为什么保护自然是非洲金融未来的关键

This position paper seeks to address the key role that regulators play in buildingtransparency on nature related risks in Africa. The paper was commissioned by theAfrican Natural Capital Alliance (ANCA), a collaborative forum for mobilising the financialcommunity’s response to the risk of nature loss in Africa. ANCA has a member base of 25African financial institutions and was established by FSD Africa with support from the UnitedNations Economic Commission for Africa (UNECA) and the United Kingdom’s Departmentfor Environment, Food & Rural Affairs (DEFRA). ANCA is also working with the Taskforceon Nature-related Financial Disclosures (TNFD) in order to provide an African voice in thedevelopment of TNFD’s reporting framework for nature-related risks andopportunities.Visit our website for more informationabout ANCA and our members EXECUTIVE SUMMARY•Financial regulators around the world are recognising that the depletion of natureposes major risks to financial and economic stability: these are additional to climatechange risks.•They have the opportunity to act on nature-related risks because doing so ensures thatthey fulfill their core mandate to maintain financialstability.•Transparency is the cornerstone of strong risk management.•Regulatory momentum regarding disclosure of nature-related risks has beenincreasing globally.•African regulators, in particular, will see the benefit of acting with urgency because thecontinent is disproportionately exposed to nature-related risks.•African regulators can engage with this new agenda by following a set of no-regretmoves as a key first step in developing a roadmap to incorporate nature-related risks intofinancialdisclosure.•These no-regret actions include aligning with a government agenda, understandingrequirements, determining availability of capacity, and engaging with existingnature alliances. © Oliver WymanINTRODUCTIONDegradation of our natural ecosystems poses a significant risk to our financial and economicstability. A significant portion of our global economic product relies on nature and naturalsystems. As human activity and climate change continue to deplete these systems, we needto create a regulatory agenda to better manage nature-related risks and the harms they cancreate. This paper offers up next steps for this regulatory agenda, specifically in the contextof Africa, illustrating the urgency to do so for African economies, why transparency shouldbe an important component of any regulatory agenda, and what African regulators can doto support stable nature-positive economies.WHY AFRICAN REGULATORS COULD BENEFIT FROM FOCUSING ON NATURERegulators are increasingly establishing global financial initiatives to respond to nature-related risks. In this section, we outline the case for regulators to act on nature risks becausedoing so assists their core mandate to maintain financial stability, and the particular urgencyfor African regulators to do so.Economies depend on natureThe World Economic Forum estimates that $44 trillion of global economic value generation,corresponding to more than half of the world’s GDP, is generated by industries that bothdepend on nature, while also impacting nature through economic activity1. We illustrate thislinkbelow:Exhibit 1: The dependency-impact loopOrganisations that rely on the use of natural capital (and its ecosystem services) may impactnatural capital2, and this may then have a negative effect on thesebusinessesNatural CapitalSource: Oliver Wyman analysis EconomyDependenciesImpacts © Oliver WymanEconomic activity has impacts which result in the degrading and depletion ofnature at an unprecedented rateNature loss with direct links to human activities has been accelerating in recent years. Seventy-five percent of total land surface has been significantly altered and over 85% of wetlandshave been lost. The loss of biodiversity undermines the ability of nature to provide ecosystemsupport on which human society, economies, and other species rely3.The simultaneous dependency on, and depletion of, nature creates risks forbusinesses and economiesThese nature-related risks are defined either as “physical risks,” “transition risks,” or“systemicrisks.”Physical risksresult from an organisation’s dependence on nature — for example, anagribusiness that depends on a water resource is exposed to physical risks from thedepletion or pollution of that resource.Transition risksresult from a misalignment between an organisation’s strategy andmanagement and the changing regulatory and policy landscape in which it operates — forexample, a polluting business may be exposed to regulatory intervention if governments actto protect nature from the harmful effects ofpollution.Systemic riskscan arise from the breakdown of critical ecosystems, triggering cascadingsocioeconomic impacts. Systemic risks may also arise from the aggregation of nature-related risk exposures across financial institutions — for example, concentrations of lendingto businesse