Major European Corporations ramp up pressure on MEPs to protect the economy by supporting the Nature Restoration Law

Major European Corporations ramp up pressure on MEPs to protect the economy by supporting the Nature Restoration Law

More than 100 leading European corporations including Nestlé, Danone, Velux, IKEA and Unilever are urging Members of the European Parliament to approve the Nature Restoration Law for the sake of the economy as the crucial final round of votes approaches.

The Parliament’s Environment (ENVI) committee vote takes place on November 29th and the plenary vote follows, currently slated for the new year.

An influential alliance of European businesses, CLG Europe, warns that 60 per cent of companies listed on Euronext, the world’s fourth-largest stock exchange by market capitalization, have a high or moderate dependence on nature – behind only the Taiwan Stock Exchange at 70 per cent.

They say this places a market value of 3,26 trillion Euros under immediate threat and makes nature restoration the only sensible path for European economies. The threat is particularly pronounced for industries like retail, consumer goods, food and beverages, illustrating the economic imperative for robust nature restoration policies.

This follows the ECB’s warnings that in the euro area, approximately 72 per cent of companies (around three million individual companies) are highly dependent on at least one form of natural capital, and almost 75 per cent of corporate bank loans are granted to companies with a high dependency on at least one natural resource.

The report published by CLG Europe also stressed that more than 80 per cent of the EU’s natural habitats are in a state of decline, threatening biodiversity, economic stability, and societal well-being.

It advocates for comprehensive strategies that integrate nature restoration within broader sustainability and climate action. The businesses recognize their vital role in this endeavor and are committed to reversing the loss of nature through responsible practices.

The alliance of influential companies urges MEPs to acknowledge the critical nature of the situation and vote in support of the Nature Restoration Law in the ENVI committee on November 29th. They say Europe stands at a pivotal point for both the environment and the economy, and the vote represents a prudent move toward a secure future.

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