Action Unlocked: Driving Corporate Change with Validated Science-Based Targets for Nature

During COP16 at Cali, Colombia, the Science Based Targets Network and Global Commons Alliance Accountability Accelerator hosted a session that ignited conversations and showcased powerful insights on how validated science-based targets can shape a nature positive world. Here are some key highlights from the session.

Varsha Vijay, Technical Director, SBTN, opened the session by outlining the outcomes of its year-long validation pilot, business benefits of setting science-based targets for nature, and the context of global biodiversity goals: “The work that we do enables companies to take enough of the right actions in the right places at the right time, to do their part to halt and reverse nature loss by 2030. [..] Here at COP16 I’m delighted that we are moving toward discussions around action and implementation, with SBTN as a major implementation mechanism under the goals of the Global Biodiversity Framework.”

At COP16 the SBTN announced that Kering has adopted the first-ever science-based targets for both freshwater and land. Global biopharma company GSK and building materials and solutions company Holcim have adopted the first science-based targets for freshwater.

Natasha Milan Matic, Ph.D., Executive Director, the Accountability Accelerator, congratulated the pilot companies and SBTN team, stating: “This is a major step forward in the right direction.”

During the session, trailblazing companies shared insights and latest outcomes from the SBTN’s target validation pilot that they had taken part in over the past year including Suntory.

Harumichi Seta, General Manager, Sustainability Management Division at Suntory explained that Suntory took a scientific approach to understanding the state of nature in their supply chains, using SBTN’s methodology. A motivation for Suntory adopting the SBTN methodology is to “inspire and create experiences in harmony with nature”, which he says transforms “gifts of nature to value for customers”.

Business resilience

Rachel Kolbe Semhoun, Head of Sustainable Sourcing & Nature Initiatives, Kering, highlighted the work that the luxury brand has done including 1 million hectares of regeneration in its value chain. The SBTN methodology has allowed them to “go even further” and spark new discussions internally that will boost business resilience. “Because for us, it really comes down to that; how, despite climate change, we’re actually going to put in place the things that we need in order to have resilience among our suppliers and for our own business operations.”

Rachel said Kering will soon be publishing a water strategy in which the company will publish the “top 10 hotspots we got visibility on with SBTN’s methodology”, but that they will need to work with others to move faster in the right direction. In the face of business hesitations around resources, skillset and data, she said the time it takes is “an investment to be stronger and more robust. Joining together with other companies under frameworks like SBTN, “spreads out the risk and the effort, and maximizes the positive impact.”

Nature action

Dr Rebecca Shaw, Chief Scientist, WWF, reiterated the wider impacts for both nature and business. “This is the best available science to help companies collaboratively move toward sustainability and resilience; not just for the environment, but also for their bottom line.”

Updating the room on the science of nature loss, Dr Shaw warned that ecosystems around the world are at a tipping point. The Amazon is already impacted by 17% deforestation, but reaching 20-24% would be irreversible, as the rainforest would become savannah and grassland. “That means loss of carbon storage, loss of water services to Southern Brazil and South America. This is unchartered territory in terms of the climate. We would not be able to reach the 1.5 [global emissions reduction] goal if we lost the Amazon. And this is just one ecosystem.” She called for more companies to set targets, to “turn the tide for both biodiversity and climate by 2030.”

Validation progress

Natasha Matic outlined plans for the SBTN’s new upcoming target validation services. The Accountability Accelerator announced at COP16 that it will launch its validation service for science-based targets for nature in late 2024 with a group of eligible companies. Professionals from EBP Schweiz AG and Deloitte & Touche LLP will support the validation team.

Rao Fu, Head of Corporate Sustainability Consulting, EBP Schweiz AG, stressed the importance of driving wider corporate change for a nature positive future: “For climate it’s easy as it’s not location specific. For nature, for freshwater, for biodiversity, you really have to look at the local context to really act. [..] We are happy to engage with companies to make this move because it is necessary and without a solid framework it cannot happen.”

She also applauded the practical process of setting targets. “SBTN sounds complex for companies, but I really encourage companies just to take the first step to evaluate internally and engage your management. [..] This is not about target setting, it’s about the transformation process.”

Stephanie Cárdenas, Senior Manager, Sustainability & ESG Services, Deloitte USA, explained that science-based frameworks “bring a lot of confidence to the market”, especially when NGOs are working together, the multi-stakeholder approach gives validity to the process.

Collective opportunity

When asked about internal stakeholder engagement, Rachel Kolbe Semhoun, Kering urged the breaking of silos across companies and industries – as well as in the wider global framework process. “Nature-based solutions are our best bet to decarbonize. So while things in the past have been hierarchical – and companies have felt they have to first kill carbon before dealing with something else – little by little we’re starting to learn about connectivity and how working on one enhances the rest.”

Paola Delgado Luna, Validation Director, Accountability Accelerator, concluded the session by inviting interested companies to take first steps toward nature action. “Today is a milestone. We see that it is possible. We see that companies can take credible action.”