Wesfarmers, the parent company of Kmart Group and Workwear Group, has joined 20 other Australian organisations to co-found a new national initiative called Nature Positive Matters.
The Minister for Environment and Water Tanya Plibersek unveiled the news in a press release, which confirmed that the initiative will create a network of leaders “who recognise the growing international importance and economic value of looking after nature.”
Other key organisations that co-founded Nature Positive Matters include Blackmores, Bega Group, Qantas, Rest Super and Lion Group.
“It’s fantastic to see some of Australia’s leading businesses working to look after nature, and inspiring others to do the same,” Plibersek said.
“Nature Positive Matters will help business understand and measure their impacts and their dependence on nature. As we know, you can’t manage it if you don’t measure it.
“The Albanese Labor Government is helping business become more sustainable. Australia’s environmental credentials are good for consumers and good for trade. I encourage more businesses to participate in Nature Positive Matters.”
The network was launched last week on the eve of the Global Nature Positive Summit which brought together world leaders, environmental groups, First Nations Peoples and others to drive private investment in nature repair.
Some of the key focuses for the initiative include supporting business uptake of nature-related reporting and data collection, pilot programs to inform policies and investment decisions that are good for nature, and developing tools to help investors understand whether an economic activity is environmentally sustainable.
According to Plibersek’s release, the founding members are already leading the way on nature reporting and are working to embed nature in their governance and business strategies.
It follows the federal government's push to establish Seamless, Australia's first national clothing product stewardship scheme, operationally launched this year.
It also comes as more than 20 Australian businesses and financial institutions signed up to report on their nature risks and impacts using Taskforce on Nature-related Financial Disclosures (TNFD) international standards.
The government is also working on a natural capital accounts framework with the United States and Canada, which is expected to reveal the value of the natural assets that the Australian economy relies upon - such as forests, soils, grasslands and mangroves.
“By working together, we can better build new business and financial models and opportunities, as well as the regulatory environment to deliver benefits for business, community and nature,” Nature Finance Council chair Dr Ken Henry AC said.