Business leaders and scientists gathered at the 11th Annual Technical Sessions of Biodiversity Sri Lanka have called for companies to recognize environmental credentials as an economic advantage rather than merely a conservation responsibility.
Biodiversity has transcended its traditional role as an environmental concern to become a significant business factor influencing competitiveness and market access, according to speakers at the opening plenary of Biodiversity Sri Lanka's technical sessions held Tuesday at Shangri-La Colombo. The event brought together economists, business executives and environmental scientists to discuss how companies can integrate nature-based considerations into strategic decision-making under the theme "Beyond Borders: Partnering for Business to Prosper with Nature."
Economist Dr. Nishan de Mel highlighted a critical gap in how the global economy measures its reliance on natural systems. While economists have developed sophisticated methods to track inflation, productivity and growth, they have failed to adequately quantify nature's contribution to economic activity. Research by the World Economic Forum and PwC cited by De Mel examined 163 industries and found that economic activities moderately or highly dependent on nature represent an enormous share of global economic output. De Mel characterized this as a measure of economic exposure to biodiversity degradation rather than a simple monetary valuation of nature.
For Sri Lankan businesses, biodiversity offers a tangible competitive advantage, particularly in sectors like apparel manufacturing where the country cannot compete on scale or labour costs alone. Director Siddarth Hirdaramani of the Hirdaramani Group noted that Sri Lanka's environmental credentials, combined with strong labour standards, position it as a responsible manufacturing destination capable of attracting premium-paying international customers. The panel also emphasized that natural capital depletion often goes unmeasured in conventional economic accounts, creating an incomplete picture of long-term business risk and national asset management.
The discussion reflected a significant evolution in how the business community engages with biodiversity. According to Senior Technical Advisor Shiranee Yasaratne, discussions have shifted from philanthropic initiatives such as tree-planting campaigns toward scientific understanding of ecosystem impacts and their business implications. The inclusion of wildlife biologist Dr. Ruchira Somaweera underscored that biodiversity considerations now extend beyond large corporations to small and medium enterprises seeking to understand their ecosystem interactions and supply chain vulnerabilities.
