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Critical Analysis of the Issue
Biodiversity loss and species extinction have implications for the future prosperity of economies and corporate strategy. As economic activities are the greatest contributor to todays environmental problems, greater accountability is required from companies (Dasgupta, 2021). Proactive solutions aligned with Sustainable Development Goals (SDGs), especially SDG 6, SDG 14, and SDG 15, can avert this crisis and guarantee overall prosperity. Firms must consider species and biodiversity as important stakeholders because they are crucial to future business survival.
Marine ecosystems have particularly endured the greatest brunt of economic overexploitation. These fragile systems are home to one-third of the planets species, which are increasingly threatened by human activities pollution and coastal development (Barbier, 2017). As a result, significant marine fauna and flora, including coral reefs, fish, and mangrove species, have become extinct. Water quality has also declined due to the discharge of toxic wastes. The consequence of these effects includes loss of economic benefits due to destroyed ecosystem services, such as fish resources, clean water, sea transportation, and raw materials (Barbier, 2017). Corporate protection frameworks and policies can curb further species loss to create a sustainable future for businesses.
Considering that biodiversity provides ecosystem services important to humanity, corporations have an ethical and socioeconomic responsibility to protect it. Destructive actions, such as deforestation, should be avoided as they destabilize ecological balance and function, affecting the provision of services essential to people and the economy (Brockerhoff et al., 2017). Therefore, the corporate role in the protection of natural forests should be enhanced to safeguard critical ecosystem services. Among the key protections include concerted actions to prevent ozone layer depletion (Montreal protocol), biodiversity loss (habitat protection), chemical pollution, climate change (carbon sinks), and overexploitation of freshwater resources (Stockholm Resilience Center, n.d.). Implementing these measures will ensure that human activities are within safer environmental limits for a sustainable future.
Corporate efforts to reduce biodiversity loss must begin with the recognition of the environment as a stakeholder rather than simply a resource. A stakeholder is considered a party that affects or is impacted by a certain action (Parent & Deephouse, 2007). Organizations affect or rely on biodiversity for raw materials and beneficial ecosystem services. On the other hand, the environment can affect businesses through global warming or extreme weather events. For example, access to water is a megatrend linked to climate change with significant effects on industries, societies, and individuals.
Like investors, the environment is a key stakeholder of business organizations. Parent and Deephouse (2007) use the concepts of power, legitimacy, and urgency to define stakeholders. Using the same criteria can highlight the importance of the environment to businesses. The environment can be said to have normative power, as it is the sole provider of ecosystem services (Brockerhoff et al., 2017). Regarding legitimacy, economic development is anchored in legitimate goods and services exploited from the environment sustainably. On the other hand, the rapid biodiversity loss is an urgent issue requiring concerted action. Companies must focus on environmental sustainability to instill vitality in society for business survival (Hoffman, 2018). This approach entails viewing biodiversity as a stakeholder whose interests must be protected.
Current Status
Saudi Airlines recognizes that biodiversity loss is a major problem facing the world today. The airline is a participant in The Sustainable Flight Challenge, which seeks to promote collective accountability toward climate change. Through its sustainable flight between Jeddah and Madrid, Saudi Airlines aims to reduce its carbon footprint. The airlines current fleets have fuel-efficient engines and its flight plan is optimized. In addition, in-flight meals include organic food and drinks and most onboard materials are reusable. The airline, in partnership with travelers, has optimized its services in several ways. For instance, customers can book or check in online and preselect organically produced food.
Recommendations
Although Saudi Airlines has taken steps to reduce carbon emissions, more specific measures are needed to reduce biodiversity loss. The following actions are recommended to create a sustainable future for airlines:
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Replace plastics with reusable packaging materials for all in-flight meals to protect marine biodiversity. According to Barbier (2017), for oceans to continue providing ecosystem services, offshore pollution must be controlled. Plastic pollution kills species, reducing biodiversity and economically beneficial services, including recreation and tourism. Therefore, by using recyclable packaging materials, the airline will cut the number of plastics discarded in oceans, protecting marine life.
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The airline should invest in afforestation programs to reclaim degraded lands in Saudi Arabia. Expansion of forest cover can be achieved through CSR activities in partnership with environmental agencies and schools. Planted forests will form wetlands, enhance carbon sequestration, and improve water quality (Brockerhoff et al., 2017). These ecosystem services will contribute to the overall well-being of society, economic prosperity, and, ultimately the growth of the airline industry.
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Saudi Airlines should incorporate environmental sustainability into its corporate strategy. Supply chain logistics should reflect the airlines commitment to lower carbon emissions to curb biodiversity loss (Hoffman, 2018). For example, Saudi Airlines should use energy-efficient in-flight appliances and engines.
References
Barbier, E. D. (2017). Marine ecosystem services. Current Biology, 27(11), R507-R510. Web.
Brockerhoff, E. G., Barbaro, L., Castagneyrol, B., Forrester, D. I., Gardiner, B., González-Olabarria, J. R., Lyver, P., Meurisse, N., Oxbrough, A., Taki, H., Thompson, I. D., van der Plas, F., & Jactel, H. (2017). Forest biodiversity, ecosystem functioning and the provision of ecosystem services. Biodiversity and Conservation, 26, 3005-3035. Web.
Dasgupta, P. (2021). The economics of biodiversity: The Dasgupta review. HM Treasury.
Hoffman, A. J. (2018). The next phase of business sustainability. Stanford Social Innovation Review, 16(2), 35-39. Web.
Parent, M. M., & Deephouse, D. L. (2007). A case study of stakeholder identification and Prioritization by managers. Journal of Business Ethics, 75(1), 1-23. Web.
Stockholm Resilience Center. (n.d.). The nine planetary boundaries. Web.
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