here is no food without pollinators. No champagne without healthy grapes, no fragrances withouts flowers. Nature provides gold, diamonds, steel, platinum and all the ores we use for our buildings and electronic appliances. As we exploit mines and power our factories, we consume millions of liters of water and use polluting chemicals along the way, never really considering the impacts it has on the equilibrium of the world we live in. In fact, we have been taking for granted the many essentials services nature has been providing for free for so long, like carbon sequestration, fresh water or breathable air.

But overconsumption has started to take its toll on earth’s capacity to regenerate itself and the consequences are starting to be felt: severe droughts, flash floods, uncontrollable fires, devastating storms. The World Economic Forum states in its 2020’s report that “more than 50% of the world’s GDP is moderately to highly dependent on nature.” This affects everyone.

Justin Fitzpatrick CEO ESG Book

Change is coming

Fortunately, things are starting to change. Many standards and regulations already exist or are coming into application. But this can be overwhelming for any company. Justin Fitzpatrick agrees: “The proliferation of sustainability standards and regulations can be difficult to navigate for corporations looking to disclose their sustainability performance, increasing the reporting burden”, but adds: “Fortunately, the emergence of global baselines, specifically the IFRS Sustainability (International Financial Reporting Standards) and ESRS Standards (European Sustainability Reporting Standards) within the past few years, alongside the continued use of GRI outside Europe, signal a growing consensus in reporting requirements. ESG Book has a role to play by turning all that data into something companies can actually use to improve their sustainability strategy and facilitate their actions. With the WJI2030, we are bringing together a large set of tools that can help companies reduce the amount of time and costs associated with reporting and make the data more actionable within the organisations.”

Iris Van der Veken concurs: “Sustainability is a journey and is about building resilience and protecting the integrity of your business. The complexity of our supply chains around the world means we need to work better together and collect the needed data to understand and measure progress. This is why we have a strategic collaboration with ESG Book, to provide a tool aligned with regulations to build internal actionable capacity. This is what the Impact Action Journey Framework is about.”

Iris Van der Veken, Executive Director and Secretary General of the Watch & Jewellery Initiative

Grasping the importance of nature

With that said, why is it so difficult for humans, consumers, governments and companies alike, to understand our dependance to the natural world we live in? Why aren’t the necessary actions implemented now?

As Marie-Claire Daveu, Chief Sustainability & Institutional Affairs Officer at Kering and Cyrille Vigneron, Chairman of Cartier Culture and Philanthropy, state in the WJI2030 Nature Roadmap’s foreword: “The ‘why’ is clear, but companies struggle with the ‘how’.” The ESG Book CEO reckons: “Even if we all have a personal relationship with nature, it is difficult to translate that into a measure of our impacts on the natural world. It’s been estimated that up to 50% of global GDP is depending on nature, but that is an abstract concept for many. It becomes less theoretical for certain industries like the watch and jewellery. Luxury consumers are probably more aware of these impacts than most.”

But what are the drivers that will turn this awareness into collective actions towards a more sustainable model? The CEO identifies two main ones in “regulation and consumer preferences, which are the basis of the risk matrix. Regulatory exposure and reputational risk alienating future consumers are powerful forces that will drive the transition.” Indeed, if a product or company becomes non longer economically viable because it is violating regulations or the way it operates turns down consumers, it will be forced to enact changes. In the end, a tool like the WJI2030 framework is a way to educate on the importance of nature. As Justin Fitzpatrick puts it: “You can’t keep outsourcing your negative externalities any longer, nature has to be a central part of a company’s sustainability strategy.”

The state and definition of planetary boundaries in 2023, Stockholm Resilience Centre, Stockholm University. Based on Richardson et al. 2023, Steffen et al. 2015, and Rockström et al. 2009.

Consumers’ role

Still consumer pressure does not seem to be in line with the urgency, as the explosive development of fast fashion giants suggest. The executive director of the WJI20230 tempers the statement: “In my view it is evolving, especially if you consider the Alpha generation, they are tech natives that are experiencing these climate, nature and conflict crises in real time. They are looking for purpose and want to work for a company aligned with their values. Change is underway.”

The ESG Book CEO adds: “They are also much more inclined to align their preferences with brands that reflect their values. This is actually an area where the watch and jewellery industry can lead because the cost sensitivity that leads to less sustainable behaviours is reduced in the luxury goods sector.” Moreover, as he notes, “in today’s volatile environment, nature might be a topic that has the power to unite us and is less likely to be politicized.”

