Profit with Purpose Magazine

Resetting the economic game in nature’s favour

Szilvia Szabó — Wed, 05 Jun 2024 10:35:04 +0000

Resetting the economic game in nature’s favour

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Nature-positive Economy

Nature Conversation

Sustainable Business

Topic

Sustainable business

Although companies are generally more aware of the climate crisis and are starting to set strategies to manage their carbon footprint, considering nature in goal setting and solutions should be equally essential to their plans.

The UN Environment Program estimates that declines in nature and biodiversity at current trajectories will threaten to reach at least 35 out of 44 of the targets of SDGs.

Eva Zabey, CEO of Business for Nature, a global coalition of more than 90+ partner organisations driving credible business action and policy ambition to achieve a nature-positive economy for all by 2030, says:

“Nature and climate action go hand in hand, and this is why we see nature becoming increasingly central to climate discussions.”

With more than twenty years of working at the nexus of business and nature, her expertise furthers Business for Nature's mission to encourage corporate leaders to accelerate their commitments to biodiversity and support governments in setting ambitious national and global policies in favour of nature.

They collaboratively work on advocacy projects while empowering business action with the support of their partners and leading companies.

Eva Zabey, CEO of Business for Nature

Their campaigns are making a tangible difference, such as the `Make it Mandatory` initiative, which rallied over 400 businesses with over $2tn in revenues to join forces prior to COP15, the UN`s Biodiversity Conference in 2022.

Supported by its partners, the organisation collectively called on governments to pursue a more ambitious `deal for nature` in designing the Global Biodiversity Framework, also known as the Biodiversity Plan, by making nature-related assessments and disclosure mandatory.

Their success and the result send a clear message to large businesses and financial institutions to start assessing and disclosing their risks, impacts, and dependencies on biodiversity, as governments will require them to do so by 2030 at the latest.

The upcoming COP16 will be held in Colombia in October 2024, and Eva explains why it will need to delve deeper into how nations will meet the targets adopted at COP15.

“It will be a key milestone in taking stock of progress and setting the standard for all countries to deliver the Biodiversity Plan. It will be an implementation COP, with countries publishing and showcasing updated National Biodiversity Strategies and Action Plans (NBSAPs).”

She adds that once published, NBSAPs will be implemented through national legislation and regulation that will have direct impacts, opportunities and obligations for businesses.

Business for Nature will collectively urge the adoption of a whole-of-society approach to delivering the mission of the Biodiversity Plan, which aims to halt and reverse nature loss by 2030.

On a practical level, the organisation has developed tools, guidance and campaigns to encourage more companies to transform their business models and value chains.

Developed in collaboration with leading organisations, including the Taskforce for Nature-related Financial Disclosures framework (TNFD), the Science Based Targets Network (SBTN) and the World Business Council for Sustainable Development (WBCSD), they published the `high-level business actions`, also known as the ACT-D Framework, which stands for the Assess, Commit, Transform and Disclose method.

It provides a structured approach for companies seeking to embed nature in their decision-making, minimise their impacts, and contribute to transforming our economic and financial systems.

Building on the ACT-D framework, they also collaboratively developed tailored guidance for 12 distinct sectors, highlighting each sector’s impacts and dependencies on nature, including hands-on examples and recommendations

A joint global campaign, `It`s Now for Nature`, was launched to amplify their message and get more companies involved in developing and sharing credible strategies using a Nature Strategy Handbook that spotlights best practices and provides practical step-by-step guidance.

Eva explains the importance of this campaigns:

“Rewriting our global economy’s ‘rulebook’ is essential to create a level playing field and enable business and finance to take action at the pace science demands.”

Nature Strategy Handbook highlights best practices and practical guidelines. Image: Business for Nature

Eva strongly believes that companies should act immediately, highlighting that developing nature strategies takes time but that companies that start now will stand to benefit vs those that wait.

“There is a huge amount of help and support out there, and delaying action will lead to more acute risks, and making changes will become even harder to implement. The Biodiversity Plan sets the goal and roadmap, and with new tools and leadership from pioneering companies, every business can now join the collective shift to a nature-positive, net-zero and equitable future."

"Becoming nature-positive is a global goal aiming to halt and reverse nature loss by 2030 on a 2020 baseline and achieve full recovery by 2050, which is practically the nature equivalent to climate’s net zero goals."

She further explains that nature-based solutions can provide a third of the climate mitigation needed, and the world’s oceans, plants, animals, and soils are estimated to absorb half of the human-related carbon emissions over the past decade.

Therefore, valuing and embedding nature in their decision-making will help businesses and economies reach their net-zero goals.

A strong movement gaining momentum is the Nature Positive Initiative, which aims to preserve the integrity of ‘Nature Positive’ as a measurable 2030 global goal for nature for business, government, and other stakeholders. They provide tools and guidance besides advocating for the full implementation of the Biodiversity Plan, otherwise known as the Kunming-Montreal Global Biodiversity Framework, by governments and other stakeholders.

Illustration of becoming nature positive by the Nature Positive Initiative. Image: Nature Positive Initiative

According to Eva, there is a growing community of companies that recognise they need to scale and speed up their action on nature and want to be open and transparent about their efforts.

She believes their 'It's Now for Nature' campaign offers a public platform to get more engaged.

“Indeed, voluntary business action is and will remain insufficient.

The transformation needed in our economy and within the private sector will only happen if governments urgently adopt, implement and enforce the policies, legislation, regulations and incentives needed for businesses to effectively support the implementation of the Biodiversity Plan by 2030.”

She says that aligning financial flows to nature-positive outcomes is crucial.

This should include a rapid increase in the volume of investment and realising new avenues for revenue creation, such as tax shifts and green finance.

Regarding their plans, Eva shares what she and her team at Business for Nature are working towards: “I would like us to play a key role in raising the urgency and driving action on nature to the same level as climate. This means an ever-greater recognition of the critical relationship between biodiversity loss, climate change, and sustainable development. These are interconnected issues that must be addressed together by business and government.”

