Geneva, Switzerland - Recent data from the World Economic Forum (WEF) shows significant financial potential for the home and personal care sector, highlighting the benefits of prioritizing nature.
Why it matters:
The home and personal care industry, currently worth $700 billion, can unlock an additional $62 billion annually by 2030 through nature-centric practices.
The Key Points
- The home and personal care industry can unlock an additional $62 billion annually by 2030 through nature-centric practices.
- This is part of the broader $10.1 trillion business case for the private sector to adopt nature-centric practices.
- While the current sector generates significant revenues, it sometimes harms nature. The cosmetics industry, for example, produces 120 billion units of packaging each year.
- The widespread use of palm oil in cosmetics and detergents contributed to 7 percent of global deforestation between 2000 and 2018.
The Big Picture
Nature-positive transitions are gaining traction among companies.
They aim to achieve net-zero emissions and positive impacts on nature, offsetting threats like ecosystem degradation and biodiversity loss.
Companies could unlock $10.1 trillion in new opportunities by taking this dual approach.
While 83% of the world's leading companies have climate targets, only 25% have targets for freshwater use, and only 5% focus on biodiversity.
Acting now could make companies more resilient to environmental challenges and prepared for emerging regulations.
In addition, models that prioritize nature could pave the way for new products and services, potentially adding $10 trillion annually to the global economy.
Nature-based solutions can deliver up to 37% of the emissions reductions needed by 2030 to keep global temperature rise below 2°C.
To ensure a nature-positive future, 12 key sectors have been highlighted.
These sectors span a range of industries, from household and personal products to buildings and infrastructure to waste management.
The upcoming Sustainable Development Impact Meetings, scheduled for mid-September in New York, will focus on progress toward the United Nations Sustainable Development Goals.
The goal is to advance multi-stakeholder initiatives, with more than 600 global leaders from different sectors coming together to support the SDGs.