ECOSYSTEM FUNCTIONS REVIEW (EFR) FOR BUSINESS
“There are no economies without ecosystems, but there are ecosystems without economies...” The Economics of Ecosystems and Biodiversity (TEEB) Report, European Communities (2008)
Ecosystem degradation can pose a number of risks to corporate performance as well as create new business opportunities.
- Regulatory and legal
- Market and product
- Identifying new business risks and opportunities arising from a company’s dependence and impact on ecosystems and the functions they provide.
- Framing and giving added urgency to risks or opportunities previously identified by management.
- Anticipating new markets and influencing government policies that will emerge in response to ecosystem degradation.
- Strengthening existing approaches to environmental and social management.
- Improving stakeholder relationships.
The EFR methodology consists of five steps:
- Select the scope.
- Identify priority ecosystem functions.
- Analyze trends in priority functions.
- Identify business risks and opportunities.
- Develop strategies.