Companies Falling Short in Protecting Nature, Says WBA

Key Takeaways

• Most big companies ignore their harmful impact on the environment.
• They are not doing enough to reduce plastic or protect water resources.
• Often disrespect Indigenous Peoples and their land.
• Some industries are better at protecting the environment than others.

A new report from the World Benchmarking Alliance (WBA) shows that most large corporations are not doing enough to protect nature. While some businesses in sectors like personal care and medicine are performing well, many still have a long way to go.

The report studied over 800 companies in different industries, including food, clothing, and mining. It found that:

• Fewer companies understand their impact on nature: A majority of them have not studied how their business affects or depends on the natural world.
• Plastic pollution: Many say they are reducing plastic use, but fewer have firm goals or are actually making progress.
• Water: While some companies are saving water, not enough are cleaning up the water they use.
• Indigenous Peoples' rights: Companies are not doing enough to protect the rights of Indigenous Peoples, who are essential to protecting nature.
• Strong leadership: Companies with boards of directors who understand environmental issues tend to do better.

The report calls on big corporations to do more to protect nature. This includes understanding their impact on the environment, setting goals to reduce their harm, and respecting the rights of Indigenous Peoples. Governments, investors, and consumers also need to hold them accountable for their actions.

Personal Care and Medicine Industry

Businesses that deal in personal care products and medicines generally do better at protecting the environment. This is likely because these firms often need to meet higher standards to sell their products. For example, they may need to prove that their products are safe for people and the environment.

Two examples that stand out are Unilever and Novartis. They have played an increasingly important role in reducing their environmental impact and are leaders in their industries.

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Source: WBA