Investor network Nature Action 100 has set up an expert group to help steer its work on biodiversity and ecosystems.
Members of the new ‘science council’ include representatives from a number of non-profits, such as the International Union for Conservation of Nature, the World Business Council for Sustainable Development and the Nature Conservancy. Academia is also represented.
Soft-launched at COP15 in 2022, NA100 convenes shareholders to engage with key companies on nature-related risks. It is based on Climate Action 100+, the high-profile network focused on influencing systemically-important carbon emitters to bring them in line with the goals of the Paris Agreement.
NA100 now has more than 200 members, and has written to its target companies outlining their expectations, and created a benchmark so that investors can evaluate progress.
The newly-established science council is chaired by Marco Lambertini, convener of the Nature Positive Initiative, and Sharon Brooks, head of nature economy at the UN Environment Programme World Conservation Monitoring Centre.
In a statement issued alongside the announcement, NA100 said the science council would provide “expert guidance and support” to its technical advisory group – run by the Finance for Biodiversity Foundation and Planet Tracker – to “ensure the quality and rigor of the initiative’s science-based research and technical activities”.
The Science Based Targets Network (SBTN) will also participate in the group of 11 advisors, via its technical director, Varsha Vijay.
SBTN is the nature-related equivalent of the Science Based Targets initiative, which has become the de-facto standard setter for corporate and financial decarbonisation targets. A growing number of investors require firms to have their net zero targets verified by SBTi in order to qualify for inclusion in climate funds.
This week, SBTN confirmed that it would take a different approach to verifying the targets companies set under its framework than SBTi. While the latter conducts verifications in house, SBTN has appointed an external body called the Accountability Accelerator to undertake the process.
“SBTN’s need for independent validation of science-based targets for nature aligns well with our commitment to a strong corporate accountability ecosystem,” said the Accountability Accelerator’s executive director, Natasha Matic.
SBTN confirmed that it will complete a pilot with companies before releasing new guidance and insights later this year.