Biodiversity, Body Shop, Space, Data & Fat Llama

21 Feb

Giles Gibbons

Good Business - Sustainability | Strategy | Impact

February 20, 2024

1. Net Gain for Nature

Some ground-breaking new environmental legislation came into force in the UK this week: Biodiversity Net Gain (BNG). The new law mandates that new building projects must enhance nature, by delivering at least a 10% net improvement in biodiversity. This means that developers must both avoid damaging nature as far as possible during their development, as well as create or improve habitats, either in the same area or elsewhere.

While at its core the new legislation sounds like a huge win for nature, this new system is not without its pitfalls. As with biodiversity credits, there are concerns around long term monitoring of these projects, with BNG projects risking becoming token gestures rather than genuine conservation efforts. Moreover, creation and improvement of habitats is complex and delicate, as these are highly interconnected, diverse and unique systems. The long-term impacts of destroying part of a habitat are hard to quantify and simply creating new habitat or improving biodiversity elsewhere does not necessarily make up for the lost habitat. There are also concerns around the potential for developers to destroy biodiversity hotspots and create or improve less ecologically valuable sites in compensation.

All of which means the system must be carefully regulated and monitored, to ensure the relative value of conservation actions are assessed, alongside systematic long-term monitoring of biodiversity outcomes. But it’s important to hold on to the fact that if the legislation can be effectively implemented it could provide a lifeline for nature in the UK and inspire similar legislation across the world, embedding consideration of nature into the fabric of businesses.

So, while it’s not perfect, we do think Biodiversity Net Gain is a crucial step towards balancing economic progress with ecological integrity, and reminds us that ambitious solutions are in reach. We will be keeping a close eye on how it plays out.

2. Nobody (shop) can believe it:

This week, the Body Shop collapsed into administration, a move likely to put 2,200 jobs at risk, and leave a lotion-shaped, sweet-smelling hole in the lives of many loyal customers. After being passed between retailers since 2006 and landing in the lap of private equity firm Aurelius, after less than three months it has been put into administration. But is this – as some have claimed – proof that purpose doesn’t deliver profit?

Founded by Anita Roddick in 1976, the Body Shop began as a small shop in Brighton, which championed natural ingredients like cocoa butter. For many years, customers were drawn in by the cloying scent that wafted from their stores, by the products which used ethically sourced natural ingredients, and by Roddick herself, who, as a businesswoman in a male dominated world, became a new model for women - one who showed that you could be a vanilla-scented feminist, and that it didn’t need to come at nature’s cost. The Body Shop was a trailblazer for ethical consumerism, long before other beauty brands started to play catch up.

But then they did. After the Body Shop was bought by L'Oréal in 2006, and rivals like Lush and Rituals entered the scene, it began to lose its monopoly on ethical consumerism, and its products began to lose their pull. Cheaper (and sustainable) product ranges, and a greater choice of higher quality brands flooded the scene, and while the Body Shop did evolve its products and continued to champion its ethical values, it was passed from L’Oreal to Natura to AURELIUS, with no one seemingly able to make it commercially viable.

So it comes as no great surprise that over the years the Body Shop has been pushed out. And while its demise will leave a generation of body-butter-less women mourning what once was, its collapse should be seen as the culmination of a series of commercial errors, and the challenges that any retailer faces in an era of rising costs and falling high street footfall. The Body Shop brought purpose onto the scene, and it will leave behind a legacy of business as a force for good.

3. Orbiting responsibly

In the boundless expanse of the cosmos, space has long been a canvas that sparks the imagination, where aspirations reach beyond the stars. And at a time where our eyes are moving once again beyond the horizon, as we enter a new age of space exploration, a problem is brewing closer to home.

The Earth's orbit is home to vital satellite infrastructure that powers communication, navigation, weather forecasting, and scientific research. But it is increasingly polluted, with 9,000 metric tons of material orbiting the Earth, which represents a rising risk of collisions that could generate even more debris. Since 2007, the principal source of large orbital debris has been connected to satellites exploding or colliding. That means finding a way to make satellites more sustainable is crucial.

So this week, we were glad to learn of an investment from the UK Space Agency that will boost what is called IOSM or In-Orbit Servicing and Manufacturing. Positioned at the Westcott Space Cluster, the investment will pioneer in-orbit operations, spanning manufacturing, servicing, inspection, repair, and assembly. Furthermore, nearly £1.5 million is earmarked for studies on refuelling satellites, a strategy to extend their lifespan and mitigate the burgeoning space debris crisis.

The upgraded IOSM facility signals the UK's ambitions. But more than that, it contributes to build a legacy of responsible, sustainable exploration, setting the stage for a cosmic future we can be proud to pass on.

4. Mind the data gap

Navigating the murky waters of sustainability data? You're not alone.

A recent survey from Salesforce and GlobeScan sheds light on a stark reality: only about a quarter of executives have access to the high-quality sustainability data they need. With the challenge of complying with upcoming regulation looming large, the survey highlights the critical disconnect between the perceived importance of sustainability and the practical capabilities companies have available to collect, report, and act on sustainability data.

The survey gathered insights from 230 senior professionals across a broad range of industries and functions, assessing their views on sustainability as a driver of value creation and the barriers to progress. Encouragingly, 90% of respondents viewed sustainability as important to commercial success. But concerningly only 37% thought it was well integrated into their business. And one of the key barriers to integration is data.

Why is data so important for sustainability? The list is long. It can help with informed strategic and investment decisions, enable performance monitoring, legislative compliance, risk management, and much more. The survey respondents agree; 95% stated that high quality data is important to realise the value of sustainability initiatives. However, only 27% reported having high quality sustainability data, including only 8% with “very high quality” data.

This is a particular concern given the need to comply with upcoming regulation - 59% of executives expect to have difficulty complying with the new EU Corporate Sustainability Reporting Directive (CSRD), and 31% expecting challenges with the reporting requirements from the IFRS’ International Sustainability Standards Board (ISSB). The standardisation of reporting frameworks is a first step - consolidating the sustainability data points that businesses need to collect and report, but the provision of tangible solutions which enable business to capture that data need to play catch up.

If you’re in a data muddle, you know where to find us.

The Goods: Sharing is caring

What do a smoke machine, a giant inflatable spider, and a chocolate fountain have in common? Not a whole lot, except for the fact that they could all be yours for a day thanks to this week’s Goods: peer-to-peer sharing platform, Fat Llama.

The concept is simple: owners upload photos of their tools, toys, and other useful items, and renters arrange to borrow the items for an agreed time and price. Need a drill for a day? A tent for a weekend jaunt? Fat Llama's got you.

Peer-to-peer sharing platforms are a growing (and welcome) trend which encourage people to borrow from their neighbours or community rather than buy (we also love the Library of Things and Olio • Share More, Waste Less). These platforms share a common vision: to transform our relationship with goods through a circular economy, where sharing and reusing become the norm rather than the exception.

With a wide range of available items, from photography equipment to camping gear, Fat Llama is a compelling option for anyone looking to minimise their ecological footprint without sacrificing their needs or hobbies. It’s also great for fostering a sense of community and accessing the things we need in a more cost-effective way.

So next time you’re poking around in your cellar, why not consider which of your neglected possessions might be of use to someone in your neighbourhood. And if ever you find yourself in need of a giant inflatable spider, you know where to go!

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