UN Environmental Programme
September 7, 2022
The extent to which our global economy and financial system can flourish is fundamentally underpinned by the state of nature. However, our natural world continues to be rapidly and dangerously eroded. WWF and 90 civil society partners have urged central banks and financial supervisors to manage climate and biodiversity related financial risks as part of their primary mandates. Their call for action emphasizes how losses to nature and biodiversity pose material risks to the financial systemand includes demands for consistent, market-wide risk identification and disclosure and also for promoting the enabling environment for new financial opportunities. Jessica Smith from UNEP FI and Thomas Viegas from the Bank of England (Manager, Market Intelligence and Analysis) explain why they welcome this development and why nature has reached a tipping point where it’s no longer about ‘if’ we act to mitigate nature-risk but ‘how’ and ‘where’.