15 June 2023 - Business for Nature and the Corporate Leaders Group Europe have welcomed the Environment Committee’s decision to move forward with the Nature Restoration Law proposal. This decision takes the EU one step closer towards establishing a legislative framework to implement the historic Global Biodiversity Framework and address the intertwined nature and climate crises.
As there was not enough time to finalise the votes on amendments, the session will have to continue on 27 June in the Environment Committee. This means MEPs now have a chance to seek an effective outcome on how this legislation can be improved both in the upcoming Committee and Plenary votes.
The business groups are also calling on the Members of the European Parliament to work towards a coherent and robust outcome at the next Committee meeting and at the subsequent plenary vote to give clear policy direction to business, investors and the economy.
Eva Zabey, CEO of the Business for Nature coalition said:
“We welcome today’s vote by the Environment Committee of the European Parliament supporting the EU Restoration Law. Businesses and investors need clarity and a regulatory framework that encourages, incentivizes and rewards positive actions on nature. An ambitious nature restoration law would be a significant step forward in our collective journey to preserve and restore the health of our planet.
“Nature can offer at least one-third of the solution to climate change. Regenerative and restorative approaches to agriculture could underpin food and water security as our climate becomes more volatile. This will help protect the livelihoods of many who rely on nature and its services.”
The Nature Restoration Law would also safeguard nature and improve economic resilience, while providing regulatory certainty and enabling conditions to foster innovation, transform business practices and business models towards a nature positive, net zero and equitable future.
Ursula Woodburn, Director of Corporate Leaders Group Europe said:
“The unprecedented engagement from business, investors, cities, scientists and NGOs in support of this legislation is a stark reminder that continued degradation of nature threatens our lives, livelihoods, food systems and the economy. Businesses and investors see the EU Nature Restoration Law as a critical step towards ensuring a coherent, ambitious and robust Green Deal that increases the EU’s economic resilience.
We appreciate the efforts from many MEPs to move forward with the Nature Restoration Law, which is necessary for the strength and stability of the European economy and urge the European Parliament to support the further adoption of the Law. Once adopted, this legislation can contribute to the delivery of the Global Biodiversity Framework and start its work as the foundation stone of EU activities to restore nature.”
Ahead of the vote, CEOs and executives of more than 50 companies and financial institutions published a letter urging European leaders to adopt ambitious environmental policies and regulations to tackle the negative impacts of the dual climate and nature emergencies.
This is one of several recent calls from businesses and investors for timely and effective EU environmental policies. In a public statement, businesses and business associations are also calling for the urgent adoption of the EU Nature Restoration Law to bring nature back to Europe. This follows previous calls by business and investor networks for ambitious EU legislation to protect and restore nature.
Companies stand ready to work together with policymakers towards a more sustainable future and help deliver a successful EU Restoration Law.
