The loss of biodiversity and the free services that ecosystems provide, such as water purification and carbon sequestration, is having a very real impact on the global economy.
In recognition of this trend, the G8+5 Environment Ministers agreed in March 2007 to undertake a review on The Economics of Ecosystems and Biodiversity (TEEB). Described as a ‘Stern-like’ report for biodiversity, the review has so far estimated that biodiversity loss costs society £40 billion annually.
The study leaders are now calling on businesses to contribute to the second phase. The information from the private sector will help the Phase II report to offer practical guidance and tools for business on how to measure and manage the risks of biodiversity and ecosystem losses.
The report will also help business leaders to identify and take advantage of new market opportunities linked to the conservation and sustainable use of biological resources, such as the emerging market for Reducing Emissions from Deforestation and Degradation (REDD).
FFI’s Natural Value Initiative will be contributing to this process, supporting it through sharing research gathered from a review of the publicly available information of 31 companies in the food, beverage and tobacco sector.
You can learn more about TEEB on the European Commission website.