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Placing biodiversity at the heart of urban development in Dublin

Szilvia Szabó — Tue, 04 Jun 2024 17:57:54 +0000

Placing biodiversity at the heart of urban development in Dublin

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Topic

The latest `Urban Adaptation in Europe` report published by the European Environment Agency warns that the average temperatures across Europe are rising faster than the global average, and cities are feeling the impacts of climate change more regularly and more severely.

The report stresses that the need for adaptation coupled with raising public awareness has never been more urgent and identifies nature as a formidable ally on both fronts.

Dublin is no exception to most European capitals that must fight the climate crisis on multiple levels.

Dublin City Council (DCC) has been developing a project in the past year that aims to embrace a holistic approach to creating more liveable public spaces, protecting cultural heritage, and enhancing urban green areas.

"We are working on bringing a Biodiversity Education Centre to life at the Liffey Vale on a two hectares site that involves reconstructing a Georgian townhouse and connected lands situated on the banks of the Liffey River close to Chapelizod Road,” shares Donncha Ó Dúlaing, Senior Executive Officer at DCC.

Uncared for over twenty years, the damaged house and overgrown land are not exactly attractive in their current state, but with a well-planned design, the site will be turned into a multi-purpose space to revive wildlife and provide a place for locals and visitors to experience nature.

Donncha Ó Dúlaing, Senior Executive Officer at Dublin City Council.

“It is a very special location where you would find a range of habitats from forestry to wetlands and the remains of an old orchard, so we have a great potential to restore it into a rich biodiverse green space nestled in an urban environment. It even inspired to add Cois Abhann when naming the Biodiversity Centre, which means close to the river."

The decision to transform this land into a Biodiversity Centre is based on thorough preparation that included surveys, considerations of proposals, and discussions with local communities and wider stakeholders, says Donncha.

The original site to be transformed into Cois Abhann Biodiversity Education Centre at Liffey Vale in Dublin. Image: Dublin City Council

To lead by example, the site's reconstruction and development will also promote sustainable practices by using reclaimed building materials and implementing water management systems and renewable energy sources.

The building will retain traces of historic features so the house will be positioned to tell stories as well as provide the setting for stories to be told with additional spaces for interactive sessions and classrooms, a small cafe and public restrooms.

Educational activities will focus on bringing nature closer to visitors besides making sustainability and climate action more tangible as they can be more abstract and hard to grasp.

The outdoor areas will be designed to facilitate experiential learning through rewilding the area and rehabilitating some of the original orchards while enhancing the overall level of biodiversity with species that are typically found on sites like this.

Donncha shares what makes this a unique opportunity to enhance the quality of life in the city besides enriching biodiversity:

“Here, you will have that sense of being in the city but you can find yourself in a completely different world, surrounded by nature, tuning in to the trickling sound of water with birdsong, getting some countryside vibes.”

Plans for the Cois Abhann Biodiversity Education Centre at Liffey Vale in Dublin. Image: Dublin City Council

Careful planning and implementation will be carried out over the years with ongoing monitoring so we can demonstrate woodlands and wetlands with native birds, pollinators, and others.”

Parts of the site will be left untouched so the rewilding process can also be studied.

Donncha explains:

“We don`t want to overdevelop or over-cultivate the site. Instead, we aim to embrace its characteristics and transform it into the best version of itself while giving space for nature to recover.”

He adds that they also plan to carry out science-driven recultivation to eliminate invasive species, such as Japanese knotweed. Clearing out the site will probably take years, but learnings can be shared and adopted by others to address similar situations effectively.

The centre will strive to build strong relationships with schools and communities in this part of the city, including colleges and provide space and activities for practical lessons on sustainability, natural science and other related areas.

“Our intention is to link in with these communities as much as we can and also to attract people living nearby and visitors to Phoenix Park.”

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How is Dublin utilising parks to make the city greener and more resilient?

Bronagh Loughlin — Fri, 17 May 2024 08:16:34 +0000

How is Dublin utilising parks to make the city greener and more resilient?

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Topic

As cities grow, access to open green spaces within the city is at a premium, and research has shown that we need nature for our well-being.

Green cities have become a buzzword in the last few years, and this has shifted the approach to designing and managing projects within the Parks Services at Dublin City Council.

These types of cities prioritise environmental sustainability by integrating green spaces and developing sustainable infrastructure in our urban environment besides implementing sustainable water management practices, permeable paving and green infrastructure that mitigate flooding and conserve water resources.

On top of the environmental benefits, cities should champion green spaces, which have been linked to improved mental health and reduced stress levels.

Deirdre Prince, Landscape Architect and Parks Officer for the Central Parks District in Dublin City Council (DCC), works on park projects in the Central District area and highlights that any available green space with the built environment has to work very hard to deliver for all stakeholders.

“The challenge is to incorporate as many environmental uses as efficiently while still creating beautiful spaces for people to enjoy, whether it is creating areas for pollinators, implementing Suds (Sustainable Urban Draining Systems), growing trees to absorb particulate matter or creating amenity space for the public,”

she explains.

Green spaces in cities are essential to mitigate climate risks and improve people`s well-being. Image: Canva

Dublin City Council Parks Services are already protecting the natural environment and driving biodiversity in various ways.

They are increasing the urban tree canopy, creating green or wildlife corridors within the city, incorporating green infrastructure into urban planning projects, and eliminating the use of pesticides to protect pollinators and other beneficial insects.

“One area I feel we should pay attention to is the identification of locations within our city that could have potential for habitat restoration, such as wetlands, canals, and riparian zones along rivers and streams. In the current climate, landscape architects need to consider a range of factors to create resilient and sustainable landscapes,” Deirdre shares.

She stresses the importance of designing landscapes that are resilient to the impacts of climate change, such as increased temperatures, extreme weather events, drought and flooding.

“We need to select planting which is drought-tolerant or dry-loving to withstand periods of low or no rain,” Deirdre adds, noting that it also involves incorporating more green infrastructure to manage storm-water run-off and designing adaptable spaces that can withstand changing environmental conditions.

John Stack, Senior Executive Engineer at the Protection of Water Bodies office in Dublin City Council, shares that under the Water Framework Directive, EU member states are required to develop River Basin Management Plans, and each project involves measures and actions to improve water quality.

He also works on several projects that involve nature-based solutions, all of which are at different stages.

