Since the adoption of the Kunming-Montreal Global Biodiversity Framework (GBF), the need for businesses to accelerate action on nature continues to grow.
A recent report by PwC’s global Centre for Nature Positive Business shows that over 55% of the world's GDP ($58 tn) is highly or moderately dependent on nature. This dependence leads to very real risks for businesses and financial institutions, from disruptions to goods and services that businesses rely on, to regulation that limits practices that have the potential to harm biodiversity and ecosystems.
There is also growing demand from consumers and investors for businesses to reduce their impact on nature. Despite this, research from the World Benchmarking Alliance shows that less than 1% of companies know how much their operations depend on nature.
All industries have material dependencies on nature in their value chains
By hovering over the bar chart, you will be able to see the % of this industry which has a low, moderate or high dependency on nature
Navigating this complex landscape can feel overwhelming for businesses. As part of the ‘It’s Now for Nature’ campaign, the Business for Nature coalition (in collaboration with PwC UK) has created a new Nature Strategy Handbook that provides recommendations for all businesses - whether corporates or financial institutions - on how to set a forward looking nature strategy and where to find useful tools and resources.
The Nature Strategy Handbook has been developed to align and build on the requirements of current nature-related frameworks and regulations such as the Corporate Sustainability Reporting Directive (CSRD), the Taskforce on Nature-related Financial Disclosures (TNFD), the Science-based Targets Network (SBTN) and other key frameworks and disclosure requirements.
“The Nature Strategy Handbook provides a common direction for all businesses to begin or continue their journey towards a nature-positive future by setting a nature strategy. It offers a step-by-step guide on how to write a credible nature strategy and where to find the most useful tools and resources. We hope this helps businesses of all sizes and geographies accelerate the transition to a nature-positive, net-zero and equitable future.”
Zubin Randeria,
ESG Leader, Risk Executive Board member, PwC UK
What is the 'It's Now for Nature' campaign all about?
‘It’s Now for Nature’ is a global campaign that aims to rally businesses to act on nature and contribute towards a nature-positive world by 2030. The campaign encourages businesses and financial institutions to use the newly created Nature Strategy Handbook to develop and publish a nature strategy.
- Why focus on nature strategies?
- Getting started on your nature strategy
Why focus on nature strategies?
- There is a clear business case to act on nature which includes mitigating exposure to nature-related risks, capitalising on nature-related opportunities, and helping to achieve the targets of the Global Biodiversity Framework.
- According to new research from GlobeScan, nine out of ten experts (90%) from across academia, NGOs, the private sector and policymakers view the state of nature and biodiversity loss as a catastrophic or alarming issue. 85% of these experts also say companies need a public nature strategy backed by the CEO or Board to effectively protect nature and biodiversity1.
- With a plethora of new regulations, disclosure frameworks and methodologies - such as the Corporate Sustainability Reporting Directive (CSRD), the Taskforce on Nature-related Financial Disclosures TNFD) and the Science Based Targets Network (SBTN) - newly released or upcoming, a nature strategy can help businesses take a more holistic approach and navigate multiple initiatives simultaneously. This can help reduce complexity and ensure businesses are dealing with nature in an effective and coordinated manner.
- Nature strategies can be built on iteratively meaning that all businesses (regardless of their maturity) can begin a nature strategy or build on an existing one.
- To adequately mitigate nature-related risks and harness opportunities, businesses must go beyond disclosure. A nature strategy provides a forward looking plan to address nature-related risks and opportunities and contributes to transformation to increase organisational alignment with a nature-positive economy.
Getting started on your nature strategy
The Nature Strategy Handbook builds on the ACT-D High-Level Business Actions on
Nature (Assess, Commit, Transform and Disclose) to show businesses what the key
components of a credible nature strategy are.
The Nature Strategy Handbook will help businesses to:
- Assess: Understand and articulate their nature-related impacts, dependencies, risks and opportunities and how it affects them
- Commit: Develop and an overview of their ambition to contribute towards a nature-positive world and develop credible targets
- Transform: Develop the necessary actions to manage their relationship with nature and deliver on their ambition and targets
- Disclose: Ensure their strategy is credible and align with major reporting standards
As the official knowledge partner to the ‘It’s Now for Nature’ campaign, PwC UK are pleased to share the new Nature Strategy Handbook and recommend all businesses to use this resource to begin the development or build on their existing nature strategy. All businesses are encouraged to join 'It's Now for Nature' by developing and submitting their nature strategy on the ‘It’s Now for Nature’ website. Being part of the campaign supports transparency and engagement with stakeholders, including customers, governments, shareholders and investors.
[1] An online survey was conducted in English with 204 sustainability and nature experts across the world between September 13 and October 20, 2023. Experts come from a wide range of sectors including academia, non-government organisations, companies and industry associations, government, multilateral organisations, consultancies, and research organisations.
Contact us
Director of Climate and Nature Strategy, PwC United Kingdom
Tel: +44 (0)7718 864854
