International business, government and civil society leaders join forces in global forum for valuing natural capital
06 November 2012 | News story
International leaders from business, government and NGOs gathered in Singapore today to mark the launch of the new headquarters of TEEB (The Economics of Ecosystems and Biodiversity) for Business Coalition which aims to achieve a shift in corporate behaviour to preserve and enhance, rather than deplete the earth’s natural capital.
The Coalition brings together global stakeholders and partners, including IUCN, to study and standardise methods for natural capital accounting to enable its valuation and reporting in business.
This is the business application of the G8+5 and UNEP-supported TEEB programme, led by Pavan Sukhdev. It provides a compelling economic case for the conservation of natural capital and is the cornerstone of current Green Economy policy.
“Valuing nature is at the heart of sustainable development and is everybody’s business. If we are to achieve the goal of halting biodiversity loss by 2020, we must engage all sectors of society, not least the private sector. That’s why IUCN, involved in TEEB since its beginning, helps businesses integrate biodiversity and livelihood values in their decision-making. I hope that the TEEB for Business Coalition will go a long way in promoting biodiversity-friendly businesses worldwide,” says IUCN Director General Julia Marton-Lefèvre.
The Coalition is a Not for Profit organisation and has secured cornerstone funding from the Gordon and Betty Moore Foundation, as well as from the United Kingdom and Singaporean Governments. Headquartered in Singapore, it will provide a growing knowledge hub in the Asia-Pacific region and internationally on natural capital valuation in business.
The Coalition’s activities focus on global stakeholder engagement, focused research and development of methods for natural capital accounting. Its founding members have pioneered much of the science and business case for natural capital valuation and accounting, providing a credible platform to take the business application of this forward. These existing activities will be built on to ensure the necessary stakeholders from business, government, support organisations, academia and NGOs inform effective and pragmatic methods.
Also announced at the launch was the appointment of Dr. Dorothy Maxwell as the Director for TEEB for Business Coalition. Dr. Maxwell joins the Coalition with over 20 years’ professional experience working in the environmental/sustainability arena in business, government and academia in the EU, USA and Asia-Pacific.
The ceremony took place as part of the Responsible Business Forum on Sustainable Development, which presented practical ways to accelerate solutions for a more sustainable world while increasing business and industry growth. The Forum serves as a platform for leading global companies to discuss deeper integration of sustainability and social responsibility to deliver longer-term business success. Forum participants took this opportunity to participate in various discussions related to the Coalition and agreed next steps.