BCSD Australia News

This week, we explore the transformative role of renewable energy jobs, highlighting the global surge in employment, especially in China, and how Australian businesses can seize this green opportunity. We also dive into the ongoing challenges posed by deforestation and ecosystem conversion in supply chains, as well as the urgent need for businesses to take leadership at COP16 in addressing biodiversity loss.

Additionally, we examine the financial sector's role in scaling Nature-based Solutions (NbS) in Asia and present insights from new resources like the Natural Capital Primer, helping businesses recognise the value of natural capital in their operations.

We’ll also look at how regenerative agriculture is reshaping food systems, providing not only environmental benefits but also increased income for farmers. As we approach COP16, corporate accountability in biodiversity reporting is gaining momentum, and we feature evolving standards, including GRI 101, that businesses should adopt.

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ZOOiD will be holding its final GRI workshops for 2024 in workshop in Brisbane in December. Early bird rates end on Friday 1st November.?

?Reporting with the GRI Standards 2021: ??December 3rd and 4th Reporting on Human Rights with the GRI Standards 2021:???December 5th? Integrating the SDGs into Sustainability Reporting:???December 6th?

?These workshops can be taken individually or as part of the?GRI Professional Certification Program.

Further information about our courses and booking is available?here.

?? The Green Workforce Revolution: Why Your Business Can’t Afford to Ignore Renewable Energy Jobs ??

Last year, the world witnessed the highest-ever increase in renewable energy jobs, with global employment rising by 18% to reach 16.2 million. As the International Renewable Energy Agency (IRENA) and International Labour Organization (ILO) report, this growth is driven by the global shift toward renewable energy, creating opportunities for businesses to lead in sustainability, resilience, and economic recovery.

However, this progress is uneven. While China dominates with over 7.39 million jobs—nearly half of the global total—other regions, including the European Union, Brazil, the United States, and India, are also seeing significant job creation, particularly in solar, wind, and biofuels. These figures underscore a critical trend: Green jobs are reshaping the global economy, but how can Australian businesses seize this opportunity?

For Australian business leaders, compliance professionals, and sustainability advocates, this surge in renewable jobs means one thing: adaptation. The World Economic Forum highlights that reskilling workers for clean energy roles will be crucial. This aligns with Australia's Sustainable Development Goals (SDGs), particularly SDG 7 (Affordable and Clean Energy), SDG 8 (Decent Work and Economic Growth), and SDG 13 (Climate Action).

??Deforestation and ecosystem conversion driven by cattle and soy supply chains remain significant threats, especially in South America. The rising demand for beef and soy has led to land-use changes in critical ecosystems like the Amazon, Cerrado, and Pampas.?

A few key players—JBS, Marfrig, Minerva, ADM, Bunge, and Cargill—dominate the market, giving them the power to lead the shift toward sustainable, deforestation- and conversion-free (DCF) supply chains. However, progress has been slow, with many businesses still relying on outdated, harmful practices.?

To achieve global climate goals and ensure long-term financial stability, these companies must take bold action. Setting ambitious DCF targets, collaborating with supply chains, aligning with new regulations, and transparently improving sustainability performance are all critical steps. CDP’s latest fact sheet provides an update on the progress of eight cattle and soy traders between 2020 and 2023 in eradicating deforestation, conversion, and human rights abuses from their sourcing practices.

?? COP16: A Defining Moment for Businesses to Lead on Biodiversity Action ??

In December 2022, 196 countries united to adopt the #GlobalBiodiversityFramework (GBF), marking a turning point in efforts to halt and reverse nature loss by 2030. But nearly two years on, the urgency for action has never been greater. Progress on implementing the GBF has been slow, and the upcoming #COP16 in #Colombia is our best opportunity to reverse these trends.

?? Business Leadership is Critical ??

As Eva Zabey Business for Nature argues businesses must take centre stage in delivering the GBF targets, not only through voluntary actions but by advocating for stronger government policies.

To date, only 44% of governments have updated their National Biodiversity Strategies and Action Plans (NBSAPs), while environmentally harmful subsidies (EHS) continue to total $2.6 trillion annually, undermining progress.

For forward-thinking companies, this is a pivotal moment to step up. Leading businesses, such as GSK, Kering, and ?rsted, have published credible nature strategies as part of the It’s Now for Nature campaign. But more needs to be done to align investments with nature-positive outcomes and reduce the $5 trillion in private finance that still harms ecosystems.

