Economy

8 business leaders championing a nature-positive economy – World Economic Forum

Published

3 years ago

September 23, 2021

We know, now more than ever, that our fate as a species is deeply connected with the fate of our natural environment. Nature loss has tangible business and economic impacts. Over half the world’s total GDP is moderately or highly dependent on nature and its services and is therefore at risk. We now also know that protecting and restoring natural ecosystems is crucial in combatting climate change.

The COVID-19 crisis provides an unprecedented opportunity to reset humanity’s relationship with nature. The decisions that we make in the near future will shape the world for decades to come, and these decisions must be discussed during upcoming milestone international summits – including the UN General Assembly, the UN Food Systems Summit, and the climate and biodiversity COPs.

A recent CEO briefing document released by the World Economic Forum, WBCSD, Business for Nature and We Mean Business outlines why businesses need to act on nature and the steps they need to take. Many businesses are showing us what is already possible and are proving that safeguarding nature will lead to a thriving economy and resilient jobs.

To provide inspiration for the important year ahead, 8 members of the Champions for Nature community shared why they are working towards a nature-positive, net-zero and socially equitable future.

To build resilience ‘to future economic and environmental shocks’

Claudia Azevedo, CEO, Sonae

The COVID-19 pandemic has been a stark reminder of the vulnerability of our current economy and many of our livelihoods. A nature-positive economy will challenge businesses to shift towards jobs that are more resilient to future economic and environmental shocks.

At Sonae, we are highly committed to a long-term vision and recognise the need of integrating natural capital in the equation, so our nature-positive journey began many years ago, embedding it in Sonae’s business strategy.

Given the magnitude of current challenges, we encourage all companies to raise their ambitions around nature and climate and to join this effort. Nature loss will significantly impact all business in all countries. We have to be quick and effective in our actions.

How we can achieve a nature-positive economic recovery

Image: World Economic Forum’s ‘The Future of Nature and Business Policy Companion’

To benefit biodiversity and business

Marco Bizzarri, President and CEO, Gucci

The twin crises of nature loss and climate change are interconnected and great benefits for business and society can be achieved if they are tackled together. As businesses, we must all respond to these crises as a matter of urgency and play our part to transition to a net-zero, nature-positive economy.

At Gucci, we have integrated climate solutions across our sustainability strategy to promote biodiversity conservation while we focus on emissions reduction. We have been carbon neutral in our direct operations and across our supply chain since 2018. Under our ‘Natural Climate Solutions Portfolio’, we are investing in regenerative agriculture, and protecting and restoring important ecosystems that mitigate climate change, which will provide lasting biodiversity and climate benefits for years to come.

To ‘restore critical water sources and ensure quality water for human consumption’

Bertrand Camus, CEO, Suez

Water is one of the key resources linking us to natural systems. One in four cities – representing over $4 trillion in economic activity – are already water stressed.

SUEZ is demonstrating how innovation and nature-based solutions can be used to restore critical water sources and ensure quality water for human consumption. A nature-positive economy is the only way to protect our water supplies and allow natural processes to continue to sustain life on earth as we know it.

At SUEZ, we aim to step up our role in protecting the environment and restoring our natural assets by taking action for the protection and rehabilitation of terrestrial, aquatic and marine biodiversity. To do this, the Group is accelerating its development of “100% sustainable” solutions characterised by their positive impact on the environment be it on air, water or soil.

To ‘improve farmer livelihoods and ensure a sustainable food system’

Liam Condon, President, Bayer Crop Science Division

At Bayer, we work with farmers every day to make agriculture a part of the solution to climate change and help lead us towards a nature-positive economy.

A great example is our Bayer Carbon Initiative. We promote climate-smart farming practices through a combination of product innovations, digital solutions and new outcome-based models that reward farmers who contribute to carbon sequestration. As more farmers embrace this novel approach, they realize the benefit through improved soil health for better harvests while contributing to reducing greenhouse gas emissions.

At the same time, we are committed to be carbon-neutral in our own operations by 2030 through use of renewable energy sources, efficiency measures and acquiring high-quality carbon credits for remaining emissions.

Since the agriculture landscape is highly diverse across the globe, we tailor-fit our innovations and efforts based on these varying dynamics with the end goal to improve farmer livelihoods and ensure a sustainable food system that can nourish the world.

To ‘protect the earth for future generations’

Guillaume Le Cunff, CEO, Nespresso US, Nestlé USA Inc.

