Science-Based Targets for Nature and what it means for Business?

In this month’s Wonder Letter we provide a short overview of the recently released science-based targets for nature and what it means for business, including some practical tips for getting started!

The Science Based Targets Network (SBTN) - a global coalition of 80+ environmental organisations – has released the first corporate science-based targets for nature. This first release on 24th May helps companies to assess their environmental impacts and set nature targets beginning with freshwater and land. This enables companies to both reduce their negative impacts and increase positive ones for nature and people.

Why are the science-based targets for nature important for business? While there’s a lot of focus on business net zero and climate targets, there is no achieving net zero without nature. Therefore widening the aperture of business to consider how it can support a net zero, nature positive future is critical — not only for nature and people, but also for business given its dependence on natural capital and functioning ecosystems. Through science-based targets for nature, companies will measure and address their environmental impacts across their value chains using the best available science. They point not just to which impacts to avoid and reduce, such as deforestation and pollution, but also how to increase positive ones, including watershed restoration and rehabilitating degraded land.

What is the focus and scope of science-based targets for nature? SBTN is working on science-based targets for a wide variety of environmental issues, centered around the key drivers of nature loss across three main domains: terrestrial, freshwater, and marine. Science-based targets for nature will help companies reduce their contribution to these drivers, across all three systems, and mitigate threats to biodiversity.

What are the benefits for business of engaging? Currently 17 global companies are trialling the first release in their businesses. While there is no current requirement for business to assess and disclose their nature impacts, the regulatory direction of travel means that this will be required in the near future. Given there is a lead time to understanding and assessing your impacts and dependencies on nature as a business, it makes sense to start the journey now and make progress rather than perfection the goal. The benefits of doing so, are that you get on the front foot in identifying nature-related business risks, impacts and dependencies which you can start to ameliorate (that may also lead to cost reductions); you begin to identify nature-related business opportunities such as enhancing supply chain resilience, new products and services and improvements in quality or durability of materials and inputs used; and you build internal team understanding and knowledge on nature alongside climate, to ensure joined up action.

What do the science-based targets for nature involve for business? They involve setting, implementing and tracking progress on science-based targets for nature across freshwater, land, biodiversity, ocean and climate through a 5-step process:
#1 Assess your value-chain wide impacts on nature which includes sector level materiality assessment and where the impacts occur through your value chain.

#2 Interpret and prioritise areas in your business where action has the biggest overall impact, taking into account locations and activities across your value chain. Prioritise where to start first.

#3 Measure, set and disclose through baseline data collection, target setting and disclosure.

#4 Act in order to meet the targets centered around the 4 principles of avoid, reduce, restore & regenerate and transform.

#5 Track by monitoring your progress and adapting as necessary, verifying and publicly reporting on progress over time.

SBTN’s first release includes detailed technical guidance for the first 3 steps of the process with additional guidance on the final steps (Act and Track) coming in 2024. Specifically, the first nature targets that have been released will help companies improve their impacts on land and freshwater (with biodiversity to follow).

How do I get started as a business? SBTN is calling on all companies to start to assess their environmental impacts using the Science Based Target Network’s technical methodologies and prepare to set freshwater and land targets which can be validated by SBTN in 2024.

Pragmatic first steps we’d recommend to businesses of all size and sectors:

#1. Start by familiarising yourself with SBTN’s freely available guides and resources for business. We’d recommend starting with the following three key documents: SBTN’s take action as a company webpage (which includes links to technical guidance for each of the three steps), their short guide for readers (useful short accompanying overview) and their local stakeholder engagement guidance.

#2. Begin steps 1 and 2 to understand and identify impacts on nature across your business and start to prioritise areas where you can take action first. Don’t allow lack of perfect data or full visibility of your impacts hinder you from making progress as many businesses are in the same boat. It is likely you will know enough to get started and make progress while lining up broader resources and data inputs necessary for the fuller picture.

#3. Explore opportunities to dovetail your actions on nature with your net zero strategy. Reflect on ways in which your nature related impacts and actions can align with and support your net zero strategy and vice versa. This then results in a more joined up net zero, nature positive strategy for your business and helps to streamline team resources and activities.

#4. Work and collaborate with other businesses on the journey. Most businesses in your sector are in a similar position and also trying to figure it out. Therefore peer based sharing of best practice and learning’s can be very useful alongside industry based convening’s and events. Another option is to consider joining SBTN’s corporate engagement programme which you can find more details of online and does involve a fee to join.

Wonderoom works with progressive brands and leaders to create, scale and communicate nature positive impact that supports and regenerates nature, climate, people and business. 

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