The Study Group is co-led by the Chair of the NGFS Workstream on Research (overseen by Dr Ma, managed by Dr Tianyin Sun) and INSPIRE (overseen by Professor Nick Robins, managed by Dr Simon Dikau). “ There is a pressing need to ensure that central banks and supervisors understand how these impacts could affect their ability to discharge their mandates.” The impacts of biodiversity loss in many countries have the potential to be as severe,” says Dr Ma Jun, Chair of the NGFS Research Workstream and Chairman of China Green Finance Committee. “ It is now widely accepted within the central banking community that the financial risks posed by climate change merit their attention. The Study Group will publish its Final Report in February 2022, setting out a research agenda for the following years. That meeting is expected to agree on a post-2020 global biodiversity framework, which aims to halt and reverse biodiversity loss.
It is to be followed by an Interim Report, to be published ahead of the critical meeting of the parties to the Convention on Biological Diversity, in Kunming, China, in October 2021. This Vision Paper sets out the rationale for the work of the Study Group and proposes an initial agenda and a research focus. An NGFS/INSPIRE Joint Study Group outlines in a new Vision Paper how it will seek to improve understanding of the potential financial stability implications.”
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It then poses a series of questions regarding whether and how central bankers and supervisors should, in the context of pursuing their mandates, address the issue of biodiversity loss.įrank Elderson, Chair of the NGFS and member of the ECB’s Executive Board: “ G7 member states recently concluded that biodiversity loss poses an existential threat to people, prosperity, security, and nature. It considers both the dependency of the financial sector on ecosystem services, and the impact of the financial sector in exacerbating the degradation of natural systems.
The report sets out the links between biodiversity loss and the macroeconomic and financial systems. But the complexity of the issue, the lack of regulations and policy guidance, and limited tools to measure, disclose and manage nature-related financial risks create a range of challenges to overcome, according to the report. The document is published as part of the “NGFS Occasional Papers” series and, therefore, the views and opinions expressed do not necessarily represent those of the NGFS.Ĭentral banks and prudential supervisory authorities are increasingly recognising the potential for biodiversity loss to threaten macroeconomy stability as well as the stability of the financial systems that they oversee. Today, the joint Study Group on ‘Biodiversity and Financial Stability’ - recently launched by the NGFS and the International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE) - published a Vision Paper entitled “ Biodiversity and financial stability: exploring the case for action ”. The joint Study Group on ‘Biodiversity and Financial Stability’ launched by NGFS and INSPIRE publishes a Vision Paper
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