Takeaways from the Global Nature Positive Summit

This week, over 900 delegates from government, business, research and environmental organisations, civil society and Indigenous Peoples gathered at the Global Nature Positive Summit in Sydney to explore effective ways to realise the global commitments under the Kunming-Montreal Global Biodiversity Framework.

Nature positive is an improvement in the diversity, abundance, resilience and integrity of ecosystems from a baseline (Nature Positive). The discussion at the summit centred on how to halt and reverse the decline in biodiversity loss and acknowledged that this will require accelerated collective action, strengthened investment in nature, and systemic and universal change in how we approach metrics to measure both our impacts on nature and the effectiveness of our remedial actions.

Corrs’ Head of Environment and Planning Louise Camenzuli, Head of Responsible Business and ESG Phoebe Wynn-Pope, and Head of Gender Equality Christine Covington attended the summit and provide seven key takeaways.

Key takeaways

1. Support from the custodians of the land is critical to a nature positive transition

Nature is intrinsically connected. A holistic approach to nature requires integrated strategies across water, land, forests, energy and natural resources.

A significant percentage of biodiversity value can be found on Indigenous-held lands. In understanding biodiversity loss, there is a convergence of knowledge systems where Indigenous holistic approaches to nature and science are aligned. Indigenous knowledge and experience can provide significant benefits. Working towards nature repair, engagement with Indigenous owners requires an alignment of values.

2. Nature Positive is critical to achieving net zero – policy coherence will be key to success

Climate and nature mutually reinforce degradation, and there are synergies in repair. Strong global and domestic environmental governance is critical. There are systemic and policy shifts that need to occur, both from a government and business perspective, to ensure continued economic and social progress that is now understood to be dependent upon a Nature Positive pathway.

The role of subsidies that facilitate and even incentivise nature negative outcomes needs to be reviewed. 

3. Domestic and international policy coherence will be key, along with a framework founded on inter-generational equity as opposed to short-term political imperatives

The Australian Government is committed to systemic and regulatory change to support a Nature Positive future. The Hon Tanya Plibersek, Federal Minister for the Environment and Water, noted that “until our economic settings change, nature will continue to go backwards”. She announced that Australia is now protecting more ocean than any other country on the planet, with 52% of Australia’s oceans protected following a massive expansion of the sub-Antarctic Heard and McDonald Islands Marine Park.

The Australian Government is currently working on a natural capital accounts framework with the United States and Canadian governments. The framework will identify the value of the natural assets our economy relies on, such as forests, soils, grasslands and mangroves.

Minister Plibersek outlined various investment commitments to support the Nature Positive agenda, including the Indigenous Rangers’ program, blue carbon projects within the Great Barrier Reef and the Murray Darling Basin, the announcement of 12 new Indigenous Protected Areas and an overview of the Nature Repair Market and the roles of Environment Protection Australia and Environment Information Australia. In her closing address the Minister made further announcements regarding Government initiatives including strengthening protections for 73,000 km2 of seas in Australia’s south-east and tackling abandoned fishing gear in the Arafura and Timor Seas through the Global Ghost Gear Initiative, and the government has accepted the invitation from Chile for Australia to join the Leadership for High Seas: Marine Protected Area Collaborative Initiative. 

4.Businesses’ focus on climate has room to incorporate Nature Positive considerations

Like the Taskforce on Climate-related Financial Disclosures (TCFD), the Taskforce on Nature-related Financial Disclosures (TNFD) has materially raised corporate awareness of its dependencies and impacts on nature and importantly, the risk associated with inaction. Global companies assess nature dependencies as a top four risk. 

Nature itself is the biggest supply chain partner and needs to be factored into supply chain risk. 

Global investors and banks will start to ask questions about nature impacts. Although these considerations are lagging climate considerations, they are close behind.

The national Nature Repair Market will open in 2025 and, in addition to the carbon market, will have a critical role to play in restoring our natural capital.

5. There are a growing number of initiatives to support business uptake of nature related data collection and reporting

Voluntary TNFD reporting has been adopted by 23 Australian organisations. Furthermore, several networks and coalitions have been established to help support businesses’ efforts in transitioning to Nature Positive. For example, Nature Positive Matters is a public-private initiative to accelerate Australia's transition to a nature positive future. It establishes a network of leaders from the private sector who recognise the importance of Nature Positive. The network is committed to working with the government on a program of work that strengthens nature-related action. This includes reporting, investment and embedding nature into decision-making.

In addition, the Climate Leaders Coalition has been established to create a safe space for CEOs supporting the Paris Agreement commitments and setting and implementing against public decarbonisation targets. 

6. Disclosures are a mirror on the past – Nature Positive requires forward looking projections

Carbon credits serve a purpose, as will the nature market. However, businesses need to focus on the purpose of the credits, which is not only to offset the disclosed carbon and nature loss they cause, but to make a positive impact on the environment – nature repair.

To support state and non-state actors in identifying reliable measurements and metrics to support their nature positive projects, the Nature Positive Initiative launched the State of Nature Metrics Framework. It encompasses four universal indicators and up to five case-specific metrics across three standards of maturity.

7. A nature positive future requires creativity and innovative solutions

Several innovative solutions and ideas were shared and expressed throughout the conference. For example, NSW Government Architect Abbie Galvin observed that:

• up to 127ha of new urban habitat could be created in a single suburb if just 30% of people revegetated their backyards;
  
  
• there are 21,000km of council owned streets that could be utilised for verge planting; and
  
  
• 36% of public green space is made up of street verges, some of which could be considered for biodiverse plantings.

In addition, Australian and international corporations and philanthropic foundations are sponsoring innovative nature positive financing options. While each incorporates Nature Positive metrics, KPIs or milestones, they are tailored and responsive to localised environmental, social and economic situations.

Collective action is needed to address biodiversity loss

Collaboration was a key theme of the conference. As with greenhouse gas emissions, governments are not capable of addressing biodiversity loss alone. Collaboration between stakeholders throughout the public and private sectors, alongside Indigenous peoples and landowners, as well as the scientific community and civil society, is critical.

As Marco Lambertini, the Convenor of the Nature Positive Initiative, noted: “Nature Positive is not a slogan. Nature Positive is a measurable goal, and we all need to measure ourselves against it”.