Thailand: Why businesses should invest in solutions to biodiversity loss
Thailand: Why businesses should invest in solutions to biodiversity ... GlobalComplianceNews
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In brief
Biodiversity and the Sustainable Development Goals (SDGs)
Biodiversity is a crucial aspect of the Sustainable Development Goals (SDGs), specifically Goals 14 and 15. The importance of biodiversity was highlighted during the special Conference of the Parties (COP) on biodiversity, COP15. Many jurisdictions, including Australia, Japan, and the European Union, have implemented biodiversity laws to address the increasing threats of species extinction, habitat loss, and ecosystem degradation. Thailand has also been actively working on biodiversity conservation, as evidenced by its inclusion in the recent Prime Minister’s Statement on National Strategy. The Ministry of Natural Resource and the Environment has drafted the Biodiversity Bill (“Draft Bill”), which is currently under review by the Office of the Council of State (“Council”). The Draft Bill will undergo further legislative processes and may undergo changes before its enactment. Once enacted, it will serve as the central legislation for biodiversity protection in Thailand.
Main features of the Draft Bill
- Promotion of sustainable use of biological resources
- Ensuring equitable access and benefit-sharing
- Enhanced protection and filling regulatory gaps in existing biodiversity laws
The Draft Bill aims to promote the sustainable utilization of biological resources and ensure fair access and sharing of benefits. It also addresses regulatory gaps in the current biodiversity laws, providing enhanced protection for biodiversity in Thailand.
Businesses and the importance of biodiversity
The increasing global attention on biodiversity has led businesses to incorporate biodiversity into their long-term strategies. With the escalating threats of climate change and species extinction, companies need to adapt their operations to mitigate environmental risks.
While biodiversity may be part of companies’ voluntary corporate social responsibility (CSR) initiatives, it is particularly crucial for businesses operating in nature-dependent industries such as food, agriculture, and oil and gas. These industries rely heavily on healthy ecosystems for their operations. Therefore, integrating biodiversity into their mandatory business strategies is essential for their long-term sustainability.
According to an article by the World Economic Forum1, CEOs of eight companies who are members of Champions for Nature have emphasized their investment in biodiversity as part of their voluntary climate change and business initiatives. Climate change and biodiversity are interconnected issues, and investing in biodiversity can have positive impacts on climate change. From a business perspective, investing in biodiversity can attract responsible investors and enhance a company’s inclusion in sustainable business lists or indexes such as the Thailand Sustainability Investment (THSI) list. These lists often include biodiversity as one of their criteria, highlighting the importance of biodiversity in assessing a company’s sustainability performance.
Measuring biodiversity and the use of biodiversity credits
Measuring the restoration of biodiversity in numerical terms can be challenging compared to carbon emissions, which can be quantified in tons. To address this issue, tools such as biodiversity credits can be utilized to demonstrate meaningful changes towards biodiversity conservation. Biodiversity credits represent the conservation efforts required to restore biodiversity in a specific area of land.
Currently, there is no international standard for biodiversity credits, and different organizations in various countries employ different methods for calculating them. Once biodiversity credits are issued for a piece of land, landowners can sell these credits to investors interested in investing in biodiversity restoration. In return, investors can use biodiversity credits to meet their voluntary biodiversity targets within their CSR or sustainability objectives.
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 14: Life Below Water – Biodiversity is included as a goal under SDG 14.
- SDG 15: Life on Land – Biodiversity is also included as a goal under SDG 15.
The article mentions that biodiversity is included in Goals 14 and 15 of the Sustainable Development Goals (SDGs). This indicates that the issues discussed in the article are connected to these two SDGs.
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 14.5: By 2020, conserve at least 10 percent of coastal and marine areas, consistent with national and international law and based on the best available scientific information.
- Target 15.5: Take urgent and significant action to reduce the degradation of natural habitats, halt the loss of biodiversity, and protect and prevent the extinction of threatened species.
Based on the content of the article, the specific targets that can be identified are Target 14.5 under SDG 14 and Target 15.5 under SDG 15. These targets focus on the conservation of coastal and marine areas and the reduction of habitat degradation, biodiversity loss, and species extinction.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator 14.5.1: Coverage of protected areas in relation to marine areas.
- Indicator 15.5.1: Red List Index.
The article does not explicitly mention any indicators, but based on the identified targets, the following indicators can be used to measure progress towards those targets. Indicator 14.5.1 measures the coverage of protected areas in relation to marine areas, which is relevant to Target 14.5. Indicator 15.5.1 measures the Red List Index, which assesses the extinction risk of species and is relevant to Target 15.5.
SDGs, Targets, and Indicators Table
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 14: Life Below Water | Target 14.5: By 2020, conserve at least 10 percent of coastal and marine areas, consistent with national and international law and based on the best available scientific information. | Indicator 14.5.1: Coverage of protected areas in relation to marine areas. |
| SDG 15: Life on Land | Target 15.5: Take urgent and significant action to reduce the degradation of natural habitats, halt the loss of biodiversity, and protect and prevent the extinction of threatened species. | Indicator 15.5.1: Red List Index. |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: globalcompliancenews.com
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