Following from our kick-off Strategy Track workshop in January where we focused on the key elements of what a Nature Ambition Statement is (and why every organisation should have one!), BFBI Business Programme Lead Dr Catherine Farrell CIEEM, Trinity College Dublin, writes on the next workshop for our businesses on this track – where we outlined how to set SMART nature targets to underpin businesses’ nature strategies.

In our first workshop, we outlined the business need for a deep understanding of impacts and dependencies on nature, and importantly, where these occur along the business value chain. Focusing on our greatest impacts and dependencies on nature is an effective first step towards setting targets to both reduce the impacts, and – critically – to reduce potential financial risks and leverage opportunities at the same time. Risks arise when we are dependent on ecosystem services (also referred to as ‘nature’s contributions to people‘), but the continued flow of those services (perhaps from upstream in our value chain, as in the provision of raw materials), might well be reduced due to an affect beyond our control (think changing weather patterns on crops, for example).

Specific, Measurable, Attainable, Relevant and Time-bound nature targets
And so, armed with this understanding of our value chains, we worked through the process of setting SMART (Specific, Measurable, Attainable, Relevant and Time-bound) nature targets for the businesses present at our workshop. We covered some key elements such as: targets can be generic, broad, and/or highly specific; they can be action- or outcome-focused, short or long-term, but they must always relate to the value chain. Importantly, if we are to set SMART targets, they must be resourced and matched by indicators to track progress. Thankfully, there is a range of useful guidance out there, such as the WWF Corporate Nature Targets publication, and the Science-Based Targets Network framework (with lots of great resources and videos).

As previously, we followed the guidance for the accelerator programme for businesses as set out by Business for Nature under the Commit phase of their ACT-D framework.

Setting targets may seem daunting, but if we focus on one aspect of our value chain to start with, and work through the process, then this builds familiarity and confidence in the process. At our next workshop for this track later in the year, we will focus on how to monitor, evaluate and disclose progress towards our nature targets, and how they link to other sustainability targets.

The team at Business for Biodiversity Ireland wish to extend our gratitude to Thomas Ball and Ellen Cunningham, of the KPMG Ireland Sustainable Futures Nature & Land Use Unit for supporting us in delivering this workshop. Thanks also to our host Geoff Hamilton and ESB for looking after us at their Fitzwilliam Square Head Office in Dublin. Many thanks to our associates in the National Biodiversity Data Centre and Business in the Community Ireland, and to all the businesses in our Strategy Track including An Post, ESB, Bank of Ireland,  Bus Éireann, Cairn Homes, Glenveagh Properties, Gas Networks Ireland and SAP Landscapes for doing this important work with us.