Supporting a nature positive approach
We’re on a mission to minimise our environmental impact and enhance the biodiversity of the ecosystems we interact with across our operations.
We’re working to develop our Nature Positive Roadmap and aim to deliver a 10% increase in biodiversity across our estate by 2030.
The term ‘Nature Positive’ has emerged following the acknowledgement of the need for global collaboration to drive aligned action that delivers positive outcomes for nature.
Nature positive by 2030 is a global goal for nature, equivalent to the 1.5°C goal for climate. The aim is to halt and reverse biodiversity loss by 2030 from a 2020 baseline. This goal is a key target set within the United Nations (UN) Kunming-Montreal Global Biodiversity Framework (GBF). Its adoption has been described as the ‘Paris moment’ for nature.
The GBF highlights a dangerous decline in nature threatening the survival of one million species and impacting the lives of billions of people. This poses risks for businesses and society. A recent report by the Green Finance Institute warns that nature degradation could cause a 12% loss to UK GDP in the years ahead – more than the impact from the global financial crisis or Covid-19 pandemic.
These stark reports and the adoption of the GBF are leading to increased legal requirements and obligations for business to understand, report and reduce their impacts on the natural environment.
We are seeking to understand our impacts and risks, and develop improvement plans to reduce our impacts and unlock opportunities to enhance the natural environment. Through our Climate and Nature Transition Plan (CNTP), the Nature Positive Roadmap will be developed to align and support our wider environmental ambitions including our aims to deliver net-zero emissions.
As a member of the UK Business and Biodiversity Forum, we are working with UK companies to understand these new legal and voluntary requirements and assess the value of biodiversity and nature for business. Adopting the new Taskforce for Nature related Financial Disclosures (TNFD) framework will help us to understand the impact of our operations and start managing nature related dependencies, risks, and opportunities.
Our Nature Positive Roadmap
As part of our CNTP, we are investigating how nature and climate governance, risk and opportunity management are connected and can result in synergies through applying a top down and bottom-up approach. Our top-down approach will focus on building nature into our core business functions and decision-making processes. Our bottom-up approach will initially explore opportunities to enhance biodiversity across our estates and support improved reporting across our wider value chain.
Progress so far
Last year we conducted a pilot study and we’re now using the results to develop a programme of work. We’re exploring areas across our estates where we can deliver improvements in the short-term and we’re planning to complete biodiversity assessments across our significant sites by the end of 2024 to identity longer-term priorities and targets. The assessments completed to date all identified opportunities to meet and, in some cases, exceed our 10% improvement aim.
Identified improvement opportunities range from large scale wildflower meadow creation to woodland management, river restoration and the introduction of small planters along the sides of buildings. Solutions were all identified to support local ecology whilst also providing social and wellbeing benefits for staff and local communities. In several examples solutions were identified to address legal requirements and customer objectives.
Moving forward we will begin exploring delivery options including engaging with local authorities, environmental non-governmental organisations, landlords and local business to deliver improvements identified.
Taskforce for Nature-related Financial Disclosures (TNFD) gap analysis
TNFD is a best-practice framework to help business understand and start managing nature-related dependencies, impacts, risks and opportunities, and transparently disclose progress. It is anticipated that this framework, like the Taskforce for Climate-related Financial Disclosures (TCFD), will become a requirement for business to undertake.
In 2023, we worked with consultants to conduct a TNFD gap analysis to pilot the new framework and understand readiness to meet the emerging requirements across governance, strategy, risk and impact management, metrics and target setting for nature related disclosures. We are working to implement improvements identified within the gap analysis and are preparing for disclosures in line with the TNFD.
Taking nature positive action
At our Devonport facility, the local environmental working group have explored and successfully implemented several nature-based improvements outside the Henley building such as a wildflower meadow and green wall.
Our Rosyth Solar Project is primarily focused on delivering renewable energy to the dockyard. As part of the project opportunities were assessed to improve local ecology and the final project design includes the Green Infrastructure solutions which enable a biodiversity net gain exceeding 10%.
Our Local Environmental Working Groups and Be Kind volunteering activities include litter picking, river clearing, habitat restoration and beach cleans that are making a positive difference to the local environment.
