Nature-related risks, central banks and financial system resilience

Presented by

UNEP FI, NGFS, INSPIRE

About this talk

Speakers: Jessica Smith, Nature Lead, UNEP FI; Nick Robins, Professor in Practice - Sustainable Finance, LSE; Thomas Viegas, Manager, Climate Hub, Bank of England; Serafín Martínez Jaramillo, Manager, Central Bank of Mexico Elías Albagli, Director, Monetary Policy Division, Central Bank of Chile Climate change is fast being recognised as a considerable risk to the global economy, but what about the loss of biodiversity and nature? At least a third of our climate solutions are due to come from nature, yet it is being rapidly and dangerously eroded. 2022 is seeing the rise of the nature-finance nexus, with banks, insurers and investors acknowledging the need to gear up in preparation for the Global Biodiversity Framework. The Taskforce on Nature-related Financial Disclosures is moving at speed, with the beta-framework released and the final version expected in 2023. In this webinar, we explore how central banks are already rising to the challenge, recognising the need to consider the implications of biodiversity loss to the economy in order to maintain monetary and financial stability. We speak with representatives from the Network for Greening the Financial System (NGFS)-INSPIRE biodiversity study group and explore their March 2022 report - the first global assessment of why and how central banks and supervisors can respond to rising risks from biodiversity loss. This lays out near-term policy options and recommendations for action by central bankers and financial supervisors to address these risks, and support nature-positive investments. Taking a global view, we look at the challenges faced by both developed and emerging economies worldwide. We will take stock of the increasing speed of development in this fast-evolving space, as policymakers, regulators, central banks and financial institutions realise they can leverage their experience in climate to take rapid action on nature.

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United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between United Nations Environment and the global financial sector created in the wake of the 1992 Earth Summit with a mission to promote sustainable finance. More than 240 financial institutions, including banks, insurers, and investors, work with UN Environment to understand today’s environmental, social and governance challenges, why they matter to finance, and how to actively participate in addressing them. UNEP FI’s work also includes a strong focus on policy – by facilitating country-level dialogues between finance practitioners, supervisors, regulators and policy-makers, and, at the international level, by promoting financial sector involvement in processes such as the global climate negotiations.