One of these is the Santry River Restoration and Greenway Project, a legislative initiative that envisions the future of the Santry River as an attractive river park flowing through North Dublin as an integrated green-blue landscape for ecology and amenity.

“This landscape will become the backbone of a new green infrastructure project to facilitate nature, pedestrians and cyclists and form a route from the biosphere of Dublin Bay to St Anne’s Park to Dublin’s winter hinterlands at Sillogue.”

To ensure that the project met people's needs, they invited locals and communities from the planning phase to suggest what they would like to see in this area and express their concerns. In saying that, he points out that there is hesitancy and apprehension about leveraging nature-based solutions rather than traditional methods due to a lack of understanding of the concept.

“One of my key objectives is to complete some nature-based demonstration projects so that people can just go and look at them. Once they see the benefit of something, they definitely become more open to change,”

John further explains.

He adds that there are situations that allow them to adopt nature-based solutions, but often, they still have to use traditional methods alongside them to meet planning requirements.

John sees the monetary value of preserving and enhancing natural habitats, biodiversity, and clear water, highlighting the importance of a multi-objective approach to handling interconnected issues.

“Where we have habitat loss, we have climate issues, where we have urbanisation, we have biodiversity issues, so it tends to grow wings quite easily.”

Besides water-related considerations, landscape design also has to factor in sequestering carbon dioxide from the atmosphere by planting more trees and other vegetation that store carbon.

One of Deirdre`s favourite projects she worked on in recent years was the development of a new park, Bridgefoot Street Park. This park is located in the Liberties area of Dublin City Centre and was designed by Dermot Foley Landscape Architects.

“Not only was it exciting to create a brand-new park in an area with a large deficit of access to green open spaces, but the park was also built using a variety of reused building materials and materials on the site.”

Construction phase of Bridgefoot Street Park in Dublin. Image: Dublin City Council

The aim was to create a playful and exciting urban landscape for all ages while transforming a hard landscape site in the city centre with sustainability at its core.

To stay true to their mission and reduce the amount of construction waste going into landfills, most materials used were moved from other building sites in Dublin.

In the end, 180 new trees, in addition to a mixture of herbaceous and ground-cover planting, have been planted in the park, increasing the urban canopy and assisting in reducing carbon emissions due to the uptake and storage of carbon.

These trees provide much-needed shade for park users and increase the space for biodiversity within the city.

Re-used materials on the surface at Bridgefoot Street Park. Image: Dublin City Council

Deirdre adds: “The Bridgefoot Street Park design highlights some important sustainability objectives, demonstrating how we can help to reduce our carbon impact in the design of new public spaces and also how to change the public perception of secondary raw construction materials.”

In 2023, the park development won the prestigious Landezine International Landscapes Award (LILA) in the Public Landscapes category.

The jury highlighted the reasons for selecting this project:

“Bridgefoot Street Park is a story about public space, community participation, circular economy, and ecological measures, and, above all, it is a project that well reflects our growing care for social and environmental issues of urban open space in the 21st century.”

In addition to creating a new green urban area, locals also have a sense of ownership while enjoying the playground and community garden, which adds value to a development like this.

“We have no choice but to move in this direction, and working with nature is the key to achieving climate targets and creating more liveable and sustainable cities.”

Bridgefoot Street Park is an award-winning development in Dublin, demonstrating the integration of nature-based solutions and sustainability in a city environment. Image: Dublin City Council

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Szilvia Szabó ⬤ Author

Journalist, Editor

Building success on strong relationship with the land

Bronagh Loughlin — Thu, 16 May 2024 17:19:07 +0000

Building success on strong relationship with the land

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Sustainable Agriculture

Sustainable Business

Sustainable Food

Topic

Sustainable Agriculture

Agriculture is intertwined with nature, and to ensure long-term production, it is vital to adopt practices that keep the soil and surrounding ecosystems healthy.

As a family business located in Enniscorthy, Co. Wexford in Ireland, Slaney Farms has built a reputation for producing high-quality potatoes and leading the way in sustainability under the management of John Stafford and colleagues, led by Farm Manager Ed Tobin since it was established in 1996.

They run their operation on 1,000 acres of land with a fully integrated potato processing system, from planting, growing, and harvesting through to marketing and distribution.

Kylie Doran, Senior Sales Administrator at Slaney Farms, proudly shares: “Our farm operates under the Sustainable Horticulture Scheme. Since 2016, 100% sustainably sourced and recycled paper has been used, and we have reduced the plastic microns in packaging by 20% and the plastic microns in pallet wrap by 52%.

We have measures in our manufacturing process to reduce energy, improve overall vehicle efficiency, reduce general waste, and increase recycling. We also have a rainwater harvesting, recycling, and conservation system in place.”

John Stafford, Managing Director, Slaney Farms

She assures that sustainability is deeply important to Slaney Farms and that the business is committed to opening its eyes to new things and measuring what practices it already has in place to best navigate a path for its farmers and producers to maintain productivity and profitability while embracing practices to protect soils and habitats that enable them to provide fantastic Irish produce.

Kylie says: “For the past 15 years, we have practised minimum tillage in conjunction with cover cropping. We are dedicated cereal and potato growers and we have seen the benefits of incorporating organically produced Irish seaweed in the nutritional growing plan for both its potato and cereal crops.”

Slaney Farms became an Origin Green member in 2017, an initiative run by Bord Bia to empower sustainable farming practices.

Since then, they have set targets in several different business areas, including supplier certification, packaging, energy, fuel, waste, and community engagement.

Managing Director John Stafford says: “We are immensely proud of the targets and goals that have been achieved through the scheme, and we feel the Origin Green journey has helped build on the sustainability measures Slaney Farms has aimed to achieve in the past, the present, and into the future.”

Slaney Farms has achieved gold status for their Origin Green for the last number of years. Image: Slaney Farms

In recognition of their work, they also won first place in the ‘Excellence in Sustainability’ category of the Wexford Chamber Business Awards 2023.

Slaney Farms has recently begun utilising the farm building roof space with solar power.

Kylie explains: “The efficiency of how we use energy is very important, and we have just completed a “Green energy audit” through the Local Enterprise Office Wexford. This has allowed us to highlight some changes that we can make, such as converting some of our lighting over to LED, assessing our insulation and carrying out leak tests on our fridge units.”

