Applying Capitals Approach in Business Decision Making for Sustainable Agri-Food Sector

Overview

Centre for Responsible Business (CRB) has partnered with the United Nations Environment Programme (UNEP), the Economics and Ecosystems and Biodiversity (TEEB) to promote sustainable agriculture and food value chains by applying the TEEBAgriFood principles for responsible sourcing and making supply chains sustainable.

The TEEBAgriFood principles, developed by The Economics of Ecosystems and Biodiversity (TEEB), applies a holistic systems-thinking approach to food systems. It helps decision-makers, including businesses, recognise the wide range of benefits provided by ecosystems and biodiversity, demonstrate their value in economic terms and, and capture those values in decision-making, wherever appropriate.

CRB’s role in the project is to engage with agri-business networks in India, communicate the project’s objectives and progress to relevant stakeholders, and provide insights throughout its implementation. This initiative will adopt a Capitals Approach, focusing on:

● Natural Capital: Ecosystem restoration, improved habitat quality, reduced deforestation, enhanced soil health, and better water efficiency
● Produced Capital: Enhancements in fixed assets and financial capital
● Human Capital: Improved livelihoods, enhanced skill development, and reduced occupational risks
● Social Capital: Greater access to food and increased employment opportunities

The project activities will be continued in the three States, namely, Assam, Uttar Pradesh and Uttarakhand.

Objectives

The objective of the project is to contribute to food systems transformation by making the economic case for pro-nature policies that provide sustainable livelihoods and enhanced community cohesion.

Key objectives are:

To develop the capacity of businesses to understand and implement the Capitals Approach, enabling them to integrate biodiversity considerations into their strategic planning and operations, leading to more sustainable and resilient business models.
To engage with various stakeholders including agribusinesses, agri-startups, government bodies, business and industry associations, farmer groups and cooperatives, civil society organisations and NGOs, public sector stakeholders including national and state governments and research partners
To foster stakeholder engagement and capacity building across states of Assam, Uttar Pradesh, and Uttarakhand, with a unique focus on understanding key constraints and opportunities for sustainable enhancement of the agricultural value chains.

Events

Capitals Approach a Ready Tool for AgriFood Sector to Design Sustainable Supply Chains

Capitals Approach a Ready Tool for AgriFood Sector to Design Sustainable Supply Chains: Watch here

The session, as a part of Centre for Responsible Business (CRB’s) India and Sustainability Standards 2024, aimed to engage with a diverse set of stakeholders under the following objectives:

Provide context on why capitals are relevant to any business in the food system and how businesses benefit from capitals.
Discuss opportunities for sustainable enhancement of agrifood value chains in India.
Discuss linkages/benefits of capitals approach with various reporting standards as well as in meeting business commitments.