2024 has been a lively year for those of us working on advancing global nature action – with discussions maturing and multiplying. Tackling complex issues such as biodiversity loss and its interconnections with climate and social equity takes time, where global discussions remain key, even if they don’t always result in the urgent progress we are collectively striving for. This requires all of us to act with both urgency and perseverance. We take heart in the progress made over the past 12 months by our fantastic community and partners, and by the growing number of businesses and policymakers committed to building a nature-positive future for all by 2030.

Here are our key highlights from the past year.

Nature on the global business agenda

Continued geopolitical uncertainty and fragmentation has not stopped the rise of nature on both corporate and government agendas over the last 12 months. Global awareness of the economic and social value of nature and its services is growing and is starting to get baked into decision-making. Despite political headwinds, and a trend of corporate greenhushing, there are noticeable shifts in regulation and in voluntary action by corporates.

China’s move to require 450 listed companies to disclose nature-related information by 2026 and the EU’s Corporate Sustainability Reporting Directive (CSRD) taking effect for 11,000 companies in 2025 are good examples of progress. Brazil, Indonesia and Mexico have also taken steps towards mandatory requirements, but many more regions need to do the same for the world to deliver Target 15 of the Global Biodiversity Framework (GBF) on mandatory nature-related assessment and disclosure by 2030.

As more companies anticipate regulation and are more aware of the risks that nature loss poses to their business, they are increasingly integrating nature in their businesses, strategy and operations. Over 500 companies have committed to disclosing their nature-related issues to investors using the TNFD recommendations – a 57% increase since the beginning of the year, 30 companies have published dedicated nature strategies through It’s Now for Nature and first mover companies publicly adopted science-based targets for nature. These are encouraging signals of change. But voluntary action by businesses is still far from being the norm, and many organizations still do not understand their impacts and dependencies on nature. Several of our partners are hosting It’s Now for Nature accelerator programs to help companies develop a credible nature strategy, so we will hopefully see the number of strategies grow exponentially in the coming years.

Building momentum to close the critical gaps in business action and policy change will remain a key priority for us in 2025. 

Strengthening national implementation and regional collaboration

2024 has also seen an increased focus on both national action and regional collaboration to accelerate implementation of the GBF, such as through the CBD Regional NBSAP Dialogues. These enable countries to share insights as they update their national priorities to deliver the GBF, and Business for Nature and its partners frequently participate to emphasize the importance of involving business.

Engagement activities by our regional leads in Asia, Latin America and Africa also picked up pace this year. We supported and collaborated with a growing number of our national partners and policymakers through workshops, roundtables and tailored recommendations. We worked particularly closely with stakeholders in Chile, China, Colombia, Indonesia, Japan, Malaysia, Thailand, Nigeria and South Africa – helping to strengthen and establish business-government dialogues; integrate the role of business in national biodiversity plans; and build on our on-going sector action work with the World Economic Forum and WBCSD.

Taking stock of COP16

The most significant moment in 2024’s nature calendar this year was of course the UN Convention on Biological Diversity CBD COP16 – the ‘implementation COP’ – tasked with translating COP15’s ambition into action. Business and finance showed up in even bigger numbers in Cali, Colombia than they did in Montreal, Canada, in 2022 to encourage policymakers to be bold and ambitious for nature. Ahead of the conference, more than 230 businesses signed a business statement calling for renewed policy ambition on nature. This was underpinned by a set of 20 ambitious policy asks developed by Business for Nature with input from our partners and many leading companies. These asks will continue to act as a foundation for our advocacy work in the years to come.

While the government of Colombia hosted the event with a genuine focus on trust, consensus building and the imperative to make ‘Peace with Nature’, COP16 delivered mixed results. Break-throughs included the creation of a Cali Fund and the official recognition of the role of Indigenous Peoples and Local Communities through the establishment of a permanent subsidiary body. However, progress stalled on key issues such as resource mobilization and the financial mechanism and will resume in February. Activating adequate funding for the nature (and climate) transition is the key challenge in enabling real progress, with contributions needed from all available sources. One of these is the need to redirect the significant sums – estimated at $2.6 trillion annually – locked into subsidies which unintentionally result in the over-exploitation of resources. This is a major untapped resource, requiring global cooperation and will continue to be a big topic of conversation next year.

Our overall assessment of COP16 is that it needs to be a wake-up call, requiring all parts of society - particularly governments and business - to double down efforts if we are to reach our nature, and indeed climate goals.

Looking ahead – greater policy coherence on the road to COP30

It’s vital not to let 2024’s mixed picture deflect from the importance of 2025. Halfway to 2030 and with the stakes rising, next year will host crucial moments for nature, such as the resuming of the UN Biodiversity negotiations in Rome at the end of February, the UN Ocean Conference in France in June, and UNFCCC COP30 in Brazil in November.

COP30 will take place in Belém, on the edge of the world’s largest tropical rainforest, and presents an unmissable opportunity to advance towards climate and nature goals in an integrated way, given we are fast approaching critical planetary tipping points. This is why over 70 global leaders including many from the private sector are urging governments to align their climate plans (called Nationally Determined Contributions or NDCs – due to be updated by February 2025) and national biodiversity strategies (NBSAPs) in the run up to COP30, to remove current policy siloes that hold corporate action back. This alignment would give businesses the certainty to accelerate and invest in integrated nature-climate action, and we will continue to lend our collective voice to calls for policy ambition and coherence throughout 2025.

2024 marked Business for Nature’s fifth birthday. Now more than ever, we are grateful for your continued support and commitment. We are thinking about the next five years and firming up our strategic pillars and goals to 2030. We will continue to focus on driving ambitious business and policy action as we deepen our work at a national level to support implementation and look forward to working together to accelerate the transition to a nature-positive economy for all by 2030.

Thank you again for your contribution to this shared journey, and we wish you all a restful end of year.

With kinds regards,

Eva

Reflections on 2024: Balancing urgency with perseverance