Biodiversity makes good business, say consumers

80 per cent of consumers said that they would stop buying products from companies that disregard ethical considerations.

Awareness at its greatest in Brazil

July 2010: The latest TEEB report for business found rising awareness among consumers about biodiversity - with more than 80 per cent saying they would stop buying products from companies that disregard ethical considerations in their sourcing practices, according to a recent survey highlighted in the latest study for business by The Economics of Ecosystems and Biodiversity (TEEB) project.

The report also found rising awareness among consumers about biodiversity loss, with 60 per cent in America and Europe and 90 per cent of those surveyed in Brazil aware of the problem.

‘Sustainable sourcing is becoming the principal reason why some consumers chose one product over another and businesses should take note,' said Steven Broad, Executive Director of TRAFFIC. ‘Sustainable harvesting lies at the core of TRAFFIC's mission, and has been central to the development of various conservation initiatives, such as the FairWild Standard for harvesting of wild plants.'

Western Europe's business leaders trail behind Latin America's and Africa's
The TEEB study also found that business leaders in biodiversity-rich developing economies were concerned about losses of ‘natural capital'. More than 50 per cent of Chief Executive Officers surveyed in Latin America and 45 per cent in Africa regarded declines in biodiversity as a challenge to business growth. In contrast, fewer than 20 per cent of their counterparts in western Europe shared such concerns.

The TEEB for Business report indicates that scrutiny of big business and its impacts on the world's natural capital is likely to intensify as better evaluations and assessments come to the fore.

‘Better accounting of business impacts on biodiversity - both positive and negative - is essential to spur change in business investment and operations,' said Joshua Bishop, the TEEB for Business report co-ordinator and Chief Economist of IUCN.

‘Smart business leaders realise that integrating biodiversity and ecosystem services in their value chains can generate substantial cost savings and new revenues, as well as improved business reputation and licence to operate.'

The TEEB for Business report is available at www.teebweb.org.