Plans for their field practices are changing slightly as well. They recently switched their cover cropping mix to produce higher levels of biomass and also retain N levels in the soil through the use of legumes. They expect to see gains in soil structure and nutrient retention with this change.

Kylie says: “The continued use of crop rotation with root crops, cereals, and cover crop mix has allowed us to reduce our chemical fertiliser, weed control, and disease control applications and rates. Building on this has been vital to our business and sustainability goals.

We expect to see a reduction of approximately 25% for fertiliser this season through this and a significant reduction in our chemical applications to crops.”

Aerial view of Slaney Farms based in Co. Wexford, Ireland. Image: Slaney Farms

Speaking on one measure food producers could implement to enact meaningful change and drive the green transition, Kylie cannot understate the value of embracing the changes in cropping and cropping practices to align with the ever-changing climate.

She emphasises the importance of addressing social and environmental sustainability.

Kylie explains: “Social sustainability and the role we play in our wider community is central to our plans. Since 1996, we have sponsored the local Davidstown/ Courtnacuddy GAA club. We also donate regularly to staff-related charities and events and also local community events.”

She adds: “Through an annual donation to VITA in Ethiopia (an Irish development partner that supports farmers and communities in Africa to facilitate thriving rural climate-smart economies), we help support communities further afield.”

Recognising the importance of a healthy local economy to the community and its people, Slaney Farms strives to support local suppliers, building relationships with them and sourcing more local fruit and vegetables from them each year.

Annually, they support local Wexford strawberry growers by sourcing over half a million euros worth of strawberries for their Slaney brand to supply large retail multiples across the country.

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Making water matter in Ireland

Szilvia Szabó — Thu, 16 May 2024 16:38:19 +0000

Making water matter in Ireland

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Water

Education

Topic

Nature

Water is a fundamental element in our lives, just as crucial as air, land, and other natural resources. We are interconnected and reliant on water in numerous ways, and our lives are bound to it, yet it is easy to overlook its importance.

Elaine Moynihan and Katie McShane, Co-Founders of Irish not-for-profit WiseWater, were at the forefront of this year`s UN World Water Day, celebrated on March 22nd every year.

They organised a local beach clean-up and formed a giant peace symbol made up of the collected trash and people participating to “make a stand together to preserve, protect and care for our water environment.”

Elaine Moynihan (left) and Katie McShane (right), Co-Founders of WiseWater

Elaine reveals that in just one hour, about forty participants had filled over twenty big bags with rubbish from the beach.

This eye-opening experience about plastic pollution inspired many of them to pledge to change their purchasing habits, realising the significant role their individual actions can play in avoiding plastic.

Beyond pollution, a report published in 2022 by the Environmental Protection Agency (EPA) in Ireland found that the water quality of rivers, lakes, estuaries, and coastal areas in the country continues to decline, with only just over half of the surface waters in satisfactory condition and able to sustain healthy ecosystems for fish, insects, and plants.

Explaining their approach to connecting people with water, Elaine shares that they believe that to make people want to care for and protect our environment, they first need to have a relationship with it.

“In Ireland, we often take water for granted, but we would like to raise awareness about the importance of behaviour change in terms of water usage and preserving our water environment”

The mission of Wise Water is to combine the vital connection between personal well-being and preserving our water environment through educational activities provided to schools, community groups and workplaces.

Elaine and Katie built on their passion for all things water as they both live by the west coast of Ireland and love to plunge in the refreshing Atlantic throughout all seasons, besides surfing and rowing from time to time.

They emphasise that water teaches invaluable lessons such as receptivity and reflecting our thoughts and actions, adding that water`s adaptability and resilience underscore the importance of social connections, and just like humanity and the planet, water is vulnerable and requires care in times of rapid change.

Young people getting involved in citizen science with WiseWater at Ballinaspittle river. Image: WiseWater

Each WiseWater workshop intertwines the crucial link between human well-being and the conservation of our water ecosystems,” Elaine explains.

One of their flagship programmes is a six-week water and wellness course designed for 5th and 6th class students where young participants engage in fun activities, experiments, and system-thinking discussions while learning about various facets of well-being.

“First, they gain insights into the many reasons why some wells are bubbling with fresh water and others are stagnant. By learning this, we then explore how we keep our own water bodies well.”

Activities include water in a sound bowl, which shows how water responds to sound and the introduction of Dr Wallace J. Nicolas' blue-mind concept, supported by extensive research showcasing water's calming effect on the mind.

By understanding the blue-mind and red-mind concept, where blue indicates feeling calm and red is feeling stress, students gain a practical tool for maintaining overall well-being as well.

Another exercise includes the `one well` approach, which helps children better conceptualise global water usage through a simple visualisation.

As part of this activity, students also work in groups, creating fictional households to calculate water usage and how they could manage it if they had to walk to bring water to cover their needs, such as showering, flushing toilets or cooking.

Elaine shares how they design these programmes to get children more involved: “Participants engage in citizen science by utilising the `kick sampling` technique to explore macroinvertebrates – small aquatic animals like insect larvae, snails, and beetles – that serve as reliable indicators of water quality.

The session begins with a biodiversity game to illustrate the interconnectedness of all life forms.

Then, we divide them into different groups and explain the sampling and how the different creatures will indicate the health of the river.

According to Elaine, the real added benefit of taking classes outside is the high level of engagement as they experience the science and the joy of the investigative process, leading them to new discoveries with this hands-on learning.

Besides working with school groups, Katie and Elaine also host `Source to Sea` programmes to connect cultural heritage with water and people.

These trips aim to support relationships and stewardship within a community for their local river, giving them an opportunity to explore the natural environment while learning about their own feelings and connections.

“Often described as the arteries of the land due to their life-giving properties, rivers are a living connection to past generations,” Elaine says.

The `Source to Sea` programmes organised by WiseWater aim to connect cultural heritage with water and people. Image: WiseWater

“Every river has a rich story that can be interpreted through different lenses, so even though we travel as a group, visiting a river source is a unique experience for everyone.”

