Business and biodiversity: It’s time to broaden our focus beyond just climate change

Globally, we are venturing into uncharted territory regarding climate change. The planning phase of critically assessing and defining how our businesses contribute to environmental damage is behind us, and now is the time to take action.

According to World Economic Forum’s Global Risk Report 2022, climate action failure, extreme weather and biodiversity loss are the top three environmental global threats over the next decade. Many companies recognize the need for climate action and experience the impacts of extreme weather. However, there’s a lack of awareness and understanding about biodiversity loss, which is defined as species extinction and/ or reduction and results in irreversible consequences for the environment, humankind and economic activity and a permanent destruction of natural capital.

The responsibility of real climate action primarily falls on the shoulders of governments and businesses, including enforcing, enacting, or investing in effective climate-change adaptation and mitigation measures. We must rally our networks and apply our extensive resources toward solutions that will significantly preserve ecosystems, protect populations and transition to a carbon-neutral economy.

Biodiversity is inherently intertwined with climate change and has suffered severely from the effects of rising temperatures. It is critical that we broaden our focus to include biodiversity loss in addition to climate change and specifically apply resources towards solutions that promote biodiversity preservation.

Nature loss, a result of shifting weather patterns and one of the leading causes of biodiversity decline, has caused a 69% decrease in wildlife populations in just the last 50 years, according to WWF. Without urgent action, at the current rate of decline, we will face irreversible consequences as a result of species reduction and extinction, which will negatively impact the environment, economy, and humankind.

In fact, we are already bearing witness to a rising humanitarian crisis in the form of food insecurity primarily driven by the effects of climate change and biodiversity loss. According to the New York Times, the United Nations predicts at least 222 million people in 53 countries will face acute food shortages by the end of 2022.

Nature loss deeply affects the agricultural industry for farmers big and small by threatening crop yields and the health of livestock. The solution to the global food crisis lives somewhere at the intersection of biodiversity preservation and sustainable farming.

Sustainable farming is about cultivating products that nourish people while also nurturing the planet. Working together, we can strengthen the global food system. Tangibly, this looks like sourcing products responsibly, diverting or recycling waste, and using innovative solutions to evolve agricultural processes to manage emissions.

It also means keeping an open mind. Agricultural approaches aimed at preserving biodiversity shouldn’t be seen as a competition between traditional and technology driven practices but the combination of both for the benefit of people and the planet.

As a leader who has been critically assessing the supply chain of the world’s largest food distributor, I have witnessed firsthand how strategic investments and process modifications can mitigate nature loss and make supply chains more sustainable and resilient against economic and environmental impacts.

At Sysco, we are:

As leaders consider potential solutions, investing in future technologies now will be what defines the success and longevity of businesses in the long term.

According to the World Economic Forum’s 2020 Nature Economy Report, roughly $44 trillion in value creation is moderately or highly dependent on nature and its services. Environmental crises are all connected through the ecosystem of supply and demand which means if we don’t reform how we approach biodiversity, the interconnected system that forms life as we know it, these issues will inevitably hit where it hurts most—economically.

While change will take time, we must remain diligent and commit to continuous learning as global risks evolve. Broadening our focus on climate change to be more inclusive of extreme weather, nature loss and biodiversity give us the power to be more strategic about where we allocate our resources to make the most impact.

We must continue to move forward with urgency and collaborate to remedy the effects of climate change. I am calling on CEOs of major corporations to do their part. We only have one planet; demonstrate through action that you will prioritize taking the strategic and bold choices necessary to mitigate global risks starting now.