How does ecological risk relate to commercial risk?
On 3-4 October 2024, the Royal Society hosted a conference chaired by Sir Partha Dasgupta FRS, which brought together scientists and businesses to discuss how trends in environmental decline are leading to new risks to business models and investments. The proceedings helped business leaders to understand the latest science on the ways in which the natural world is changing, the risks their businesses face as a result, and actions that will help mitigate those risks.
The conference convened key stakeholders from science, commodity supply chain businesses, and financial services to build on the findings of the Dasgupta Review and global initiatives such as the Global Biodiversity Framework, the Nature Positive Initiative, and the Taskforce on Nature-Related Financial Disclosures amongst others. A major focus was on the challenge of measuring nature and ensuring businesses have the information they need to develop and implement a strategy to both reduce their nature-related risks and make the most of investment opportunities.
The discussions aimed to help identify shared research priorities, promote collaboration, and identify consensus policy recommendations to protect nature.
Day 1 Livestream
Day 2 Livestream
Schedule
Chair
Partha Dasgupta
Partha Dasgupta
| 09:45-10:00 |
Welcome
Opening remarks from the meeting chair. |
|---|---|
| 10:00-11:30 |
Ecosystem services and physical risk
Nature provides a wide range of ecosystem services which businesses rely on. This opening series of talks from senior figures in the research and conservation communities will highlight the range of physical risks that threaten businesses in a variety of sectors. They will call attention to the different drivers of nature loss and the risk of passing ecosystem tipping points that result in widespread, irreversible change. Chair: Professor Jane Lubchenco ForMemRS, University Distinguished Professor, Oregon State University Speakers: Dr Tony Juniper CBE, Chair, Natural England Professor Louise Heathwaite CBE FRS, Distinguished Professor, Lancaster Environment Centre, Lancaster University and Executive Chair, Natural Environmental Research Council Professor Carl Folke, Chair, Stockholm Resilience Centre Paul Polman KBE, Business leader, climate and equalities campaigner |
| 11:30-11:50 |
Break
|
| 11:50-12:50 |
Financial Risk
The financial risks that arise from nature loss are significant. Failure to address these could lead to increased borrowing costs and higher insurance premiums. This session will share perspectives from central banks, finance experts and insurers on these risks and discuss how businesses can respond effectively. Chair: Pavan Sukhdev, CEO and Co-Founder, GIST IMPACT Speakers: Marc Reinke, Head of the Sustainable Finance Office, De Nederlandsche Bank (DNB), and co-chair of the Task-Force on Nature Related Risks, Network for Greening the Financial System (NGFS) Judson Berkey, Managing Director, Chief Sustainability Office, UBS Waseem Malik, Chief Claims Officer, Aviva Dr Nina Seega, Director, Centre for Sustainable Finance, CISL, Cambridge University |
| 13:50-14:50 |
Legal risk to companies and directors
The risk of climate related litigation is now on the radar of many businesses. What is less known are the legal risks associated with nature loss. This session will provide a range of perspectives on these issues and discuss what businesses can do to keep up with changing legislation and reduce their legal risk. Chair: Dame Julie Maxton, Executive Director, the Royal Society Speakers: Rebecca Stubbs KC, Maitland Chambers Sharif A. Shivji KC, 4 Stone Buildings Lord Robert Carnwath CVO, Former UK Supreme Court Justice, Associate Member Landmark Chambers |
|---|---|
| 14:50-15:50 |
How do ecological risks compare with other supply chain risks?
In this session, panellists will discuss the similarities, differences and interactions of ecological risk compared to climate change risk, other supply chain risks, and wider business risks. Chair: Daniella Vega, Senior Vice President for Health and Sustainability, Ahold Delhaize Speakers: Dr Nicola Ranger, Director, Resilient Planet Finance Lab, and Senior Research Fellow, Environmental Change Institute, University of Oxford Jo Paisley, President, GARP Risk Institute Charmain Love, Global Director of Advocacy, Natura & Co |
| 15:50-16:10 |
Break
|
| 16:10-17:10 |
What can my business do?
