Thursday, June 8, 2023

Companies around the world asked to make disclosure of nature’s effects mandatory

Companies say the action will be effective only if they are made mandatory.

Photo: Hugo Herrera

More than 330 commercial and financial institutions in 52 countries are calling on governments to make nature impact disclosure mandatory by 2030 to prevent and reverse the loss of biodiversity on the planet.

Companies including L’Oréal, Cementos Argos, Enel, H&M, Ralph Lauren, Nestlé, with more than $1.5 trillion in revenue, urge world leaders to take immediate action at the ONU Convention on Biodiversity (COP15) which will be in December MontrealCanada.

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“We need governments globally to change the rules of the economic game and demand that companies act now. Currently, companies and financial institutions do not have the necessary political certainty to change their business models, and governments do not have the necessary information to implement these changes and track progress. Assessment and disclosure is an essential first step in generating action, but will have an impact only when mandated,” the organizations said in a statement.

According to the information released by them, mandatory assessment and disclosure of companies’ impact on nature will create fair competition, increase accountability, involve investors, empower consumers, engage SMEs through supply chains, promote indigenous peoples Will help to secure the rights and accelerate the transformation of local communities, and ultimately economies.

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We are on a journey towards reducing negative impacts and increasing positive impacts by restoring and reviving nature and we must step up our efforts.

In addition to the inevitable impact on nature, companies will drive collective action by trade and finance, backed by an appropriate enabling environment, including financing to ensure equitable and effective implementation in all countries, with the aim of reducing negative impacts and enhancing positive impacts. Calling tasks.

In this sense, the companies reported that at the moment they have taken actions such as: to evaluate our impacts and dependence on nature, to disclose material information relating to nature and to restore and regenerate nature and to cooperate in the watershed Transforming strategies and business models. Terrestrial and marine landscape.

Nation World News Desk
Nation World News Desk
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