She adds that by exploring the past through a river source, landmarks, geology, archaeological sites, folklore, songs, and much more emerge, telling unique aspects of the river's story and how it shapes not just the catchment it flows through but also the people and nature that live alongside it.

Elaine believes that in our time, rivers also reveal a story of sustainability, human influence, and a call to action to mind them for nature and future generations.

“While many view water as a commodity, at WiseWater, we advocate for a deeper connection, recognising its intrinsic value beyond mere utility.”

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Unleashing the potential of nature finance: a pathway to mitigate risks and unlock benefits

Szilvia Szabó — Thu, 16 May 2024 15:59:49 +0000

Unleashing the potential of nature finance: a pathway to mitigate risks and unlock benefits

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Finance

Nature-based Solutions

Nature Positive Economy

Nature Conversation

Business

Economy

Topic

Nature Positive Economy

The loss of wildlife has rapidly accelerated and has reached a staggering 69% decline on average since 1970, according to World Wild Fund's latest Living Planet Report, which we could assume is an issue for environmentalists to deal with.

However, nature provides all kinds of ecosystem services that businesses leverage, directly or indirectly, and according to KPMG, more than half the world’s economic output depends on nature, and its contribution is estimated at more than $125 trillion USD annually.

“Businesses rely on nature for products and suitable operating conditions. If these services are lost, it will affect business profitability and viability,” says Gillian Power, Director of Communications and Marketing at the International Sustainable Finance Centre of Excellence (ISFCOE), also referred to as the Centre.

She adds:

“While the economic value extracted from nature has continued to grow, such as crop production, many of nature’s other contributions to people are in decline, like soil productivity or pollinator abundance.”

The Centre first released its scoping study, ‘Nature and biodiversity finance: Risks and opportunities for Ireland’ in 2022 to examine the biodiversity agenda and highlight nature-related risks and potential impacts on various sectors, such as agriculture, real estate, and manufacturing.

Gillian explains that “the financial sector drives nature loss through the activities it lends to, insures, and invests in and is also exposed to financial risks from short- and long-term nature loss.”

Gillian Power, Director of Communications and Marketing at the International Sustainable Finance Centre of Excellence (ISFCOE)

To put this in perspective, she shares an example of the greenhouse gas emissions induced by Canadian banks' investments and loans to fossil fuel companies being 100 times higher than the operational emissions from the banks themselves.

She underscores that the finance sector, with its pivotal role in directing capital flows, has the power to steer away from detrimental practices and towards more sustainable investments, thereby contributing to net-zero goals.

“Banks have allocated over $2.6 trillion to sectors predominantly accountable for biodiversity loss, with many lacking sufficient processes or policies to monitor or mitigate these impacts and their exposure to nature-related risks. Similarly, globally, publicly funded development banks are estimated to finance approximately $800 billion in harmful activities annually.”

Based on their first study, ISFCOE realised that more detailed research covering the full spectrum of biodiversity-related risks and opportunities for the Irish financial system was needed, which led them to publish the Nature of Finance report in 2023.

The Nature of Finance report is Ireland’s first study on nature-related risks and opportunities to the financial sector, published by Dublin-based International Sustainable Finance Centre of Excellence.

KPMG Sustainable Futures and ISFCOE co-authored the report with support from Skillnet Ireland to establish a baseline in this area, raise awareness of the sector's interactions with and reliance on nature, and ignite deeper investigations.

This first-of-its-kind landmark study found that more than half (58%) of Irish lending goes to economic sectors with a high dependency on biodiversity and nature, while 94% (€85 billion) of lending goes to industries that potentially have a high impact on nature.

It also showed a clear link between bank lending in Ireland and economic sectors highly dependent on ecosystem services and impact nature in areas like managing surface and groundwater, climate regulation, flood and storm protection, erosion control, and pollination.

In addition, it recognises that Ireland hosts one of the largest insurance services sectors in Europe, which could open up new opportunities.

“The insurance industry in Ireland is a key agent of change in the move towards a more sustainable economy and society.”

She adds: “Transitioning to a carbon-neutral economic model requires long-term financing, and insurers are amongst the most significant institutional investors.

Many insurers have started to screen their investments using ESG criteria and increase their sustainable investment commitments.

As a result, they have become significant investors in green, social, and sustainable financial instruments.”

Based on her experience, Gillian believes that insurers and reinsurers increasingly acknowledge the imperative of addressing nature-related risks within their risk management and underwriting frameworks.

“Loss of biodiversity and degradation of nature pose risks for the financial sector, including physical risk due to increased frequency and severity of natural disasters such as floods, droughts, and storms, leading to infrastructure damage and disrupted supply chains.

You will also need to manage market risk, which means consumers are shifting preferences towards environmentally sustainable products and services.

Besides, businesses operating in sectors dependent on natural resources may face increased credit risks due to their vulnerability to environmental shocks and regulatory changes.

Given the scale and complexity of nature-related financial impacts, risks, and opportunities and how underdeveloped this area is, the report proposed a draft Nature Finance Roadmap to position Ireland as a leader on the nature finance agenda.

Nature Finance Roadmap draft proposed in the Nature of Finance report as a next step.

This Roadmap mirrors Ireland's Sustainable Finance Roadmap introduced in 2021 and is structured around its five main pillars: developing talent, improving industry readiness, leveraging digital and data, creating a nature-positive enabling environment, and enhancing communications and engagements on nature and finance risks and opportunities.

It also recommends establishing a Nature Finance Roadmap Delivery Group as an additional Pillar 0, including experts and stakeholders from public, private, and academic institutions.

Gillian further explains that the public sector is currently the more prominent actor in nature-based and biodiversity finance, offering financial instruments that would encourage businesses to advance conservation outcomes through tax breaks and other incentives.

She points out that the State also has a critical role in attracting foreign direct investment as capability and critical mass of expertise emerges.

“Our ongoing research in the nature and biodiversity finance space has presented us with a unique set of opportunities for both private and public sector financial actors and businesses in Ireland.

We are also advancing efforts in the space through ‘Communities of Practice’ discussions and by working on developing an upcoming course for finance professionals on Biodiversity Finance.”

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Why should businesses aim for a nature positive and net-zero economy?

