ANNOUNCEMENTS
Purpose: The main objective of this paper is to study the relationship between business sustainability and biodiversity with special emphasis on the major initiatives towards biodiversity conservation by private sector in India and across the world. It specifically emphasises on the Biodiversity Conservation projects initiated by top 15 Indian companies as per market capitalization.
Methodology: Through study of online resources like articles and reports, this study analyses the impacts of biodiversity loss on business sustainability. The worldwide initiatives towards biodiversity conservation were also studied to highlight the importance of private sector participation in the process of ecosystem conservation.
To highlight the sensitivity of this issue in a developing country like India, the IBBI’s progress was studied through website and reports. To study the progress of Indian businesses towards this initiative, the information of biodiversity conservation projects launched by top 15 Indian Companies was gathered through annual reports and websites. This information was used to derive results and form conclusions of this study.
Findings: The effect of business operations on nature and biodiversity is well known. It has been widely recognized that environmental degradation negatively effects not just the individual businesses but the stability of the global economy. The private sector has started addressing the environmental risks, including the declining biodiversity.
However, much more needs to be done to address this issue. Even though businesses have taken many initiatives, still many of them just initiate these projects because of regulations, social pressure to build a good image etc. Only a few have taken good initiatives and actively work towards achieving this goal, and there is still a need to generate more awareness and introduce more strict regulations to address this sensitive issue.
Limitations: The scope of this study is limited to just top companies and does not take into account MSME’s. Lack of availability of data on biodiversity and environmental initiatives is another drawback.
KEY WORDS: BIODIVERSITY CONSERVATION, BUSINESS SUSTAINABILITY, IMPACT, DEPENDENCIES, BUSINESS ACTIVITIES, ENVIRONMENT, INDIA.
