This week, Green Thing saw the launch of the third report to come from The Economics of Ecosystems and Biodiversity research team, at the first ever Business of Biodiversity Symposium. TEEB is a global initiative aimed at increasing awareness and facilitating discussions around the economics of biodiversity loss and ecosystem damage. It’s about placing a value on nature, rather than nature be seen as something humans are far removed from.
In the opening session, emphasis was placed on identifying the impacts and dependencies of businesses on biodiversity and what risks and opportunities could come from this. Setting sector specific targets and pricing were two opportunities that policy makers identified. Also, Hon. Caroline Spelman MP encouraged businesses to become early adopters of ecosystem restoration as they would end up on top because they’d have first mover advantage.
Over the past few years, when companies were forced to adopt carbon reduction targets as set out in UK government policy, industry had to find ways to comply. In a similar fashion, the TEEB report calls for policy makers and industry to cooperate to ensure that biodiversity is not just protected, but restored. Inherently linked, biodiversity restoration is the new carbon. It’s the next step towards looking at the larger picture and working to restore the damage we’ve caused.
There is a growing realisation that conservation efforts are in the best interest of businesses. It’s a viscous cycle: Businesses damage biodiversity and all the ecosystem services it provides. Biodiversity loss gets worse. Ecosystem degradation gets worse. Businesses get stuck as they are dependent on the ecosystems services.
Often, some businesses don’t even recognise the importance of biodiversity. One of the best lines of the day came from Gavin Neath of Unilever who said “What do these little chaps [rare animals and plants] have to do with by business?” illustrating his point that companies may not yet know the impact of their actions or realise how it could affect their future revenue.
Pricing was another issue to come up often. Sometimes things can get a bit tricky when value is placed on ecology and the environment. For example seas otters. If populations of sea otters can be restored, their value is $700 million in carbon credits on the European carbon trading market because of the value they have in removing CO2. If they are capable of storing such an amount of carbon, does this mean its ok to then use this currency to alter or damage other ecosystems? Will the carbon trade at some stage merge with the biodiversity business to create on mega, unbalanced and potentially dangerous currency?
TEEB have made significant progress in facilitating discussions and debates around policy and implementation of the business side of biodiversity. It’s about time that people are recognising the value and importance of biodiversity. Let’s hope that in valuting biodiversity, we don’t end up devaluing its real worth or protecting just enough of it to get by.
Katherine Hui is currently the Social site editor at Green Thing, a web-based public service in London that inspires people to lead greener lives through creative content.
Before this, she worked as the Development Manager at Social Innovation Camp, an organization that encourages people to use web and mobile-based technology to mobilise social change. She oversaw 300 ideas submission and helped build 20 prototypes – five of which have gone on to get further funding or investment.
Katherine’s came over to the UK form Canada in 2007 for an MSc program at the London School of Economics. Before arriving in London, she managed a small environmental start-up in Vancouver called the Canadian Climate Change Alliance.
Katherine is football mad. She is a loyal supporter of Arsenal FC, plays for Islington Borough Ladies FC and coaches for Gunners in Islington in her spare time. Her second favourite hobby is kite surfing and she can sometimes be found chasing the wind.
