Fostering bio-partnerships:A 5-P alliance for environmentally and socially responsible bio-buinesses

Despite the repeated calls from the Convention on Biological Diversity (CBD) since 1993 on the conservation, sustainable, and equitable use of biodiversity, the pace of endangerment and extinction of biodiversity and the associated culture has increased. Though a major contributor to this situation is the business sector, only about 5% of them recognise their role and impacts on biodiversity and the rights of local and Indigenous communities. According to 2022 Customer Data Platform Data, 70% of member companies did not assess their biodiversity impact. Promoting sustainable biodiversity use and meeting people’s needs requires cross-sectoral partnerships, regular monitoring, and sector-specific risk assessments. Existing global initiatives like the Taskforce on Nature-related Financial Disclosures (TNFD) and the India Business and Biodiversity Initiative (IBBI) are limited in their reach, ignoring small and medium businesses. To address these gaps and to achieve the Kunming-Montreal Global Biodiversity Framework (KM-GBF) 2030, Targets 9, 15, and 19 and the Nagoya Protocol provisions, the authors propose a “Business & Biodiversity 5-P Platform.” The 5-P model involves five interconnected groups: producers (local communities that utilise their traditional knowledge and innovations), partners (community institutions and NGOs), promoters (advocates of the bio-economy), policymakers (government officials), and politicians (leaders providing vision). This approach ensures a sustainable supply of bioresources, benefiting businesses and society by fostering long-term viability and harmony with nature.