Nature at the core of business: New WWF report addresses credibility of corporate nature targets

15 October 2024
by WWF -- last modified 15 October 2024

Companies must move quickly and commit to setting comprehensive nature targets, with well-developed methodologies and frameworks now ready to guide their efforts. A new WWF report offers methodological recommendations for establishing strong corporate nature targets that respond to the current need for bold action.

Under the Corporate Sustainability Reporting Directive (CSRD), companies are required to disclose their nature-related targets and voluntarily indicate whether they align with the Kunming-Montreal agreements. Entitled "Corporates Nature Targets: Ensuring the Credibility of EU-Regulated Commitments", this report provides a detailed overview of corporate obligations regarding nature targets and complements them with recommendations aimed at setting ambitious and credible objectives. It also assesses the alignment of the Science-Based Targets for Nature (SBTN), a voluntary initiative promoting ambitious action for nature in the private sector, with EU legal requirements under the CSRD.

According to Antoine Pugliese, Head of Sustainable Finance at WWF France: "Companies must take immediate and decisive action to set comprehensive nature targets, as the methodologies and frameworks are now sufficiently mature to guide this process. The time for hesitation has passed and there is no longer any excuse for inaction. This report examines how companies, auditors, and supervisors must ensure the credibility of nature objectives as the cornerstone of a robust transition plan."

Sebastien Godinot, Senior Economist at WWF EU said: "For companies, setting credible nature targets is no longer a 'nice to have' but an urgent necessity. The science is clear, and the regulatory expectations are catching up fast. Future resilience and competitiveness rely on credible and comprehensive nature targets, and delaying this process increases environmental damage and  financial stability risks."

WWF recommendations:

• Encouraging the adoption of SBTN-validated targets: WWF recommends that EU institutions, Member States, regulators, and auditors encourage companies to adopt SBTN-validated nature targets to ensure compliance with CSRD and improve transparency regarding their environmental impact.
• Developing a robust regulatory framework: The EU should establish a regulatory methodological framework to ensure credible and comparable nature targets aligned with international commitments, such as the Kunming-Montreal Global Biodiversity Framework.
• Implementation of a measurement and verification (MRV) process: European regulators should swiftly implement a robust process for measuring, reporting, and verifying corporate nature targets to ensure their credibility and effectiveness.

WWF calls for the swift adoption of these recommendations to strengthen the ambition and credibility of corporate nature targets, in alignment with the EU's 2030 environmental goals, the European Green Deal, and the promotion of long-term ecological resilience and financial stability.

Corporates Nature Targets: Ensuring the Credibility of EU-Regulated Commitments

WWF is an independent conservation organisation, with over 30 million supporters and a global network active in over 100 countries. WWF's mission is to stop the degradation of the Earth's natural environment and to build a future in which humans live in harmony with nature, by conserving the world's biological diversity, ensuring that the use of renewable natural resources is sustainable, and promoting the reduction of pollution and wasteful consumption.

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