Global firms urge EU to 'stay the course' with nature restoration
The Nature Restoration Law aims to restore at least 20% of the EU’s damaged land and sea areas by 2030, and all ecosystems by 2050. Picture: Ksenia Kuleshova/Bloomberg
Clearing the final hurdle to implement nature restoration across Europe cannot be taken for granted and EU lawmakers must stay the whole course, more than 100 major global firms have said.
Following months of political wrangling, the highly contentious Nature Restoration Law from the European Commissions passed in July in a watered-down fashion.
The Nature Restoration Law aims to restore at least 20% of the EU’s damaged land and sea areas by 2030, and all ecosystems by 2050.
More than 80% of protected habitats across the EU are in a bad state, according to the European Environment Agency, with a combined area about half the size of Spain in need of restoration.
The European Commission's proposal looked dead in the water up to the very last minute before a vote in the European Parliament in July with the majority of MEPs set to vote against it, to the consternation of environmental campaigners and scientists, who say it is vital in the midst of an unprecedented global biodiversity and climate crises.
However, it cleared with a slim majority when the crunch vote came. A final deal agreed earlier this month will see every EU country put nature restoration measures in place by 2030.
All that remains now is for the Environmental Committee of the European Parliament to rubberstamp it next week before one final vote in the full parliament early in the new year.
While insiders say it is likely to pass now without further rancour, 100 leading companies such as Nestle, Ikea, and Danone have warned MEPs not to take the process for granted until it is signed and sealed.
If nature restoration is blunted in the EU, more than €3.2 trillion is at stake, the firms said.
The CLG Europe alliance of firms listed on Euronext warned 60% of the firms on the pan-European stock exchange are significantly dependent on nature.
The threat is particularly pronounced for industries like retail, consumer goods, food and beverages, illustrating the economic imperative for robust nature restoration policies, a report from CLG Europe said.
Jamie Rusby, of Danish window and roof accessory manufacturing firm Velux, said: "It is essential to protect our nature from further decline, and the Nature Restoration Law will help move away from the ‘business-as-usual’ approach towards more sustainable growth and addressing impacts across value chains.
"This is important for protecting both our environment and our business — 60% of the companies listed in Euronext relying on nature for their business.
"Protecting our environment is also protecting our business. We therefore urge MEPs to stay the course and support the agreement reached, for the benefit of our planet, people and economy."
