Nature-Based Solutions in the Private Sector: Policy Opportunities for Sustainability in a Post-Pandemic World

Biodiversity forms one of the most fundamental bases for sustainable development; however, in the past decade insufficient financial provisions have crippled the implementation of the global plan for its conservation and sustainable use. In the wake of the global COVID-19 threat, governments around the world demonstrated their power in mobilizing huge sums of financial and policy tools very quickly. The implication is that, should there be an awareness and agreement of the urgency for action, there is potential to similarly do so for the health of the planet. Evidence shows that pandemics are associated or even caused by disturbing nature and the lack of conservation efforts for nature. Thus, nature conservation is the most effective and cost-efficient way to not only avoid future pandemics but concurrently address other equally serious global sustainability challenges. Indeed, nature provides solutions to many global challenges, from climate change to disaster risk reduction and securing human health. Sufficient science exists to demonstrate that Nature-based Solutions (NbS) are often the most effective interventions these global issues. Toward this end, a suite of global policy frameworks, including the Aichi Biodiversity Target (to be superseded by the Post-2020 Global Biodiversity Framework), the Paris Agreement on climate change, and the Sustainable Development Goals (SDGs) can be important mechanisms in achieving these objectives. However, these policy frameworks, focusing mostly on public sector interventions, have yet to consider private sector efforts. In this light, this chapter reviews and discusses current policies, regulations, and incentives concerning corporate sustainability, with a focus on East and Southeast Asia. The global recovery from the COVID-19 can be a long-awaited opportunity for sustainability transformations. Specifically, by aligning corporate policies with the aims and objectives of the global conservation frameworks, societies can mobilize the private sector to not only conserve nature but also to achieve a more sustainable and resilient economy in a post-pandemic world