Side Event
Business and Ecosystem Services: Risks, Opportunities and Solutions
Organizer
World Business Council for Sustainable Development (WBCSD) AND TERI-BCSD
Date and Time
16 October 2012 18:15 - 19:45
Meeting
Eleventh meeting of the Conference of the Parties to the Convention on Biological Diversity (COP 11)
With an economy closely linked to its natural resource based and climate sensitive sectors, India is poised with the challenges of poverty eradication, sustaining the rapid economic growth and dealing with the global threat of climate change, biodiversity loss and ecosystem degradation. All businesses impact and depend on natural ecosystems and the services that they provide. If unsustainable trends of economic development continue, ecosystem services that are available today may become more costly or even cease to be available for future generations. Further, businesses highly dependent on biodiversity and ecosystem services (BES) viz. water, biotic products or those located on a coast or near a river or water body will face environmental and economic conditions that are radically different from what they have faced in the past. Most corporate social responsibility guidelines and, increasingly, government procurement guidelines in India require careful consideration of biodiversity. While the current sustainability initiatives, strategies, framework and processes focus on wider national aspirations and strategic objectives, there is an urgent need for strengthened understanding and interventions at the local levels that facilitate translation of national strategic objectives into concrete practical actions. Co-organized by the World Business Council for Sustainable Development (WBCSD) and its Indian partner TERI BCSD , this “Business and Ecosystem Services: Risks, Opportunities and Solutions” session will aim to delve into the challenges and opportunities for businesses to integrate BES considerations into their practices and to manage and use BES on an equitable and sustainable manner. A panel of senior representatives from government, businesses and academia/research will discuss the methodologies and tools that can facilitate appraisal and decision making on BES issues at the company level. Business leaders will share good practices and experiences on how BES issues have been integrated in their companies’ sustainability strategy.