Companies wanting to understand the business risks and opportunities of environmental issues will benefit from a standardized approach to natural capital accounting published for consultation today at the World Forum on Natural Capital.
The draft Natural Capital Protocol and supporting guidance for the food and beverage, and apparel sectors have been published by the Natural Capital Coalition – a global platform to encourage natural capital accounting among companies and investors. The Protocol will harmonize the multitude of existing natural capital accounting methodologies and lay the foundations for a future standard.
Natural capital accounting enables companies to measure and manage their environmental impacts in a more effective, business-like way. By putting a monetary value on pollution and resource use, companies can better understand and integrate sustainability into their businesses to improve efficiency, reduce risk and increase revenues.
The Sector Guides show companies in the food and beverage, and apparel sectors how to apply the Natural Capital Protocol to their business activities by providing detailed information on the natural capital impacts and dependencies of these industries. It also provides practical examples that demonstrate the sector-specific applications of the Protocol. The Sector Guides will help food and beverage, and apparel companies build a business case for conducting natural capital assessments.
Natural Capital Coalition member Trucost developed the food and beverage, and apparel Sector Guides as part of a consortium led by the International Union for the Conservation of Nature (IUCN), as well as a number of independent expert advisers.
The consultation will run until 26 February 2016 and will be followed by several months of further development prior to the public launch of Version 1 of the Protocol and Sector Guides in July 2016. Coalition members will receive an invitation to take part in the consultation, but it is open to everyone by registering on the Coalition website: www.naturalcapitalcoalition.org/consultation
Over 50 companies are taking part in a pilot study to test the Protocol and the Sectors Guides to ensure their usefulness to business. Trucost is working with seven of these companies – the majority of those working with a consultancy.
Richard Mattison, Trucost’s chief executive, said: “We are excited to be part of the launch of the consultation via our work on the Sector Guides and with a number of companies piloting the Protocol. The consultation period offers a great opportunity for companies and other stakeholders to understand how applications of the Protocol can drive better decision making. We are looking forward to continuing the collaboration.”
Mark Gough, executive director of the Natural Capital Coalition, said: “It is great to now be able to share the draft Protocol and Sector Guides after such an invigorating writing period with a wide range of people. We are looking forward to the extending the collaboration to our members and others interested in the improvements that are possible through an understanding of natural capital”
To learn more about the consultation process and take part visit: www.naturalcapitalcoalition.org/consultation
James Richens, 020 7160 9804, email@example.com
About the Natural Capital Coalition
The Natural Capital Coalition brings together the different initiatives and organisations working in natural capital to collaborate on projects that will help to deliver a common vision of a world where business conserves and enhances natural capital.