Szilvia Szabó — Thu, 16 May 2024 14:37:42 +0000

Why should businesses aim for a nature positive and net-zero economy?

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Net-zero Economy

Sustainable Business

Nature Positive Economy

Topic

Nature Positive Economy

Companies' net zero targets surged more than 40% between 2022 and 2023, which means that, based on Net Zero Tracker's latest analysis, 66% of the annual revenue of the world’s largest 2000 companies are now committed to net zero goals.

Since it has become inevitable for businesses to set climate agendas, most sustainability strategies and finance are driven by a climate-first approach, sidelining other important areas, such as biodiversity.

“There is a need to emphasise that climate change and loss of nature are inextricably linked since both drive each other, and neither can be solved in isolation,”

says Thomas Ball, Director of Nature and Land Use at KPMG’s Sustainable Futures.

The concept of creating a nature positive economy is gaining momentum in the business, policy, and finance sectors and becoming more recognised as a way to address global ecological and societal challenges.

Based on the definition promoted by the global Nature Positive Initiative, it practically means that we ‘halt and reverse nature loss by 2030 on a 2020 baseline and achieve full recovery by 2050’, also known as the Global Goal for Nature.

As Thomas explains, nature positive is " a world where nature - species and ecosystems - is being restored and is regenerating rather than declining.”

This initiative is directly linked to the Global Biodiversity Framework (GBF), signed by 190 countries at the COP 15 UN Biodiversity Conference in 2022.

The Nature Positive Initiative advocates for the full implementation of the Biodiversity Plan to reverse nature loss by 2030. Image: Nature Positive Initiative

“Target 15 under the GBF is particularly important for businesses: `Businesses Assess, Disclose and Reduce Biodiversity-Related Risks and Negative Impacts`.

However, it is still challenging to translate these global goals and definitions into tangible actions,” adds Thomas, noting that this will happen sooner rather than later.

Although it is tempting to say that my business is unrelated to nature, very few companies can function in complete isolation from ecosystems, and it is becoming more expensive to keep problems away and pay off rather than address root issues.

He highlights that forward-thinking businesses are already integrating nature and climate strategies and that ready-to-use resources are available to help companies design meaningful plans and outline required steps.

A practical tool he recommends is the LEAP framework, a four-step practical process set out by the Taskforce on Nature-related Financial Disclosures, which stands for Locate, Evaluate, Assess and Prepare.

It starts by locating the company`s direct and indirect interface with nature and biodiversity, then evaluates nature-related impacts and dependencies from the business model and activities, assesses related risks and opportunities, and concludes by disclosing the findings in a report.

The next phase is to develop an integrated climate and nature transition plan with clear, actionable steps to achieve science-based targets in order to build resilience and contribute to a more sustainable economy.

Although it might all seem very logical, it is far from being the business-as-usual practice.

“Nature, in some quarters, continues to play second-order priority to climate change and other ESG topics, but in the main, it is rapidly rising on the agenda,”

shares Thomas.

He adds that "in general, leaders are familiar with nature-related issues but it is a challenge for them to prioritise, make it tangible and divert funding towards this area as it doesn`t seem to have the same urgency as addressing the climate crisis.”

Thomas Ball, Director Sustainable Futures KPMG in Ireland and Lead of the Nature, Biodiversity and Land Use service

“If you don`t consider nature in your decarbonisation process and take the services it provides for granted, you are missing something vital.”

He explains that driving finance into nature protection and restoration is critical.

"Investors should look for co-benefits for nature, climate and people. For example, it's important to plant the right trees in the right place to restore biodiversity, sequester carbon and provide amenity value to communities. This requires a landscape-scale approach and engaging local stakeholders in decision making is critical to that process."

It is also a question of positioning nature-related investments and business strategies to identify new potential growth areas.

Changing the optics on how acceptable it is to exploit or sideline nature could also spark change.

“You would not hear a company disclosing that modern slavery is just an inevitable consequence of running their business - they would know this is unacceptable and needed to be tackled immediately.

We need the same to happen for nature so a company knows that it is unacceptable for their business to be associated with deforestation in the Amazon or in biodiversity rich regions such as Borneo."

However, he notes that “The list of requirements and challenges for businesses is immense, and so many don’t have the capacity or personnel to take on what is regarded as a separate or less important issue.”

Education and collaboration are the key components Thomas thinks will be critical to making the necessary changes, especially in the field of connecting the finance sector with environmental conservationists, as they are generally very different communities.

Despite the challenges, some encouraging progress has been made in Ireland, such as the recent Citizen’s Assembly on Biodiversity Loss or the publication of the 4th National Biodiversity Action Plan in Ireland.

“The tone and scope of the conversation have changed, and there is more openness and willingness to learn and consider the importance of the topic. This has yet to translate into any radical shifts in how we do business in Ireland or globally, but we are starting to see some positive signs.”

We need to build up the skillset that allows people in various roles to understand business and nature alike so they can connect the dots and drive projects that integrate both.

A great example is building the Peatland Finance Ireland initiative that offers an innovative model for funding and rewarding peatland restoration while engaging multiple stakeholders in aligning the carbon, water and biodiversity agendas with opportunities for communities and regional development.

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Building the business case for biodiversity in Ireland

Szilvia Szabó — Thu, 16 May 2024 13:56:42 +0000

Building the business case for biodiversity in Ireland

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The World Economic Forum warned in 2020 that, based on the New Nature Economy Report, approximately $44 trillion of economic value is at moderate or severe risk due to nature loss.

The continued loss of biodiversity and degradation of nature is a looming threat to businesses and communities alike.

“Businesses have a critical role in nature stewardship, but it is challenging to bring their attention to biodiversity and make the link between their operations and impacts visible,” says Lucy Gaffney, Platform Manager at Business for Biodiversity Ireland.

She adds that while some companies are more dependent on and related to nature than others, most have some relationship with it regardless of size or industry.

“A bank, an agribusiness, or a mining company has a completely different relationship with nature.”

According to Lucy, one standard practice is that organisations tend to externalise their impact, which can give the illusion of minimal responsibility and impact.

“It`s the case with Ireland, where you often hear the argument falsely claiming that we are such a small island, so we have no significant impact on biodiversity. In reality, we are very good at using supply chains, leaving the troubles outside the country.”