This session will hear from speakers talking about what businesses can do, either as an individual organisation or in collaboration with their peers and supply chain partners to manage risk and address ecological issues. Chair: Diane Holdorf, Executive Vice President, World Business Council for Sustainable Development Speakers: Alison Bewick, Global Head of Group Risk Management, Nestlé Professor Robert Blasiak, Associate Professor, Stockholm Resilience Centre, and Science lead, Seafood Business for Ocean Stewardship Catherine David, Director of Behaviour Change and Business Programmes, WRAP |
| 17:10-17:30 |
Reflections
Reflections from the meeting chair and discussion with participants |
| 09:00-09:50 |
Investment and supply chain perspectives on the causes of and responses to nature loss
Speakers will present three contrasting case studies providing a range of perspectives on the pressures facing primary producers that lead to the destruction of nature and what manufacturers and investors can do about it. Chair: Dr Sally Uren, CEO, Forum for the Future Speakers: Dr Helen Crowley, Nature Advisor and Non-executive Director, Pollination Snorre Gjerde, Lead Investment Stewardship Manager, Norges Bank Investment Management |
|---|---|
| 09:50-10:10 |
Metrics: what is and is not possible
What parts of nature can we measure? What should we measure? With hundreds of metrics available for measuring nature, which are the best for assessing the state of nature, the ecosystem services nature provides or the consequences of acting to protect and restore nature? This talk will outline how established and emerging monitoring technologies and techniques can help to highlight risks and understand impacts. Speaker: Professor Neil Burgess, Chief Scientist, UNEP-WCMC, Cambridge |
| 10:10-10:30 |
Data availability and use
A fundamental challenge for businesses trying to understand and reduce their impacts on nature is the quality and quantity of available data. This talk will build on the metrics discussion by delving deeper into the world of ecological data, exploring the systems used for storing and sharing data and discussing options for improving access to high quality data. Speaker: Professor Andy Purvis, Research Leader, Natural History Museum London |
| 10:30-11:00 |
Panel Discussion
Chair: Dr Kat Bruce, Founder Director, NatureMetrics |
| 11:00-11:20 |
Break
|
| 11:20-11:35 |
Frameworks for action: Global policy goals
The Kunming-Montreal Global Biodiversity Framework (GBF) sets ambitious global policy goals aimed at halting and reversing biodiversity loss by 2030. To meet these goals, a number of targets specifically relate to business. This talk will discuss where business actions are covered by the UN Convention on Biological Diversity and how businesses can contribute to achieving the GBF goals. Speaker: Ana Maria Hernandez Salgar, Former IPBES Chair, Senior advisor, CBD COP16 presidency, Colombia |
| 11:35-11:45 |
Frameworks for action: Connecting the global to the local
This session will look at the principles that should underpin corporate nature strategies and how these connect to global policy goals. It will outline existing initiatives and identify gaps to be developed. Speaker: Cathrine Armour, Director of Data Initiatives, Task Force on Nature Related Disclosures |
| 11:45-12:00 |
Framework for action: Reporting standards, tools and initiatives
This talk will consider the practical approaches and metrics that companies can use. It will highlight work to establish a consensus on the best metrics for assessing the state of nature and identify issues that the business and scientific communities need to address. Speaker: Dr Marco Lambertini, Convenor, Nature Positive Initiative |
| 12:00-12:30 |
Panel Discussion
Chair: Professor Jane Lubchenco ForMemRS, University Distinguished Professor, Oregon State University |
| 13:30-14:40 |
What further science is needed to meet the objectives of Target 15 of the Global Biodiversity Framework?
In this session, panellists from the corporate and financial sectors will discuss their experience of enacting the various reporting standards on nature. Speakers will address the challenges of connecting metrics on the state of nature to ecosystem service provision and consider what further research is needed to understand the relationship between these. Chair: Emily McKenzie, Technical Director, TNFD Speakers: David Croft, Group Head of Sustainability, Reckitt Hirotaka Hideshima, Counsellor on Global Strategy, Norinchukin Bank Dr Ian Hudson, Head of Environment, Nature and Land, Anglo American Abyd Karmali OBE, Managing Director, Environmental & Social Business Advisory, Bank of America Dan O'Brien, Partner, Sustainability Strategy and Transformation, PwC |
|---|---|
| 14:40-15:00 |
Break
|
| 15:00-16:00 |
Bridging the gap
This final session will bring together leaders from science, business and policy to discuss what needs to be done to address current challenges, and promote collaboration between the science, business and policy communities to address shared priorities. Chair: Professor Louise Heathwaite CBE FRS, Executive Chair, National Environmental Research Council Speakers: Dr Sharon Brooks, Head of Nature Economy, UNEP-WCMC, Coordinating Lead Author IPBES Business and Biodiversity Assessment Dr Heather Tallis, Independent Advisor, Senior Fellow, Center for Coastal Climate Resilience, University of California, Social Impact Fellow, World Wildlife Fund |
| 16:00-16:15 |
Final reflections
Sir Partha Dasgupta FRS |