面向金融机构工作人员的生物多样性和自然相关风险、机遇和监管入门

February 2024 Primer on Biodiversity & Nature-Related Risks2BIODIVERSITY AND NATURE-RELATED RISKS ARE FINANCIAL AND ECONOMIC RISKSThe World Economic Forum 2023 global risks report10ranked biodiversity loss and ecosystem collapse as its third-largest risk over thenext 10 years and it has estimated that $44 trillion, over 50% of global GDP, is moderately or highly dependent on nature.Ecosystems provide various benefits to society which are described as “ecosystem services.” Whilst ecosystems provide tangible andintangible benefits, their “ecosystem services” can be thought of in a financial sense in the value of the goods produced or the cost ofreplicating the services provided.12The range of ecosystem services and dependencies are illustrated in Figure 1.FIGURE 1: ECOSYSTEM SERVICES AND DEPENDENCIESEcosystem ServicesExample Services and ProvisionsProvisioning ServicesFood and feedFibres and other materials (e.g., cotton, timber)Regulating ServicesAir quality and local/global climateWater securityHazard regulation (e.g., vs. flood/storms)Habitat intactness (e.g., to support provisioning or disease control)Cultural ServicesRecreation-related servicesVisual amenity servicesEducation, scientific and research servicesSpiritual, artistic and symbolic servicesSupporting ServicesSoil and sediment retentionSolid waste remediationSource: Based on Nature-related Financial Risks: A Conceptual Framework to Guide Action by Central Banks and Supervisors, Network of Central Banks and Supervisors forGreening the Financial System 202313; Handbook for Nature-related Financial Risks, CISL, 2021.1410World Economic Forum. The Global Risks Report 2024, 19th ed. Retrieved 1 February 2024 fromhttps://www3.weforum.org/docs/WEF_The_Global_Risks_Report_2024.pdf.11Russo, A. (19 January 2020). Half of World’s GDP Moderately or Highly Dependent on Nature, Says New Report. World Economic Forum. Retrieved 1 February 2024 fromhttps://www.weforum.org/press/2020/01/half-of-world-s-gdp-moderately-or-highly-dependent-on-nature-says-new-report/.12The concept of ascribing financial values to ecosystems and ecosystem services can be controversial. See “Natural capital – an actuarial perspective” for a more in-depthdiscussion, available athttps://www.actuaries.org.uk/system/files/field/document/Biodiversity_NatCap_Sessional.pdf.13NGFS (September 2023). Nature-Related Financial Risks: A Conceptual Framework to Guide Action by Central Banks and Supervisors. Retrieved 1 February 2024 fromhttps://www.ngfs.net/sites/default/files/medias/documents/ngfs_conceptual-framework-on-nature-related-risks.pdf.14CISL (2021). Handbook for Nature-Related Financial Risks. Retrieved 1 February 2024 fromhttps://www.cisl.cam.ac.uk/system/files/documents/handbook-for-nature-related-financial.pdf. February 202411 Primer on Biodiversity & Nature-Related RisksTYPES AND DRIVERS OF NATURE-RELATED RISKSThe Cambridge Institute for Sustainability Leadership (CISL) Handbook forNature-Related Financial Risks identifies five direct drivers of physicalbiodiversity loss—climate change, land-use change (e.g., deforestation),overexploitation of natural resources (e.g., overfishing, top-soil depletion),pollution (air, land and water) and invasive species. Our economic activitysignificantly accelerates the first four drivers, with invasive species typicallyarising from human interactions and climate change.15As nature declines the direct physical losses in biodiversity impair theecosystem services based on them, leading to direct and indirect financialconsequences. Further financial consequences arise from shifts in policy,regulation, consumer demand and litigation. Similar to the now familiarframework for climate-related risks, we can consider biodiversity and nature-related risks divided between these physical, and transition and legal liability,risks:Physical risks:Ecosystem services depend on robust natural systems thattypically need the environment’s stability, including climate and ecosystemequilibria, such as soil quality or biome ecology. Physical risks can be event-driven (extreme weather, fire) or longer-term trends (temperature, rainfall).Transition and legal liability risks: Investments can be impacted byregulatory changes or shifts in consumer demands to address environmentalharms. This can have abrupt or disorderly impacts on business lines, supplychains and profitability, and even lead to stranded assets. The risks ofbusiness activities that lead to biodiversity losses, or infringements ofregulations, can lead to legal liabilities or, at the very least, reputationaldamages.A better appreciation of these risks could lead to a nature positive economy asshown in Figure 2.16Transmission of physical and transition risks into the financial marketsCISL’s Handbook for Nature-related Financial Risks(2021)17identifies six transmission channels whereby these biodiversity risks can become financial risks:1.Disruption of activities or the value chain:From changes in costs, demands, b