Lucy Gaffney, Platform Manager at Business for Biodiversity Ireland

But the risks and responsibilities are real, adds Lucy when she explains why businesses should care about this issue more.

She highlights that even though the latest CSRD reporting (Corporate Sustainability Reporting Directive) will not directly apply to most SMEs, they will be forced to deal with sustainability issues as they are part of bigger organisations' supply chains, which will include nature-related issues.

Business for Biodiversity Ireland focuses on creating a safe space and an inspirational community where companies can learn how to connect their operation and strategy with nature.

They are building a multi-sector platform on the pillars of raising awareness, facilitating collaboration, influencing policy, and inspiring action so businesses can mitigate nature-related risks while maximising opportunities and integrating nature into their decision-making.

The organisation aspires to bring together leaders through active participation to share learnings with a learn-as-you-go approach since adopting meaningful biodiversity strategies can be even more complicated than carbon management.

“When you are experimenting with new ideas, there is a fine line between being courageous and being accused of greenwashing. This can lead to greenhushing, a term for consciously concealing sustainability efforts.”

Lucy points out that learning always includes making mistakes, and they try to encourage open and honest discussions that could lead to better solutions.

A critical part of establishing a meaningful biodiversity strategy is identifying the company`s true influence and impact and building a meaningful, long-term plan around that.

To support that process, Business for Biodiversity Ireland created a library of resources available for businesses that would help them better understand how to contribute to a nature positive economy and what the benefits are.

Some guidelines on their website include a Nature Positive Roadmap, a Finance for Biodiversity guide, and a Nature Disclosure tool.

Lucy shares that their role, among others, is to translate and simplify complex concepts so companies can easily see the connection and take action.

“We need to present a distilled version of extensive frameworks, reports, or whitepapers to cut through the noise and make them relevant for decision-makers, providing clear steps they can take.”

Community of Practice sessions provide a safe space for businesses to earn how to connect their operation and strategy with nature. Image: Business for Biodiversity Ireland

Educational activities are also needed to translate biodiversity and make a business case for nature.

“Most people associate biodiversity with pollinators, which is a great first step but not the whole picture. Focusing only on pollinators in communication can actually become misleading since other equally important areas get sidelined because of that.”

She explains that the All-Ireland Pollinator Plan was a very successful campaign and had an overarching positive impact on preserving wildlife in this particular area.

However, Lucy sees this as drifting into dangerous territory by implying that you can tick biodiversity off your list if you are good with pollinators.

“We have so much more that we should discover and protect in Ireland.

Our marine environment is fascinating, and having a natural rainforest that could be restored and expanded along the West Coast is a unique opportunity we could embrace.

Not to mention that an iconic indicator species, the Hen Harrier, also known as the Sky-Dancer, is disappearing from our habitat, but we still have the chance to save it.”

Lucy believes we need to foster more investment-ready biodiversity projects with measurable outputs to help channel attention and finance.

Companies like An Post, Bank of Ireland, or Bus Éireann are already signing up to join Business for Biodiversity Ireland and become more involved with their work through membership, which involves participating in Community of Practice workshops that provide great learning opportunities.

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Trailblazer collaboration sets new narrative for investing in climate action

Szilvia Szabó — Tue, 14 May 2024 15:23:36 +0000

Trailblazer collaboration sets new narrative for investing in climate action

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Climate Action

Nature-based Solutions

Nature Conversation

Collaboration

Topic

Climate Action

While Ireland has the optics of being a green island, it has one of the lowest rates of forest coverage in the European Union.

According to the Irish Agriculture and Food Development Authority, the country witnessed a drastic decline, with only 1 percent of native woodlands remaining compared to 80 percent six thousand years ago.

This might strike as an environmental issue far away from business as usual. Still, a newly forged alliance between a local family business and a charity writes a different narrative.

The Canopy shopping centre in Sligo facilitated a unique collaboration when its owners decided to acquire nearly 90 acres of land for restoration to support Hometree, a charity dedicated to establishing and conserving permanent native woodland.

Situated along the Easkey River in South Sligo, this land is a unique blend of peatland, blanket bog, pockets of ancient Hazelwood, and species-rich grassland.

Ray Ó Foghlu, Hometree's Development Lead, says: "We hope this location will become a showcase site for us and local landowners will see what is possible.

We have plans for a farmer outreach programme here, providing information and financial support for woodland creation along the Easkey River, besides other educational and community programmes.”

Bird`s eye view of the land along the Easkey River in South Sligo to be restored by Hometree. Image:Vincent Monahan, Duck Upon Rock Productions

Hometree's mission to restore Ireland's ancient oceanic woodlands aligns perfectly with The Canopy`s aim to go beyond the obvious when it comes to sustainability in its business strategy.

Neil Monahan, Director of The Canopy, says they were already familiar with the charity`s work.

When a piece of land became available, they started designing a project that could benefit the environment and people locally, in addition to the business sustainability element of managing their carbon footprint.

“Carbon offsetting can seem distant, but we can make it more relatable with this model. We are also in a unique position to create something entirely new, which can also provide learnings and data to other companies,”

Neil says.

He recalls that initially, they didn`t realise the magnitude of this project and all the positive `side-effects` that later justified their investment on multiple levels.

“At first, it was more about land restoration and planting. Then we realised the added benefits of having such rich biodiversity on site that we can further enhance and the opportunity to use this site for education and community engagement.”

Ray adds that as a science-led organisation, Hometree is now working on establishing the ecological baseline for this area by doing walkovers and surveys in addition to using drones and low-orbit satellites so they understand what`s there right now, allowing their expert team to draw up a tailor-made restoration plan.

He also emphasises that with these types of lands, preventing carbon from being released is the biggest win with restoration.

Ray Ó Foghlu (left) and colleague, Jon Dunt (right) from Hometree. Image: Vincent Monahan, Duck Upon Rock Productions

“It`s like putting a cap on a bottle since peatlands are slow to capture carbon but quick to release it,” Ray says, adding that globally, only 3% of the land is covered by peatland, but it holds 30% of the carbon, making degradation a significant threat."

