Delegates from the EU at a Nagoya, Japan, biodiversity conference called for 20 percent of the world's land and seas to be protected as nature reserves.
"We are biting the hand that feeds us if we do not halt the loss of animal and plant species," said Jo Leinen, chairman of the European Parliament's environment committee, in a statement.
A resolution tabled by the European delegation calls for the inclusion of biodiversity in national accounts and the elimination of certain subsides.
The measure also calls for zero net deforestation and an end to destructive and excessive fishing all by 2020.
The European Parliament said it was especially concerned about the effect that biofuel crops had on sustainability, habitats and biodiversity.
"Biodiversity is not only about protecting tigers, pandas or natural parks but about the livelihood of future generations," added Leinen.