Where do Finnish businesses stand on biodiversity?

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Good Morning,

Last week WWF Finland and Bain & Company published a report Finnish businesses and the biodiversity crisis. Businesses are pivotal in changing the current detrimental trajectory of biodiversity loss and must step up to that task. While market shifts and new regulations are underway to help induce the much-needed change, Finnish businesses should be prepared and step up in action.

The report interviewed 48 of the 100 biggest Finnish companies, and it interestingly sheds light on the attitudes and capabilities that the companies hold regarding biodiversity loss. A large majority of the companies acknowledge biodiversity loss as a considerable threat to society and business. Around 50 % of them believe that their operations do not cause significant harm to the Finnish biodiversity.

Regarding global and strategic issues, 1/3 of the businesses saw that their functions do not cause significant harm to biodiversity globally; also, only 1/3 had a section for sustainable development in their strategy.

The firms had three challenges in common:

  1. Uncertainty on the business operations' impacts on biodiversity

  2. Difficulties in intergrading biodiversity into business strategy

  3. Challenges in evaluating the biodiversity-related company actions in monetary value

The WWF and Bain & Company report notes that many of the interviewed companies have a limited understanding of how their supply chains affect biodiversity. This was especially the case with companies that have complex global supply chains. The whole report is available here.

Let's jump into this week's major headlines.

EU's Carbon Allowance (ETS) price development

UK's Carbon Allowance (ETS) price development

Politico | The environmental scars of Russia’s war in Ukraine. Kyiv estimates the cost of environmental damage caused by the war at over €48 billion.

BBC | Antarctica sea-ice hits new record low. There is now less sea-ice surrounding the Antarctic continent than at any time since we began using satellites to measure it in the late 1970s. It's likely this year's record sea-ice minimum has been influenced by the unusually high air temperatures to the west and east of the Antarctic Peninsula.

Reuters | Death toll from Brazil downpours rises to 46; more rain forecast. Massive rainfalls over the weekend have caused landslides and flooding in coastal towns in the southeast of the country. Almost 2,500 people are still displaced or homeless, the Sao Paulo state government said in a statement, adding that rescue work is ongoing.

Euractiv | Leaked directive draft: EU wants to punish companies on false green claims. EU member states will be in charge of imposing “dissuasive” penalties on companies making unsubstantiated environmental claims about their products under a draft new EU law. The aim of the proposal, due to be tabled by the European Commission in the coming weeks, is to help consumers make better-informed choices about the products they buy.

  • The Guardian | ‘Greenwashing’ firms face steep new UK fines for misleading claims. Legislation could see companies fined millions of pounds for making unproven environmental assertions to sell their products.

Reuters | Death toll from cyclone Freddy in Madagascar rises to 4. Freddy made landfall in southeastern Madagascar late on Tuesday with gusts of up to 180 km per hour, flooding the area and ripping roofs off houses. Its arrival came nearly a month after storm Cheneso killed 33 people and forced thousands from their homes in Madagascar.

Aljazeera | Mosquito-borne diseases become climate reality in warming Pacific. Climate change forecasters have warned for years that the warmer and wetter world created by the climate crisis will drive a surge in mosquito-borne diseases, such as malaria and dengue fever. Experts say that in the Pacific Islands, such predictions are now becoming a reality.

Yle | Finland's emissions are at the 1990s level – experts demand less logging. The most efficient way to reduce emissions is to decrease felling, the Finnish Natural Resource Institute calculations indicate.

Yle | MOT investigation: Fur farmers have exaggerated the industry's positive impacts on the economy. The fur farming industry has reported inaccurate numbers on employment, tax revenues, and export rate, the report states.

Yle | Nature organizations in Lapland demand Boliden Kevitsa Mine reduce its emissions and harmful impacts on the local nature. The mine causes harm to groundwater, Koitelainen Natura 2000 site, Mataraoja, and the Kitinen river system, which is protected under EU Water Framework Directive.

HS | Demonstration opposing felling in Aalistunturi continues – activists use a 'giant tripod' to obstruct forest harvesters.

Euronews | Tax on farming emissions vital to Denmark's climate targets, says government adviser. Denmark should aim to reduce beef and dairy production by introducing a farming emissions tax of 750 Danish crowns (€101) per tonne to reach its ambitious climate targets, the government's independent adviser said on Monday.

Reuters | United Arab Emirates eyes renewables partnership with India. UAE will explore all partnership opportunities with India to help the south Asian country's growth and low carbon plans, the country's climate envoy and designated president of the COP28 summit said on Wednesday.

Tekniikka&Talous | Finnish invention prevents microplastic from entering aquatic systems. Watec Consulting has developed a filter for sewer grates and received €20 000 Save the Baltic Sea prize.

Reuters | Canada unveils sustainable jobs plan to prepare workers for future green economy. The plan, to be followed by legislation later this year, includes steps such as setting up a sustainable jobs secretariat to coordinate government policies and a partnership council to promote consultation with provinces, labour unions and others.

Yle | The city of Jyväskylä audits its forest program first in Finland. Auditing means systematically evaluating the implementation of the area's forestry program and its goals.

STT | Ostrobothnia region got 1440 hectares of new conservation sites in 2022. In addition to Ostrobothnia, the conserved sites reside in Southern and Central Ostrobothnia.

STT | The Finnish Environment Institute joins annual 'eco-fasting' campaign. The campaign is conducted by the Church Council and the Martha Association to prompt a ecologically moderate lifestyle and strengthen relation to nature nature.

Marine reserves unlikely to restore marine ecosystems. Protected marine areas are one of the essential tools for the conservation of natural resources affected by human impact – mainly fishing – , but, are they enough to recover the functioning of these systems? A study published in the ICES Journal of Marine Science, led by researchers from the Biodiversity Research Institute (IRBio) of the University of Barcelona, in collaboration with researchers from the Group of Ecosystem Oceanography (GRECO) of the Oceanographic Center of the Balearic Islands, highlights the limitations of marine reserves in restoring food webs to their pristine state prior to the impact of intensive fishing. (Science Daily)

Feedback loops make climate action even more urgent, scientists say. Researchers at the Orgeon State University have identified 26 global warming accelerators known as amplifying feedback loops that the researchers say aren't being properly included in climate models. They note that the findings add urgency to the need to respond to the climate crisis and provide a roadmap for policymakers aiming to avert the most severe consequences of a warming planet. (Science Daily)

Acceleration of global sea level rise imminent past 1.8 degrees planetary warming. A study published in Nature Communications by an international team of scientists shows that an irreversible loss of the West Antarctic and Greenland ice sheets, and a corresponding rapid acceleration of sea level rise, may be imminent if global temperature change cannot be stabilized below 1.8°C, relative to the preindustrial levels. (Science Daily)

Open Sustainability Positions

Energy and Sustainability Manager, EG EnerKey, Jyväskylä (Hybrid)

Head of Sustainability, Colliers, Helsinki (Remote)

Sustainability Analyst, Nordea, Helsinki

Picture of the week:

Highest Ocean Plastic Waste Polluters (annual estimation in metric ton)

Graphic: Louis Lugas/Visual Capitalist