Urgent action needed by retailers to prevent further nature and biodiversity loss

Nature and biodiversity loss is accelerating, exposing businesses to material financial, legal, physical and reputational risks. According to the British Retail Consortium (BRC) Planning for Nature report, if we stay on the current path of nature loss, by 2030 we could see a global GDP drop of 2.3% annually.

The Green Finance Institute estimated that the continued damage to our natural environment could lead to a 12% reduction to GDP in the years ahead, a larger hit to GDP than the global financial crisis or COVID-19 pandemic.

The report reveals that 76% of retailers have no targets on protecting nature. Half of retailers (52%) are yet to make any public commitments on nature, and two thirds (67%) lack a data led-strategy. This is due to barriers such as budget constraints, data gathering, and ensuring suppliers take action.

But while much work lies ahead, the report shows some momentum. Nearly a third (29%) of retailers are developing public commitments and a quarter (24%) are starting to engage with their suppliers on nature Nearly a third (29%) are working on a nature strategy and 25% say nature is a top business priority for the year ahead.

By continuing to track progress and hold retailers to account, the BRC report aims to help begin the process of driving positive change in the industry. Over the next year, retailers will need to focus on creating workable nature policies, establishing standardised metrics, improving supplier engagement, and building the business case for nature. Government are also set to publish their revised Environment Improvement Plans, which will be crucial for progress.

“Despite the huge costs and pressures in supply chains, it is imperative that we maintain progress to protect and restore our environment. It is great to see such a number and variety of UK retailers stepping up to their responsibilities, working with their suppliers to make practical changes to reduce our impact on the environment, all the while maintaining affordability and choice for customers. We look forward to seeing the Government’s revised Environment Improvement Plans, and working closely with them and retailers to make further progress in this critical area,” said Andrew Opie, Director of Food & Sustainability at the BRC.