Key Initiatives & Forums | |||
Biodiversity/Nature Specific Focus | |||
Purpose | Members/Partners | ||
The Align Project | The Align project aims to align existing approaches to create consensus on a standardised approach for how businesses and financial institutions can measure and report on their impacts and dependencies on nature. This will be done by supporting the relevant stakeholders in developing a proposal for standardised, biodiversity-inclusive, natural capital management accounting practices for both businesses and financial institutions to uptake. The Align project is a three-year-long project initiated in 2021. | To align and create a consensus of best practices to account for natural capital and for measuring biodiversity impacts and dependencies | Founded by the European Commission, WCMC Europe, The capitals coalition, Arcadis, ICF and UNEP-WCMC |
Biodiversity and Ecosystem Services Network (BES-Net) BESNet (n.d.) | BES-Net is a global network consisting of UNDP, UNEP-WCMC and UNESCO and more than 100 other organisations working on translating IPBES’s information into on-the-ground biodiversity action. BES-Net is funded by the Government of Germany and SwedBio. The network also includes the BES Solution Fund, which channels money into ‘on-the-ground biodiversity solutions’ | The aim is to bring actors together and to assist in implementing solutions that support on-the-ground biodiversity actions at local and national scales and in line with IPBES recommendations. | Consortium Partners: UNDP, UNEP-WCMC and UNESCO |
Coalition for Private Investment in Conservation (CPIC) CPIC (n.d.A) | CPIC is a group of Civil Society Organisations, academia, private and public sector financial institutions working together increase investments in conservation. Their statement of intent says: “In order to sustain humanity’s future on earth, substantial investment in natural capital is urgently needed. Given the benefits that nature provides to people, this investment should be framed as an investment in humanity, as part of the economic future laid out in the Sustainable Development Goals.’ CPIC (n.d.B) The coalition builds on the expertise of their partners and aims to connect financial institutions with in-country partners who can help develop and execute investable deals that can produce both environmental and financial return. Investment in the following sectors is prioritized:
| The coalition work together to deliver an increase in private, return-seeking investment in conservation. Conservation finance represents an undeveloped private sector investment. | Founding partners: Cornell University, Credit Suisse, IUCN, natureVest. Other members include GIIN, Fauna & Flora International, European Investment Bank and WWF |
Cross-sector Biodiversity Initiative (CSBI) CSBI (n.d.) | CSBI is a collaborative knowledge platform for practitioners working across the sectors of finance, oil and gas and mining. The tools and guides that have been developed for the sector include:
Timeline Tool – a roadmap to identify milestones and interdependencies between project development schedules, timelines and actions required to effectively apply the Mitigation Hierarchy CSBI (n.d.) | The scope is to develop and share good practices related to biodiversity and ecosystem services in extractive industries | The initiative is a partnership between IPIECA, the international Council on Mining and Metals and the Equator Principles Association. |
EU Finance@Biodiversity community | The participants in the forums will share their work and strategies concerning biodiversity and ecosystems. The ambition is to better integrate biodiversity into financial institutions’ investment decision by:
Contribute and take part in other developments and initiatives on green finance | Ensure that financial institutions better integrate biodiversity into their investment strategies | Members: ABN AMRO, Achmea Investment Management, Actiam, Affirmative IM, ASN Bank, AXA Investment Managers, Bank of Ireland, Bankinter, CDC Biodiversité, Conservation Capital, EIB, Finance in Motion, FMO, GLS Bank, ING, INOCAP, Mirova, Piraeus Bank, Rabobank and SCOR. CDSB, Ministry of Economic Affairs, Natural Capital Coalition, Natural Capital Finance Alliance, UNEP FI, VBDO |
Finance for biodiversity Foundation Finance for Biodiversity Foundation (n.d.) | The Finance for Biodiversity Foundation is a non-profit organisation calling to reverse nature loss. One hundred twenty-six financial institutions, representing EURO 18.8 trillion in assets, call on global leaders during the 15th meeting of the Conference of the Parties (COP15) to the Convention on Biological Diversity (CBD) to agree on effective measures to reverse nature loss in this decade to ensure ecosystem resilience. Timeline Plan until 2024:
The signatories own the Pledge, and any financial institution can sign up. Furthermore, the Finance for biodiversity community provides a forum for discussing and knowledge sharing of best practices for how to integrate biodiversity into finance activities. | The commitment of financial institutions to call on global leaders and positively contribute to biodiversity through finance activities. | Members: ASN Bank, AXA, LGT Private Banking, Nordea Asset Management, and others, |
Natural Capital Finance Alliance (NCFA) | In 2012 at the Rio+20 conference the alliance was formed to support the signatories of the Natural Capital Declaration. The 2012 declaration states the need for: “(..) the private and public sectors to work together to create the conditions necessary to maintain and enhance natural capital as a critical economic, ecological and social asset.” | The purpose of the alliance is to provide and develop tools and methodologies that can help the financial sector and other partners collaborate and Integrate natural capital considerations into financial sector reporting. | The Initiative is led by UNEP FI, Global Canopy |
NatureFinance NatureFinance (n.d.) | NatureFinance was first established in 2019 as Finance4Biodiversity but changed to NatureFinance in 2022. NatureFinance’s work evolve around:
Innovation and incubation activities: accelerating nature positive outcomes at scale NatureFinance (n.d.) | The mission of NatureFinance is to increase the materiality of biodiversity in finance decision-making and align global finance with nature positive and equitable outcomes | Partners include Green digital Finance alliance, trase, SBTN, Global Canopy, TNFD and MAVA |
