COP16: Businesses urged to prioritize sustainable land management as $44 trillion of global GDP is at risk from nature loss
December 05, 2024
By Samuel Ogunsona
Hundreds of private sector representatives from various industries converged in Riyadh, Saudi Arabia, to discuss their role in ensuring sustainable land, soil, and water management.
The Business 4 Land Forum was part of the United Nations Convention to Combat Desertification (UNCCD) initiative, which aims to engage and support private actors in sustainable land management.
“COP16 has attracted the largest-ever participation of the private sector to a UNCCD COP to date, providing a critical momentum to make sustainable land management a core part of corporate and financial strategies,” said Ibrahim Thiaw, Executive Secretary of UNCCD.
“Shifting towards nature-positive operations, supply chains, and investments, is not only about environmental sustainability, but about the long-term profitability and resilience of businesses.”
Gim Huay Neo, Managing Director at (link unavailable), World Economic Forum, emphasized the urgent need for businesses to address land degradation and drought.
“$44 trillion, over half of global GDP, is at risk from nature loss. It is imperative for business to explore innovations that can halt and reverse land degradation while unlocking opportunities for business growth.”
André Hoffmann, member of the high-level advisory committee of COP16 and founder of InTent, stressed the importance of collaboration between businesses, governments, and other stakeholders.
“The private sector, which can play a vital role in the sustainable transition we urgently need, must see nature not as a resource to exploit but as our life-support system.”
Razan Al Mubarak, Co-Chair of the Taskforce for Nature-related Financial Disclosures (TNFD) and President of IUCN, highlighted the need for corporate disclosures and target-setting on land.
“Corporate disclosures are essential for land-positive businesses. Today, many companies still lack a clear understanding of their land-related impacts and dependencies, leaving them vulnerable to significant risks.”
The Business 4 Land initiative launched a guide to help corporate actors navigate land-related disclosures and target-setting and align their strategies with national policies and global goals for a fair land transition.
Erin Billman, Co-lead of SBTN’s Land Hub & Executive Director of the Science Based Targets Network, emphasized the importance of connecting corporate actions and their science-based targets to party commitments under the UN conventions.
As part of the Land of Opportunities Pitch Competition, Kenyan eco-preneur Maryanne Gichanga, CEO of AgriTech Analytics Ltd, won a $50,000 USD grant provided by InTent.
AgriTech Analytics Ltd is an innovative agricultural technology that aims to transform African agriculture by leveraging AI-powered satellite data analytics and solar-powered IoT sensors to empower smallholder farmers.
Philippe Zaouati, CEO of the MIROVA sustainable investment fund, noted that companies stand to gain significantly by transforming their value chains to incorporate sustainable practices. “Mobilizing funding for land restoration requires a concerted effort by the public and private sectors.
“By working together, we can create an enabling environment for restoration, which is essential to achieve greenhouse gas neutrality by 2050 and a sustainable future.”
Henri Bruxelles, CSO of Danone, emphasized the importance of collaboration across sectors of society to address the intertwined climate and water challenges. “Guaranteeing food security and nutrition; securing the livelihoods of the communities that feed the world; and building a sustainable food system, requires a collective effort.”
Nicole Schwab, member of the Executive Committee of the World Economic Forum, concluded that businesses have a key role to play in taking action for land and reversing the trend of degradation, water scarcity, and biodiversity loss impacting societies and economies across value chains and industries.