek the integration of nature into business strategies.
1. Evaluate and prioritize
The first step is to assess the relationship between the company's operations and its value chain and the different kingdoms of nature, analyzing the impacts and dependencies that the organization has with respect to each of these kingdoms, evaluating which are material, based on the sector to which it belongs and the intrinsic characteristics of the company.
Thus, the results obtained from the list of impacts and dependencies will allow prioritizing the most important operations and locations on which the most urgent actions must be taken.
2. Measure and value
Once the relationship between the company's operations and its value chain and nature has been analysed, these impacts and dependencies must be quantified. Clear and comparable indicators must be used to establish a baseline for setting objectives, evaluating progress and comparing with other companies or averages in the sector. It is very important to obtain clear, transparent and quality data.
3. Set goals
The next step is to publicly commit to taking action to mitigate the identified impacts. Set specific quantitative and time-bound objectives, as well as a roadmap to meet them. These objectives should be:
- Measurable.
- Of limited duration.
- Specific.
- Achievable.
- Ambitious.
- Based on science
4. Act and transform
Once the objectives and the roadmap to achieve them have been defined, it is time to act, implementing different types of actions to achieve the desired results; trying to focus not only on the company's activity but beyond that through collaboration with the different stakeholders and the value chain.
5. Monitor and verify
Throughout the process, it is important to carry out reviews and monitor the process, regularly observing and evaluating whether the objectives initially set are being met, both in terms of their content and timing, making the necessary adjustments so that everything is executed as established.
Continuous monitoring helps to identify the strengths and weaknesses of the initial evaluation process, thereby guiding future decisions, identifying aspects that can be improved and others that should remain unchanged.
6. Disclose and report
It is time to reach the end of the road, but not before forgetting the last step, which consists of reporting information on the assessment of natural capital and the company's decisions in this regard in a truthful and transparent manner that allows external users to know the risks and opportunities that the organization faces in this area, serving as support in the decision-making process.
