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Opening and High-Level Plenary: Biodiversity-related financial risks: Translating risks and the climate-biodiversity nexus
Biodiversity and ecosystem services underpin all economic activities and human well-being. Yet biodiversity is being destroyed at an unprecedented rate, posing significant risks to the economy and financial sector. Biodiversity-related financial risks, impacts and dependencies are pervasive but poorly understood, and they remain almost entirely mispriced and ignored by the financial sector and investee corporations, despite increasing momentum and awareness from financial actors. The session will discuss priorities for financial regulators and supervisors to better assess biodiversity-related risks, impacts and dependencies in the financial sector, with respect to financial stability, banking supervision as well as price stability. The session will discuss next steps for translating impacts and dependencies into risks, including the development and limitations of scenarios. It will also discuss priorities for investors and other financial market participants to unlock investment in nature-positive activities such as sustainable land use. Additionally, the session will explore the potential compounding and alleviating factors presented by the joint challenge of climate change and biodiversity loss.
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