In light of the current deadlock on the Nature Restoration Law, companies have mobilised once again to reiterate their support for the law and remind decision-makers about a strong business case for nature restoration in Europe as 3 million companies in the Euro area are highly dependent on at least one ecosystem service.

“We, the undersigned Belgian and European businesses and business associations, are calling for the Belgian Presidency of the Council to ensure an urgent adoption of the EU Nature Restoration Law, as agreed upon by the co-legislators in November 2023 and adopted by the European Parliament in February 2024,” according to the letter. 

This is a follow-up initiative from the business statement signed last year by over 100 major companies, calling on Member States to adopt the long-awaited law. The letter piles up pressure on Member States and the Belgian Presidency to bring the law across the finish line, following another powerful letter from environment ministers, urging their counterparts to adopt the law, and poll results showing that 75% of citizens in countries opposing the law are in favour of it. 

The Nature Restoration Law, adopted by the European Parliament in February this year, has been in a deadlock since Hungary, later followed by Slovakia, revoked their previous support for the law. Despite a new government in Poland and hopeful signs from Austria, the two countries’ unwillingness to support the NRL has further added to the stalemate. For the law to pass, it is necessary that these two countries, Belgium or other Member States countries currently not supporting the law (Finland, Italy, the Netherlands, and Sweden) switch their position. 

Hans Stegeman, Group Director Impact and Economics at Triodos Bank: “We are facing an ecosystems crisis, which ultimately is a threat to the very existence on this planet. It is everybody’s duty to preserve and restore nature and biodiversity. To help tackle the biodiversity crisis, the nature restoration law is crucial. That is why we call on the Belgian presidency of the Council of the European Union to ensure the adoption of this essential law.”

Triodos Bank is acutely aware of the ecosystems crisis. We see it as our duty, as a financial institution and as individuals, to preserve and restore nature and biodiversity. In our paper ‘Biodiversity - Beyond risk and return’ we explain how the financial sector can contribute to this and present our approach to this challenge.