17 July 2023 - Business for Nature and Corporate Leaders Group Europe welcome today’s hard-won vote by European Parliament approving Nature Restoration Law but serious concerns remain about level of ambition
Today, the European Parliament voted to support an amended version of the EU Nature Restoration Law. It’s heartening to see the that the European Parliament has found a way forward despite some of the political setbacks, although the current version is less ambitious than many businesses have been calling for.
Amendments were adopted that aim to delay proposals and cut references to clear targets to protect and restore nature. However, we now look forward to a constructive and positive debate on how this law can deliver for nature, people and climate.
As EU Member States have already agreed on their common position, the European Council and European Parliament can now start negotiations to finalise the legislation.
Alongside hundreds of businesses and investors, we urge EU leaders to adopt a more ambitious and forward-looking law in the coming months. This will be key to implementing the historic Global Biodiversity Framework and together address the intertwined nature and climate crises.
Eva Zabey, CEO of Business for Nature said:
“We welcome the decision today by the European Parliament to endorse an amended version of the Nature Restoration Law. Although this is a less ambitious version than the Commission originally proposed, it provides a foundation for the negotiations between the parliament and the council to finalize the law. Hundreds of businesses have been asking for ambitious policies to tackle the negative impacts of the dual climate and nature emergencies. We now look to EU leaders to urgently progress the restoration law to put Europe on a trajectory towards an equitable, nature-positive and net zero future.”
Ursula Woodburn, Director of Corporate Leaders Group Europe said:
“Businesses, investors and an increasing number of central banks realise nature loss and climate change are interlinked, putting our economies at risk and impacting our economic resilience. Today’s policy signal from the European Parliament is a welcome sign of support for the Green Deal and a step forward on a legislative framework on nature restoration. However, many loopholes on timing and targets were adopted, which will affect long term legislative clarity. To truly implement the landmark Global Biodiversity Framework and address the nature and climate crises, the negotiations will now need to ensure that the final legislation is fit for purpose.”
Ahead of the vote, CEOs and executives from more than 80 companies, including CNP Assurances, Croda International, Danone, H&M Group, Holcim, Iberdrola, IKEA, Impax Asset Management, Kellogg Company, Legal and General Investment, l'Occitane en Provence, Mirova, Nestlé, Novozymes, Olam, Ørsted, Public Power Corporation S.A., Séché Environnement, Schroders, Triodos Bank, Salesforce, Suez, Tetra Pak, Velux and Wienerberger AG, among others, all signed an open letter urging EU leaders to adopt ambitious legislation to address the nature and climate crises together.
This letter builds on a public statement by businesses and business associations and other calls led by CLG Europe and signed by business and investor networks for ambitious EU legislation to protect and restore nature.
Businesses have reiterated their support for the legislation and highlighted that a transition towards a nature-positive economy will bring both economic resilience and new commercial opportunities.
We thank European policymakers for supporting the need to restore Europe’s nature. Now we must collectively set the pace towards a nature-positive economy and the implementation of the Global Biodiversity Framework and bring European citizens along with us on the journey. We look forward to an effective and positive outcome for nature in the final agreement between the Council and Parliament.
