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On 31 July 2023, the European Commission confirmed the adoption of the European Sustainability Reporting Standards (ESRS). These standards are to be applied gradually from January 2024 by all companies that are subject to the Corporate Sustainability Reporting Directive (CSRD).

We know for a fact that there are 1m species at risk of extinction. We know for a fact that USD 44tn are at risk due to the impending biodiversity loss. We know for a fact that biodiversity provides humanity with vital material, non-material and regulatory services. We know for a fact that biodiversity underpins ecosystem functions and is necessary for resilient stocks of natural capital.

For too long now, humanity has taken nature and biodiversity for granted. It is a natural resource that has been overexploited, but we are now facing the distinct reality that the overconsumption of this finite resource is running out. In order to ensure the long-term survival of our own species, there needs to be a solution that ensures the intricate balance of the ecosystems.

Many environmentalists believe that the discipline of economics is an enemy to the environment. After all, they often argue, isn’t that what got us into this mess in the first place? Aren’t economists the ones who keep telling us to be efficient at all costs?

In November 2021, the IFRS announced the formation of the ISSB, which will be developing disclosure standards pertaining to climate change and other sustainability issues. The ISSB will merge the work done by the CDSB, TCFD and VRF with the intention to launch the IFRS SDS by 2023.

How to make the interests of Mother Nature and business congruent? How to walk delicately on the fragile – and, well, sometimes obscure – line in evaluating biodiversity financially? And after all, is it ‘fair’ to put a price-tag on the immense variety of species, some of which come in leaps and bounds, while others are scarce or nearly extinct?

Undoubtedly, environmental consciousness has increased tangibly lately, as new, Mother Nature-friendly policies by states got under many people’s skin – naturally or with some lashing by the whip. Yet the real change will come when good and proper treatment of nature will be encoded, literally, into the genes of young generations. What needs to be done to boost environmental education, especially for the youth, in the Baltics first of all, to get the message on the urgency out?

Be it a mom-and-pop bakery, a major regional airline or a groovy Tech4Good Fintech company specialising in the valuation of biodiversity, the start of the year has been auspicious for all, hinting that the gloom of the COVID-19 depression here in the Baltics might be finally over. Let’s knock on wood!

Just face it: the world still sees a persistent gap in access to opportunities and decision-making power for women and men, meaning that women have fewer opportunities – all kinds of them.