15 May 2023 - Over fifteen business and investor networks have written a letter to the European Parliament’s Environment, Agriculture and Fisheries Committees urging them to support the EU Nature Restoration Law.
Read the full letter.
Please see a previous version of this letter sent on 30 March here.
The letter, signed by business and investor networks, including the Corporate Leaders Group Europe (CLG Europe), We Mean Business Coalition (WMBC), World Business Council on Sustainable Development (WBCSD), UN Principles for Responsible Investment, CDP and the B Team, says the three committees should work to strengthen the EU Commission’s current proposal for the Nature Restoration Law, ensuring it aligns with the EU’s international commitments on climate change and biodiversity.
The letter states “The legal proposal for an EU Nature Restoration Law provides an important opportunity to fill a core gap on nature in the European Green Deal and align the EU’s nature ambitions with its climate and energy transition objectives.”
The letter warns that companies across Europe are already experiencing the damaging impacts of climate change and biodiversity loss on their business operations. It also highlights that nature restoration would bring huge benefits to business, including increased resilience against extreme weather events, job creation and the creation of new markets. According to the European Commission’s impact assessment, investing in nature restoration would add between €8 to €38 in economic value for every €1 spent.
The letter was sent to the European Parliament Committee on Environment, Public Health and Food Safety, Committee on Fisheries and Committee on Agriculture and Rural Development and was signed by Corporate Leaders Group (CLG) Europe, We Mean Business Coalition, World Business Council for Sustainable Development (WBCSD), CDP, The B Team, One Planet Business for Biodiversity (OP2B), UN Principles for Responsible Investment, Ecopreneur.eu - European Sustainable Business Federation, Responsible Business Forum in Poland, Business for Biodiversity Ireland, Spanish Green Growth Group, CER Sustainable Business Network – Slovenia, Entreprendre Vert – France, MVO Nederland - the Netherlands, The Shift – Belgium, Skift - Næringslivets klimaledere, UNEP/GRID-Warsaw.
Ursula Woodburn, Director of CLG Europe said: “Continued degradation of nature threatens the sustainability of European businesses through unforeseen and often unmanageable disruptions from operations to supply chains. As we heard from the IPCC, if we do not act on climate mitigation this will only get worse. The IPCC report also flags the crucial role of nature in mitigating impacts for communities and removing carbon from the atmosphere. EU policies on nature and climate must therefore go hand in hand to protect European communities and businesses.
“The Nature Restoration proposal has the potential to increase the resilience of Europe and its economy. Ahead of decisive negotiations in the European Parliament, this call from business networks reminds MEPs of the critical need to offer clear policy direction to Europe’s economic actors on their commitment to a coherent, ambitious, robust Green Deal that increases the EU’s resilience.”
Elise Attal, Head of EU Policy at UN Principles for Responsible Investment said: “The twin challenges of climate change and biodiversity loss can only be solved together. This is why nature needs to be a core component of a coherent, robust European Green Deal that increases the EU’s resilience and aligns with its global climate and biodiversity commitments. PRI strongly supports an ambitious EU nature restoration law, which enables the financial community to fulfil its fiduciary duties, mitigate nature-related investment risks, and direct capital flows to positive outcomes for nature and thriving ecosystems.”
Marzena Strzelczak, President, CEO of the Responsible Business Forum and CSR Europe Board Member said: “Positioning nature at the heart of corporate strategy is vital for sustainable business and for our future. Thus, we need ambitious legislation that sets the framework for a comprehensive approach to key environmental challenges. Nature is everyone's business and has a critical role in the success of every business.”
Rasmus Valanko, Managing Director, Systems Transformation, We Mean Business Coalition said: “The IPCC Synthesis report released last week re-emphasised the vital role of restoring nature in our fight against climate change. The overall mitigation potential to 2030 from the land and agriculture sectors are equivalent to the energy sector's potential. Therefore, it is crucial that the EU institutions and leaders work to strengthen the EU nature restoration law proposal with the same dedication as businesses take action on climate.”