Currently, they are planning for a 12–24 month period, putting measurable indicators into place so they can integrate the learnings to develop the project further.

Besides the positive environmental and community impact, Neil highlights that it makes perfect business sense since their new branding introduced in 2023 revolves around sustainability.

“We carefully designed the interior spaces of the shopping centre, integrating live plants and trees, even adding a green street within the facility where people can enjoy this environment all year round. We are also implementing solar panels to harness renewable energy besides exploring other areas to improve our sustainability.”

They also actively engage with small, sustainable local businesses and facilitate programmes to engage visitors through art, awareness weeks, educational exhibitions, and other events.

Neil admits that they are on the journey to fully explore the potential of a larger-scale sustainability strategy that would help them properly measure their impact across all main activities and engage their stakeholders, especially the shops operating in the centre.

Still, these initiatives have already proven that taking climate action locally as a business brings multiple direct and indirect benefits, including cost efficiency, brand awareness, and customer engagement.

Therefore, they are committed to building on these initial steps and continuing to make a positive impact, including their land restoration project, which they envision as a long-term collaboration with Hometree that can transform local communities and help with climate mitigation.

When asked how the land could look if they succeed, Ray says he would be glad to feel wet under his foot walking these lands instead of dry and crunchy, to see a great variety of native birds returning alongside other species, and to see a site buzzing with life.

He adds that involving farmers is crucial to making this a reality. In the past 2.5 years, he has worked with hundreds of farmers on land restoration and biodiversity projects.

“I believe observation is the beginning of devotion – you have to see it to fall in love with something. In this case, once we can make farmers see what they have on their farms and understand the benefits, it can change their perspective, and they could become advocates for nature with an additional sense of pride.”

Ray hopes that this specific project at the Easkey River will act as an accelerator by delivering tangible results, feeding into their work to restore 4000 acres of native land through facilitating natural regeneration.

Although significant funding and dedicated resources will be needed to achieve their overall goals with the Wild Atlantic Rainforest project, the first steps are promising.

Headline image: Ray Foley and Jon Dunt from Hometree / Photo by Vincent Monahan, Duck Upon Rock Productions

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Creating scents with a difference

Szilvia Szabó — Tue, 14 May 2024 14:24:00 +0000

Creating scents with a difference

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Driving positive change can happen in every industry, and no drop is too small when it comes to sustainability.

When Benoit Nicole started his business, The Nature of Things, he was looking for key elements such as creating a line of essential oils that embody top-quality ingredients and care for the natural environment and local communities.

Building on over 20 years of experience in the perfume industry allowed him to learn from the best, know the pitfalls, and polish his senses to identify high-end raw materials and products.

Originally from the west of France, he spent decades in New York working for leading brands in the field, gathering insights on how essential oils are made, distributed or marketed for various user needs from the food industry to vitamin supplements and perfumes.

Benoit Nicole, Founder and CEO of The Nature of Things

“The best ‘noses’ in the business taught me how to smell, how oils can live together and how they can make you feel, while scientists and aromatherapists taught me the positive effects the oils can have on your health and well-being.”

He also witnessed how different strategies were built to ensure that brands were not only ahead of change but also driving change.

“In the mid-80s, sustainability was an emerging word that was not really considered in most business plans,” says Benoit.

He was inspired by other industry business leaders, like Aveeda, one of the pioneers in using organic materials.

“They pushed for organic certification before people even talked about sustainability and invested in suppliers to produce sustainably.”

He recalls that Aveeda`s founder once said, "The more we grow, the more impact we will have on the world, so it is my responsibility to ensure that we do this in a way that has a positive impact.”

After falling in love with an Irish girl and moving to Ireland in 2019, he decided it was time to put all his passion and learnings into creating his own line of essential oils that reflect his values and offer customers an extraordinary experience.

Right from the start, he understood sustainability is far too complex to be handled rigidly when it comes to managing suppliers.

“My approach is to have the best in class in my supply chain and work with distillers who care for the environment and the local community besides delivering quality materials.”

However, given that he sources ingredients from all corners of the world, such as Atlas Cedar from Morocco, Eucalyptus from Spain, Ylang Ylang from Madagascar, and Lavender from France, it is clear that a one-size-fits-all mindset won`t work.

Wherever applicable, he looks for organic and Fair Trade certificates. Still, suppliers need not be certified if their circumstances don`t allow them to.

"My extensive experience helps me decide which distillers are genuinely producing sustainable products.Visiting the sites and having conversations with owners and managers provides an opportunity to learn their true nature of business and their unique way of managing land, processes, and people.”

Instead of forcing certifications, Benoit takes the time to truly engage with suppliers, whether in person or remotely, and dig deep enough to get an overall picture of their business using different sources of information.

"For instance, if they don`t have Fair Trade, how can they offer similar assurances, like fair wages? How do they manage people who work in the fields?

All these aspects help me understand the complex system they have in place for farming the whole year round.”

He adds that these suppliers typically run smaller operations, so no big corporate policies would apply, making adapting other evaluations more sense.

Benoit explains that in these cases, looking at the environmental impact in terms of energy, water, farming practices, alternatives for pesticides like organic fertiliser, or basic solutions like plants that repel bugs can be more meaningful than being certified.

Besides managing the supply chain, he also pays attention to running a conscious company, using paper or glass packaging or higher-quality plastic that can be better recycled while minimising its impact through logistics and other operational areas.

“Although about 90 per cent of our sales are to retail, we receive enquiries from our customers asking for more information on our ingredients and sourcing regarding sustainability, which clearly shows an interest in these areas. They even send back bottles to be reused.”

He adds that The Nature of Things is a small company, so they aim to focus on the most relevant areas to minimise their environmental impact.

“I like to think that we are successful and will be successful in the future because we are going for top quality and sustainability."

To him, sustainability also means profitability, so they can be fair with suppliers and partners. Their branding and visuals reflect Benoit's love for art and his desire to present their products in a way that amplifies their natural approach and inspires customers.

To lead by example, The Nature of Things is a certified member of the Irish Organic Association and also a member of 1% For the Planet, which means that 1% of their total revenues every year is donated to support environmental causes.

“This is close to my heart, and customers and retailers know that they are contributing a little bit to a good cause.”

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