?? What Should Businesses Do?

- Transform Operations: Embed nature-positive practices into every part of your business model. Tools like the Nature Strategy Handbook offer guidance on how to align with Taskforce on Nature-related Financial Disclosures (TNFD) standards.

- Advocate for Policy: Push for ambitious nature-related disclosures and the reform of environmentally harmful subsidies to incentivise corporate action.

Engage at COP16: Participate in negotiations, workshops, and bilateral meetings to showcase your company’s nature strategy and demonstrate bold leadership.

Asia's rich biodiversity is under threat, yet it offers immense potential for developing NbS to combat climate change and drive economic growth. While these solutions are promising, significant challenges hinder their implementation, particularly in securing adequate financing. Public funds dominate, but private capital still flows heavily towards environmentally damaging sectors. To bridge the financing gap and achieve ambitious restoration goals, financial institutions need to redirect investments towards NbS.

CDP's latest report, “Nurturing Nature: De-risking Nature-based Finance in Asia” delves into the state of financial institutions’ actions in catalysing innovative instruments for Nature-based Solutions (NbS) in Asia. This study analysed the challenges to significantly increase nature-based financing, case studies of de-risking instruments across types of financial institutions, and corresponding calls to action for financial institutions to bridge the funding gap for NbS.

Key challenges impede their adoption:

??Measuring and validating positive impacts, such as improved ecosystem services prove challenging;

??Small investment sizes, failure to reach commercial viability, and long payback periods further deter private capital;

??Legal complexities around land rights issues and lack of regional binding policy hinder private sector intervention.

Everything is dependent on #nature.

It’s vital that we recognise nature’s value to our economies and society and protect our natural assets for future generations.

Macdoch Foundation with La Trobe University has just launched a new science-based online resource that explains how our entire lives, businesses and economies depend on natural capital, the Natural Capital Primer.

The Primer breaks down the concepts around natural capital, unpacks how different industries #depend on and #impact natural capital, and features an engaging tool to see how our everyday routines rely on natural capital.?It also features a series of natural capital resources, including the ones from Capitals Coalition.

?? Agriculture is fundamental to the livelihoods of billions of people worldwide?as the primary source of income for 2.6 billion people globally. ?

#RegenerativeAgriculture can lead to increased farm income by improving yields (over the medium term) and reducing production costs, benefitting farmers and the ecosystem they depend on. It can also open up new income stream for farmers, for instance through the revenue from payments for ecosystem services.

? The question is: how can we effectively measure the impact of regenerative farming practices on livelihoods?

The Regenerative Agriculture Metrics initiative, driven by WBCSD, OP2B and 33 partner organizations, is a groundbreaking collaboration involving over 1,100 businesses working together to consolidate how we measure regenerative agriculture outcomes, including improved socioeconomic ones. By aligning on key metrics, such as soil organic carbon, businesses are setting the stage for a more resilient and sustainable agricultural system.

?? Unlocking finance for #FoodSystems transformation has proven to be a challenge for many organisations.

Only 4% of global #ClimateFinance goes to #AgriFood systems despite the system being responsible for nearly a third of global greenhouse gas (#GHG) emissions.

To drive finance to where it is needed, we need robust decision-useful information that systematically factors in climate-, nature- and health-related risks and opportunities.

?? Critical to this are harmonised and credible metrics that can be applied across the value-chain. This year WBCSD has been working on and engaging with key initiatives to align business on metrics across these areas.

With impacts on nature ?? now at the forefront of corporate strategies, biodiversity is a crucial #sustainabilityreporting & corporate accountability consideration.

Ahead of #COP16, Elodie Chêne, GRI Senior Standards Manager, shares how standards and frameworks are evolving post-COP15 to shape business practices; the role of #GRI101, our Topic Standard for #biodiversity ??; and the importance of #interoperability to enable seamless #impactreporting.

Read her article in ‘Now for Nature’ ?? https://lnkd.in/dmKkJPPh

To help organisations navigate integrated decision-making, the Capitals Coalition has developed three key tools: the beta Framework for Integrated Decision-making, the Capitals Protocol, and the Governance for Valuation.

Together, these resources provide a comprehensive, practical approach for businesses aiming to incorporate natural, social, and human capitals into their decision-making strategies.

The Capitals Protocol acts as a supporting document to the main framework and provides detailed guidance on how to conduct an integrated capitals assessment.