In 2024, biodiversity and ecosystem health have become central to corporate sustainability strategies, driven by global and local developments. Businesses are increasingly aware of the critical role that biodiversity plays in maintaining the natural resources essential for economic operations. With more than half of the world’s GDP moderately or highly dependent on nature, companies face significant risks from biodiversity loss. 

The United Nations’ COP15 and the Kunming-Montreal Global Biodiversity Framework have catalyzed international and national efforts, including in Hong Kong. The Hong Kong government is preparing a new Biodiversity Strategy and Action Plan, aligning with global and national commitments to halt and reverse nature loss by 2050. This move signals the growing importance of biodiversity in business planning. 

Hong Kong businesses are actively engaging in biodiversity initiatives, recognizing the risks and opportunities associated with nature loss. The Business Environment Council is leading efforts to integrate environmental considerations into corporate decision-making, identifying barriers and working on solutions. Companies are also piloting the Taskforce on Nature-related Financial Disclosures (TNFD) framework to understand and disclose their nature-related impacts. 

Disclosure and reporting on biodiversity are becoming priorities, with firms advocating for the TNFD framework to be adopted as the city’s standard. A clearer policy direction from the government is anticipated, which would enhance biodiversity financing and integration into investment strategies. 

As Hong Kong leverages its position as an international finance hub, there are opportunities to embed biodiversity into development plans, experiment with funding mechanisms, and support nature-based solutions. A long-term, collaborative commitment involving the private sector, government, and other stakeholders is essential to harmonize biodiversity conservation with business activities, ensuring a sustainable future for the city. 

Sources: 

https://www.scmp.com/opinion/hong-kong-opinion/article/3274468/how-hong-kong-can-help-businesses-better-contribute-biodiversity-protection 

https://www.admcf.org/business-for-biodiversity/ 

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