The Conference includes the Sixteenth meeting of the Conference of the Parties to the Convention on Biological Diversity (COP 16) / Credit: COP 16

As COP16 convenes in Cali, Colombia, from 21 October to 1 November 2024, the retail industry faces mounting pressure to address its impact on biodiversity.

The conference comes at a pivotal moment for the sector, where natural systems underpin the complex supply chains on which retailers rely. “Retailers are tightly enmeshed in a web of dependencies on nature,” state Lou Sherry and Sophie De Salis of the British Retail Consortium (BRC).

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Processes such as crop pollination and water purification, crucial for food and goods production, are under threat from environmental degradation.

The cost of inaction for retailers

The British Retail Consortium highlights the severe consequences if biodiversity loss is not addressed, warning that the future security of retail supply chains is at stake.

“Failure to mitigate nature-related risks poses monumental challenges for retailers and their customers,” Sherry and De Salis stress. These risks include higher food prices and disruptions in the availability of goods, which could hinder economic growth.

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Beyond immediate concerns, the long-term sustainability of retail businesses depends on safeguarding nature.

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Retailers must seize COP16 opportunities

COP16 is not only about raising awareness but about action. For the retail industry, this represents a critical moment to engage with policymakers and environmental experts on global biodiversity targets.

“COP16 is the first stage of implementation following the adoption of the Global Biodiversity Framework,” note Sherry and De Salis, making it essential for retailers to enhance their nature-positive practices.

The BRC advises that retailers use COP16 as an opportunity to accelerate progress on biodiversity reporting, adopt sustainable practices, and build resilience into their supply chains to stay competitive in a changing market.

In this high-stakes global dialogue, retailers must recognise the strategic importance of biodiversity—not just for nature, but for the very survival of their businesses.

In their article, The Urgent Case for Nature: Why It Matters to Retail, Lou Sherry and Sophie De Salis of the British BRC emphasise the critical role biodiversity plays in maintaining supply chain resilience for the retail sector.

From food security to achieving net zero, retailers rely heavily on natural ecosystems for vital processes like crop pollination and water purification.

The article underscores the urgency for retailers to adopt nature-positive actions, not only to mitigate financial risks but to seize new market opportunities in a world where over half of global GDP depends on nature.