Path to become nature positive by 2030, then regenerate it by 2050

What is the Impact Action Journey Framework?

Launched at Davos this year, the Impact Action Journey Framework is “a digital-first reporting system, enabling real-time updates on sustainability progress through a dynamic disclosure platform, enhancing transparency by ensuring information is easily accessible and all claims are supported with evidence-backed documentation.”

The ESG Book CEO details the idea of the framework: “It is a consolidated list of KPIs, selected for regulatory alignment and the ability to create impact in any organization. A lot of companies are incorporating nature into their sustainability strategies for the first time, so we are not only highlighting the metrics that matter, but we are helping educate corporations on building their sustainability capacity along the way. It is a step by step best practice guide on what they should be tracking, how and why it is important for their business.”

But is it enough for such a complex issue? The WJI2030’s executive director develops: “Like we did for our Nature Roadmap, we have a help desk available to provide practical guidance to our users. It is not only about supplying thorough templates, but also about educating everyone on how to put climate, nature and people at the center of their business strategies. The Framework combines reporting and accountability with education and guidance, two elements that must go hand in hand.”

Justin Fitzpatrick adds further: “The key principle in the design of this framework is that one size does not fit all. So it is a very modular approach and we run custom training modules for people to truly understand how to best use the tool.” Iris Van der Veken emphasizes another crucial point: “The beauty of it is that all the data is owned by the company and can be shared with others. It becomes a joint effort and streamlines sustainability efforts and efficient reporting.”

Why Nature matters as explained by the The Taskforce on Nature-related Financial Disclosures

Collaborative ongoing effort

Such a wide reaching tool cannot be achieved alone. Who has collaborated to its development? “It has been a great example of how many different partners can come together to work on a common goal. We have been working with various members, civil society and technical experts. We would like to extend our gratitude to Boston Consulting Group, BSR, CIBJO, Deloitte, ESG Book, SouthPole, The Biodiversity Consultancy, UN Global Compact and UN Women for their invaluable input in making this possible,” explains Iris Van der Veken.

An old predicament

The issue of business’s impact on the world is not new. The Meadows Report alerting on a constant growth strategy in a finite world dates back to 1972. How to get people and companies to finally act upon it?

The ESG Book CEO admits: “It is fair to say that tax payers and the non-profit sector have been subsidizing the negative externalities of some corporate activity for too long. The current sense of urgency shows that these externalities are now coming back to impact businesses. As it is often heard ‘you might not believe in climate change, but your insurer surely does’. The environmental impacts are increasingly being taken into account in the cost of capital and goods. It is not only a reputational risk nowadays. It is really about getting your business ready for what is coming. WJI 2030 is a great example of public and private actors coming together for the benefit of the industry and society. We are creating a pre-competitive space where like-minded companies align on how we can accelerate our ambitions and deliver concrete actions and impact.”

The executive director agrees: “We are indeed here to help companies scale their efforts, to learn from each other on how to adopt best practices in terms of decarbonization, water strategy, innovation, circularity etc. The time to act is now.”

A new definition of value

As companies start to acknowledge their vulnerability, to measure their impacts and to act to minimize them, could this be the beginning of a new definition of value in the business world? Mr. Fitzpatrick acknowledges: “I would certainly hope so. Honestly, not withstanding the recent negative headlines about climate and diversity, the trend towards more sustainable investments is ongoing, as sustainability linked loans show for example. The business case for sustainability is clear, even if you are just considering risk management, cost saving or business resilience. More and more companies are genuinely making sustainability part of their brand identity demonstrating not only the positive impact it can generate on the world but also the success it creates for their business.”

Iris Van der Veken provides a focus on the luxury industry in particular: “Luxury is about exceptional craftsmanship, creativity, innovation, beauty and longevity. It is deeply connected to emotions, just like nature. At the core, it is aligned with preserving beautiful things and it offers an exceptional opportunity to be a force for good.”

The Watch and Jewellery Initiative 2030, after creating dedicated tools for climate and human rights, is now tackling the paramount topic of nature. Its latest data-driven tool Impact Action Journey Framework provides concrete means to help companies navigate climate, human rights and embed nature in their overall strategy towards a more sustainable business model. It can help the industry in general become a force for good. Thus creating a new definition of luxury: an industry that does not harm the environment, that is conscious of its impacts and that tries to generate a positive impact on the world.