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CREATING A BIODIVERSITY STRATEGY – ARgENTUM APOTHECARY
November, 2024
IDENTIFYING KEY DEPENDENCIES AND IMPACTS ON NATURE
PILLARS: ENVIRONMENT
MATERIAL DRIVERS: BIODIVERSITY
THE CHALLENGE
Biodiversity is a complex topic and understanding your impacts can be daunting when starting to create a biodiversity strategy. Luxury beauty brand Argentum Apothecary wanted to understand the key impacts on nature within their supply chain, the risks in the upstream value chain and what to prioritise regarding negative impact reduction.
CONSIDERATIONS
When creating a biodiversity strategy, it is imperative to ensure key aspects such as business scope (how small or large the business is and what you can realistically have the most impact on), supply chain visibility (liaising with your key suppliers to understand key ingredient volumes and where they are coming from) and which tools you should use when starting to map nature-related dependencies and the resulting impact are identified. Argentum Apothecary required guidance in all the above to create a biodiversity strategy.
APPROACH & ACTIONS
Positive Luxury hosted two education workshops on biodiversity with Argentum Apothecary’s sustainability champion, reviewing the tools available to begin measuring –and the importance of biodiversity to the business strategy.
Collaboratively, Positive Luxury and Argentum identified the information required from its key suppliers.
Positive Luxury conducted a high-level nature-related materiality report using ENCORE to define four pathways in Argentum Apothecary’s upstream supply chain
This materiality report highlighted which environmental services and nature assets are high dependency
RESULT
Argentum Apothecary now has a clear understanding of its key biodiversity areas and can use this to influence its biodiversity strategy creation. Further analysis will allow them to invest in biodiversity projects and feed into a natural capital risk assessment.
