ICAEW delivers workshop at Heriot-Watt University to champion nature-positive action

Recognising the urgency of integrating nature into business strategy, ICAEW delivered a nature reporting workshop in Dubai during Heriot-Watt University’s Climate Hub event. Held in December on the sidelines of COP28, the session equipped finance professionals with the knowledge and tools to champion nature-positive action within their organisations and protect the planet’s finite resources.

According to ICAEW, nature is no longer a peripheral concern, it’s a foundation for economic prosperity. With over half of global GDP tied to value chains susceptible to nature loss, ignoring these risks is no longer an option. Embracing nature reporting and building resilience to environmental challenges offers a pathway to thriving in a nature-positive future.

The workshop’s core message for finance teams centered around four key actions and practical frameworks:

• Assess: Uncover the company’s impact on nature, dependencies on crucial ecosystems, and potential risks and opportunities.
• Commit: Set ambitious, science-based targets with clear timelines and integrate sustainability incentives into budgetary and reward systems.
• Transform: Adapt decision-making processes, business models, and strategies to align with nature-positive commitments.
• Disclose: Foster transparency through clear and consistent reporting for investors and stakeholders, leveraging frameworks like the Taskforce on Nature-related Financial Disclosures tool

Beyond singular targets, the workshop acknowledged the complexity of nature and the interconnectedness of environmental and economic well-being. Attendees explored critical factors like location significance, systemic risks to financial stability and ecosystem resilience, and the diverse risk landscape encompassing physical, acute, chronic, and transition risks.

Hanadi Khalife, Head of Middle East, ICAEW, said, “As businesses navigate a rapidly changing world with environmental urgency at its core, the role of finance teams becomes indispensable. Nature reporting is not just a compliance exercise; it’s a strategic lens for aligning with sustainability goals, minimising risks, and unlocking long-term value in a nature-positive future.”