The meeting, held in Manchester, has concluded with a significant agreement on the IPBES business and biodiversity assessment.
This assessment represents an important step in improving global understanding of the relationship between biodiversity, ecosystems and economic activity.
It examines how business both depends on and affects the environment, and how biodiversity loss can create risks for economies and financial systems.
UK Research and Innovation (UKRI) funded researchers made crucial contributions to building the evidence base for the assessment and this historic agreement.
A foundation for economic prosperity
The environment plays a fundamental role in supporting economic activity.
More than half of global GDP is estimated to be moderately or highly dependent on it.
Ecosystem services such as pollination, water cycling and climate stability underpin sectors including:
- agriculture
- manufacturing
- construction
- insurance
- finance
Changes to biodiversity and ecosystem condition can affect supply chains, asset values and long-term economic resilience.
A new framework for business success
The IPBES business and biodiversity assessment brings together current scientific evidence to support decision-making by governments, investors and businesses.
It sets out methods and metrics for assessing nature-related risks and opportunities, and identifies areas where further data and research are needed.
UK-funded science has contributed directly to this global effort.
Biodiversity intactness index
The biodiversity intactness index models how species respond to human pressures and land use change.
Bloomberg has combined the index with its own data on 45,000 companies worldwide to help investors assess their exposure to nature-related risks.
The biodiversity intactness index was developed by the Natural History Museum, Imperial College London and partners with investment from UKRI.
The Dasgupta Review, commissioned by HM Treasury, made the economic case for putting nature at the heart of financial decision-making.
It cited 46 Natural Environment Research Council (NERC) funded studies, the second highest total for any funding organisation globally.
Since publication, the review has been cited in over 300 policy documents across 24 countries and has directly influenced UK legislation, including the Environment Act and requirements for Biodiversity Net Gain.
Tools for green decision-making
UKRI-funded organisations have developed a range of practical tools that help businesses and policymakers make better decisions for nature-related risks.
These include:
- Nature Value At Risk, a scenario tool developed by the University of Oxford for assessing financial exposure to ecosystem degradation
- Resilient Planet Data Hub, providing climate risk and geo-hazard data
- GeoAsset, offering transparent environmental information for due diligence assessments
The Peatland Code, the UK’s first regulated carbon credit scheme for peatland restoration, gives businesses a scientifically backed way to invest in nature-based solutions that promote biodiversity while helping them meet their net zero commitments.
It was developed with central contributions from UKRI-funded scientists at Newcastle University.
Monitoring nature at scale
The UK Centre for Ecology and Hydrology has developed the Automated Monitoring of Insects system, which uses image recognition and machine learning to track pollinator populations.
It’s now deployed in more than 30 countries.
Groundbreaking assessment
Professor Louise Heathwaite, Executive Chair of NERC, said:
IPBES12 is groundbreaking in its assessment of the interdependencies governing business, including industry, and biodiversity to ensure nature is protected whilst economies grow. That this has been achieved at a global level signals a way to putting scientific evidence into action to achieve the outcomes we all need to sustain lives and livelihoods.
UKRI is extremely proud to have worked in partnership with UK Government to host IPBES-12 in Manchester and our investment in research and innovation to build the evidence base. We will continue to support research and innovation that strengthens the evidence base and informs action on biodiversity and nature-related risks.
The opportunity ahead
IPBES-12 is an important milestone, and it presents a clear opportunity.
The science is increasingly clear: economic growth depends on a thriving environment.
Businesses that integrate the environment into their strategies will be more resilient, more attractive to investors, and better positioned for long-term success.
UKRI is committed to continuing our support for research and innovation that helps us understand our relationship with the environment and find practical ways to live and work more sustainably.
We will continue the important work of bringing biodiversity and business together to understand and mitigate for nature-related risk.