A regenerative business is one that gives back more to our planet and society than it takes.
Climate action is considered a critical priority for all businesses and governments today. Essential sustainability strategies, such as shifting away from greenhouse gas-emitting fossil fuels to renewable energy and reducing waste, all aim to ‘do less harm’.
But polluting less and using fewer finite natural resources is no longer considered enough.
Why ‘doing less’ isn’t enough
Climate change is worsening. In 2022 Earth Overshoot Day – the date when humanity’s consumption exceeds the Earth’s ability to regenerate during the entire year – was on July 28, earlier than ever before. Twenty years ago it was on September 21, nearly two months later.
People’s expectations of businesses have changed. Today, consumers want companies to go well beyond sustainability and actively ‘do more good’ for the planet and humanity’s future health and wellbeing.
Consumers and invested employees expect brands and employers to take a responsible stance and positively contribute to society. These attitudes and expectations accelerated during the global COVID-19 pandemic and are here to stay.
A shift change to regenerative business practice
The essence of regenerative business is to ‘do more good’, not simply the damage control of ‘do less harm’. Whereas a sustainable company is concerned with reducing its ecological footprint, a regenerative company boldly and positively takes altruistic measures to increase its socio-ecological handprint by regenerating the health of individuals, communities and the planet.
Forum for the Future works in partnership with businesses, including Bupa, governments and civil society to catalyse change in key global systems to accelerate the shift towards sustainable future. They have outlined their vision of a just and regenerative future and the pathways needed to achieve this global ambition as follows:
“In a just and regenerative future, we have transformed our understanding of the relationships between the economy, society and planet, and enabling the capacity of all living beings to thrive is fundamental. Key features of this world are:
• everything is nature: humans, and the economy and society we have created, are part of nature
• thriving people: systems and ways of living support everyone’s universal rights and potential to thrive
• redefined economy: the economy creates and distributes value fairly, with economic models that prioritise human well-being and ecosystem health
• capacity: social and environmental systems are resilient, with capacity to adapt to future challenges” 1.
What does a regenerative business look like in practice?
A regenerative business starts with a mission to make the world a better place by giving more than taking. This could be by, for example, creating sustainable supply-chains and products, investing in community initiatives or challenging people to come together to restore urban environments and make cities healthier places to live.
A regenerative business has a clear purpose, goals and values, which are understood and acted upon throughout the company and implemented along the entire supply chain. At every stage people and the planet are prioritised.
Responsible manufacturing processes, supporting the local economy, ensuring a safe working environment, calculating and reducing their environmental impact are all essential components of a cohesive regenerative business strategy.
Julia Giannini, Head of Environment and Climate Action at Bupa, says: “Regenerative business is quite a new term but it’s gaining more traction since the pandemic. Instead of doing less bad by reducing our impact on the environment, it’s about looking at how we can do ‘more good’ and understanding the interconnections between nature and health. Our focus on a sustainable strategy is reflected in our purpose, which goes beyond reducing waste and emissions to ensure we are a regenerative business.
A regenerative business is one that improves, rather than simply sustaining, and creates a bigger ecosystem in which it operates.
We want to make a positive impact on the world, contributing to the UN Sustainable Development Goals (SDGs). We also know that being a regenerative business will underpin everything we do and increases our positive impact.”
Read more about Bupa’s climate action plans.
References:
1. Forum for the Future: Framing the future as ‘just and regenerative’: why and how
