Milan Summit Sees Corporations Commit to Safeguard Biodiversity

12 Oct, 2023

Milan Summit Sees Corporations Commit to Safeguard Biodiversity

The European Business & Nature Summit, held on October 11 and 12 in Milan, Italy, brought together over 350 companies, financial institutions, governmental representatives, and voices from academia and civil society. The focus of this gathering was to explore how businesses can fulfill their commitments under the Kunming Montreal Global Biodiversity Framework, a significant initiative outlining a visionary path to a world coexisting harmoniously with nature by 2050.

The decline in biodiversity has far-reaching implications, affecting not just the environment but also our overall well-being, economic stability, political structures, and societal foundations. The European Business & Nature Summit served as a renewed opportunity to galvanize businesses towards adopting nature-positive business models.

Key to this event was the launch of the European Business and Nature Summit Charter, designed to promote a nature-positive economy. The EBNS Charter offers a straightforward means for businesses participating in the summit to pledge their commitment by simply scanning a QR code. By endorsing the Charter, companies acknowledge the urgency of addressing biodiversity loss and express their readiness to take action to contribute to a nature-positive economy.

The European Business and Nature Charter is inclusive, welcoming organizations of all sizes, from micro-businesses to large corporations. It provides a framework for businesses and financial institutions to commence the implementation of the Global Biodiversity Framework. The Charter outlines ten principles aimed at guiding collective and transformative business efforts to halt and reverse nature loss by 2030. These principles are aligned with the objectives of the Global Biodiversity Framework and encompass areas such as corporate and financial responsibility, engagement of the value chain, transparency, reporting, accountability, and various other facets.

Moving from aspiration to action necessitates a high level of engagement and commitment. The Summit played a pivotal role in advancing this journey, functioning as both a political and technical platform that fosters collaboration and engagement. It offers valuable insights to assist businesses, financial institutions, and other stakeholders in comprehending the role of nature across the spectrum of their operations, spanning from high-level strategic decisions to daily activities.

The European Business & Nature Summit (EBNS) has a longstanding tradition as an annual high-level event dedicated to driving the shift toward biodiversity-friendly business models. This year's edition was co-organized by the European Commission, the EU Business and Biodiversity Platform, Etifor, the Italian Foundation for Sustainable Finance, and the Region of Lombardy. The summit received support from 26 organizations actively engaged in the intersection of business and biodiversity.