The 2024 World Economic Forum’s Global Risk Report highlights that environmental risks, including extreme weather events and biodiversity loss, remain among the top global threats for the next decade.
Business relies on healthy and balanced ecosystems for normal operations. If the balance is tipped, supply chains and vital infrastructure could be disrupted, the value of real estate assets in affected areas could plummet, the cost of insurance could sky rocket, and staff wellbeing and physical security could be affected. So, is the topic of nature being given the place is deserves on boardroom agendas?
Responsible business network Business in the Community’s (BITC) recent NI Environmental Benchmarking Survey Report showed that companies are starting to understand the importance of biodiversity, with 40% having a strategic plan in place to support biodiversity but, worryingly, a quarter of the respondents don’t have biodiversity on their radar at all.
Climate risk is also a concern, with 89% of respondents having identified major business risks related to climate change. In the past five years, 62% of businesses have been affected by extreme weather events and there is a recognition that adaption is needed to mitigate the impacts of climate change.
In its response to the Executive’s Draft Programme for Government (PfG), BITC underscored the significance of integrating environmental sustainability into economic growth strategies, to support the Executive’s mission to achieve a “globally competitive and sustainable economy”.
Businesses that are successful in the future are those prioritising decarbonisation, embracing sustainable practices and enhancing biodiversity now.
BITC’s collaborative climate campaign Business Action on Climate puts Northern Ireland businesses at the forefront of action on the climate emergency.
Over 100 organisations have already signed the Climate Action Pledge, which challenges and supports businesses to set and achieve ambitious GHG reduction targets. Signatories, from a range of sectors, are demonstrating environmental leadership and a willingness to work with businesses of all sizes to tackle the climate crisis collaboratively.
BITC’s 2024 Climate Action Pledge Report showed that, across the board, signatories have already reduced GHG emissions by 29% since baseline year, but there’s a disparity across sectors.
Manufacturing - the biggest emitter overall – has managed to reduce its emissions by 44.5%, showing that real change can happen with commitment and investment.
But the general services sector showed an increase in emissions, demonstrating that different industries have different challenges, and that they’ll need creative and collaborative solutions - working closely with supply chains and customers - to reverse the upwards trend in emissions.
At the forefront of efforts to address scope 3 emissions from business supply chains is the Climate Action Programme. This helps SMEs to reduce their emissions, plan for decarbonisation, and increase levels of reporting, to enable delivery of immediate and long-term climate action that aligns with global climate targets, and helps the businesses they work with to measure and met their own targets.
Companies involved are committed to ensuring that business success does not come at the expense of environmental health, but rather, progresses in harmony with it.
Through comprehensive environmental programmes and collaborative efforts, BITC can help businesses to take meaningful action that creates a just, resilient and prosperous Northern Ireland.
By prioritising decarbonisation and sustainable practices, businesses not only contribute to a resilient, low-carbon economy but also gain a competitive edge, reduce operational risks, and enhance their brand reputation.
BITC provides guidance on environment, climate, and biodiversity, including bespoke advisory and benchmarking services, gap analysis recommendations, climate training and advisory workshops, and accredited Carbon Literacy Training. Find out more at www.bitcni.org.uk/environment or email environment@bitcni.org.uk.
- Keelin McCone is head of environment at Business in the Community
