Climate change and carbon emissions may have dominated the green business agenda over the past five years, but according to environmental think tank the World Resources Institute (WRI) firms are avoiding the risks associated with ecosystem degradation at their peril.

The WRI yesterday sought to address this failure of firms to prioritise ecosystem management and wildlife protection with the launch of a new set of guidelines designed to help companies develop strategies to manage the risks and opportunities arising from ecosystem degradation.

Developed in collaboration with the Meridian Institute and World Business Council for Sustainable Development (WBCSD) the Corporate Ecosystem Services Review offers best practice guidance on how to assess and manage the impact on ecosystems of business decisions and projects, including advice on how to identify associated operational, regulatory and reputational risks as well as new business opportunities arising from ecosystem protection.

"The world’s forests, wetlands, and other ecosystems are under tremendous pressure due to climate change, land conversion, and many other factors," said Jonathan Lash, president, WRI. “As ecosystems degrade, companies will face operational, regulatory, and reputational risks while those that offer solutions may find new business opportunities and new sources of revenue."

The guidelines have been road tested by five members of the WBCSD – Akzo Nobel, BC Hydro, Mondi, Rio Tinto, and Syngenta – which reported that they had helped in the development of strategies that they expected to enhance corporate performance.

"The methodology helped us identify and rank emerging problems, and provided us with a framework for turning risks into opportunities," said Peter Gardiner, natural resources manager at international paper and packaging manufacturer Mondi, adding that the company used the guidelines to implement a series of operational changes that improved the efficiency of its water use and led to the identification of new markets for some of its byproducts.