Now is the time for urgency. We’re entering the decisive decade – it’s not just necessary to take actions to protect the earth for future generations, but also for the future of humanity.

I believe the private sector can be a powerful catalyst for change. Companies like Nespresso are in a privileged spot – we can accelerate transformative actions throughout our value chains, such as regenerative agriculture, eco-design, recycling and building a low-carbon nature-positive and inclusive economy. I have seen first-hand how coffee can be a force for good. Our ambition is to build on a 20-year legacy and accelerate our efforts. The clock is ticking.

Threats prioritized for business action all relate to three socio-economic systems – and climate cuts across all three.

Image: World Economic Forum’s ‘The Future of Nature and Business’

To ‘tackle the climate crisis’ and add ‘business value of over $10 trillion’

Roberto Marques, Group CEO, Natura

The interconnections between nature and humanity must not be underestimated. The natural world is on the verge of its tipping point, and we must act now.

The business community has a huge role to play. Transitioning to a nature-positive economy by 2030 could provide both an effective way to tackle the climate crisis and an annual business value of over $10 trillion. As businesses, we must begin to think longer term and consider investments in nature which will pay off in the future.

Natura &Co has been operating in the Amazon for over 20 years, respecting the forest. We will continue our endeavour to work with our partners, overcoming competition in favour of collaboration, to help build an agreement for nature, designed to halt and reverse nature loss by 2030.

To provide ‘for livelihoods and development’ and restore ‘nature and landscapes’

Anderson Tanoto, Managing Director, RGE

Nature is the biggest ally in the fight against climate change. Natural climate solutions aim to utilise the power of nature to lessen climate change impacts, while halting the destruction of ecosystems.

At RGE, we embrace the production-protection model, where working forests ring-fence and buffer natural forests against encroachment and other illegal activities. This is a practical approach that not only provides for livelihoods and development but also restores nature and landscapes – allowing biodiversity and people to thrive for the long term.

To ‘protect nature while feeding the world’

Svein Tore Holsether, CEO, Yara

At Yara, we feel it is our responsibility to work with farmers to protect nature while feeding the world. The agricultural sector employs 65% of the world’s working poor and, in the Global South, forests are the source of livelihoods for over 1.6 billion people.

For us, the solution is quite literally in the soil. Done right, we can turn farmland back into nature and create natural carbon sinks. We need businesses to come together and take a stand, respecting the planetary boundaries.

For too long we have tried to control nature. Now we need to control ourselves.

Climate change poses an urgent threat demanding decisive action. Communities around the world are already experiencing increased climate impacts, from droughts to floods to rising seas. The World Economic Forum’s Global Risks Report continues to rank these environmental threats at the top of the list.

To limit global temperature rise to well below 2°C and as close as possible to 1.5°C above pre-industrial levels, it is essential that businesses, policy-makers, and civil society advance comprehensive near- and long-term climate actions in line with the goals of the Paris Agreement on climate change.

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Global warming can be beaten thanks to this simple plan

The World Economic Forum’s Climate Initiative supports the scaling and acceleration of global climate action through public and private-sector collaboration. The Initiative works across several workstreams to develop and implement inclusive and ambitious solutions.

This includes the Alliance of CEO Climate Leaders, a global network of business leaders from various industries developing cost-effective solutions to transitioning to a low-carbon, climate-resilient economy. CEOs use their position and influence with policy-makers and corporate partners to accelerate the transition and realize the economic benefits of delivering a safer climate.

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Mission Possible Platform: Delivering industry pathways t…

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Economy

Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

Published

1 day ago

November 8, 2024

Anne Joseph

OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.

Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.

Business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.

Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.

Friday’s report also shed some light on the financial health of households.

According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.

That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.

People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.

That compares with just under a quarter of those living in an owned home by a household member.

Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.

That compares with about three in 10 more established immigrants and one in four of people born in Canada.

This report by The Canadian Press was first published Nov. 8, 2024.

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Economy

Health-care spending expected to outpace economy and reach $372 billion in 2024: CIHI

Published

3 days ago

November 6, 2024

Anne Joseph

The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.

The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

This report by The Canadian Press was first published Nov. 7, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

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Economy

Trump’s victory sparks concerns over ripple effect on Canadian economy

Published

3 days ago

November 6, 2024

Anne Joseph

As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

More than 77 per cent of Canadian exports go to the U.S.

Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.

“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.

“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”

American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.

“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.

“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”

A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.

Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.

“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.

Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.

With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”

“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.

“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”

This report by The Canadian Press was first published Nov. 6, 2024.

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