Souless corporations are the enemy of the environment.’says Pavan Sukhdev


The report will be launched at the first Global Business of Biodiversity Symposium in London, where speakers will include environment secretary Caroline Spelman. She will highlight examples of businesses causing damage which imposes a huge cost on themselves and society – including an estimate that global destruction of forests costs the world’s economies $2tn-$5tn (£1.3tn-£3.3tn) a year.

She will also speak of the BP oil spill in the Gulf of Mexico. “BP’s shares have halved since the spill began in mid-April – there will be no dividends this year,” she is due to say. “While the real impact on the local economy, wildlife and marine health may not be fully known for years … What’s bad for biodiversity is bad for business.”

Sukhdev told the Guardian that private businesses were too important as employers and payers of taxes to embark on a revolution, calling instead for society to take a greater responsibility for regulating the behaviour of companies. When the final report is published, at a biodiversity conference in October in Japan, Sukhdev will recommend major changes in the way companies are regulated.

“We have created a soulless corporation that does not have any innate reason to be ethical about anything,” he said. “The purpose of a corporation is to be selfish. That is law. So it’s up to society and its leaders and thinkers to design the checks and balances that are needed to ensure that the corporation does not simply become cancerous, and that’s something that sometimes we do and sometimes we really don’t.”

TEEB was set up after the success of the groundbreaking 2006 report by Sir Nicholas Stern for the UK government. The Stern report argued that the cost of tackling climate change would be 1-2% of the global economy, while the cost of doing nothing would be 5-20 times that. Sukhdev’s team says that the failure of governments and businesses to put a “price” on ecosystem services provided by nature – from flood protection and pollination of crops, to carbon take-up by forests and the sheer wonder of nature – has led to widespread destruction of whole ecosystems and of the variety of all life on Earth.

Previously, Sukhdev has called for governments and businesses to be forced to report their environmental and social impacts alongside – not separately from – their financial accounts. He has also called for stricter limits on extraction and pollution.