Partnership for Biodiversity-Accounting Financials (PBAF) | PBAF is an industry-led partnership that provides guidance to financial institutions that want to analyse their biodiversity impacts (both negative and positive impacts) and dependencies. PBAF cooperates and aligns with the TNFD, the SBTN, the CC, and the Align project. | The primary aim is to develop a standard that enables financial institutions to assess and disclose impact and dependencies on biodiversity of loans and investments. | International partnership of banks, asset managers and investors. |
Sustainability Focus | |||
Initiative | Description | Purpose | Members/Partners |
The Capitals Coalition | A global collaboration of leading organisations in research, science, academia, reporting, investment, and business. The coalition develops, advocates for, and advances the capital's approach and has developed two standardised frameworks for identifying, measuring, and valuing dependencies on natural capital, including biodiversity guidance. The ambition of the Capitals Coalition is: “Our ambition is that by 2030 the majority of businesses, financial institutions and governments will include the value of natural capital, social capital and human capital in their decision-making and that this will deliver a fairer, just and more sustainable world.” | To work with organisations and individuals spanning global systems, to understand the value that flows from different capitals, to ensure that it is included in decision-making and that the value of nature, people and society sits alongside financial value in decision-makers minds. | Including UNEP, WWF, The World Bank, World Resources Institute, the Nature Conservancy, wbcsd, FAO, CDSB, CBD, EC, EIB, Global Canopy, IUCN, IFC, and numerous multinational companies |
Financial Centres for sustainability (FC4S) FC4S (n.d.) | Financial Centres for sustainability is a network of international financial centres that work together to achieve the Paris Agreement and the Sustainable Development Goals. The FC4S was launched in 2017 with 11 financial centres adopting The Casablanca Statement on Financial Centres for Sustainability. The network is supported by a secretariat that provides support, best practices guidance, project development and research to support their members. Many of the members are public-private partnerships or municipally linked entities. | ‘The objective of FC4S is to accelerate the expansion of sustainable finance by enabling financial centres to evaluate the state of sustainable finance and to provide the tools and insights to engage local institutions, inform and influence policy, and ultimately accelerate market transformation’ FC4S (n.d.) | There are currently 39 members including Stockholm Green digital Finance |
Global Impact Investing Network (GIIN) GIIN (n.d.) | The network focuses on impact investments. The purpose of Impact investments is to generate positive measurable social and environmental impacts alongside a financial return. GIIN also have a research centre that collects information about current market trends and activities. In 2020 GIIN launched the new capitalism project to investigate how different stakeholders can work together to build a more just, equitable and inclusive economic system. | The Global Impact Investing Network is a membership-based network for investors and organisations that want to engage with impact investments. | |
International Platform on Sustainable Finance (IPSF) | Founded in 2019 to honour the Paris Agreement, the IPSF is a forum for public authorities such as ministries of finance and central banks that develop environmentally sustainable finance initiatives and policies. Their objective is to mobilize private capital towards environmentally sustainable finance at an international level. The platform facilitates knowledge sharing and coordinates efforts on the agenda of environmental sustainability. | The purpose of the forum is to enhance international coordination, spread information and provide knowledge exchange on best practices in sustainable finance, and identify barriers for implementing best practices. | Founding partners: European Union, Argentina, Canada, Chile, China, India, Kenya, and Morocco. |
The Science based targets network (SBTN) | The SBTN is a collaboration of global non-profits, and part of the Global Commons Alliance. The collaboration develops a framework and a method for companies to assess their impact and dependencies on nature. SBTN builds on the Science Based Targets initiative (SBTi) that focuses on the Climate crisis, the science-based targets for nature and climate can be developed together. | They develop methods, resources, and frameworks for companies to assess and their impacts and dependencies on nature, so they can set targets that address this, and identify nature positive opportunities. | Partners: CDP, UN Global Compact, World resources institute, WWF |
UNEP Finance Initiative | UNEP Finance Initiative was founded in 1992. UNEP FI is an extensive network of banks, insurers, and investors. Constituting 450+ members, representing USD 100 trillion. UNEP FI has created or cocreated the following frameworks:
| UNEP FI helps financial institutions to develop practical approaches to setting and implementing targets in areas including GHG emissions, financing nature, sustainable consumption and production, and financial inclusion to address inequality. | Partners: Climate Action, Global Canopy, and principles for responsible investment. |
Frameworks & Standards | ||||
Title | Developer | Description | Sector | Scope |
Decision-making in a nature positive world. A Corporate diagnostic tool | University of Cambridge Institute for Sustainable Leadership (CISL) | The sustainable investment framework is an open access tool, and it was launched to help businesses identify obstacles to implementing nature-based solutions. The tool has four different focus areas, they are based on the key challenges companies report on:
Each section provides descriptions of common challenges, their indicators, and causes, and how these might be perceived followed by actions to contend with these challenges | Business sector | Implementation of Nature based solutions |
Handbook for nature-related financial risks CISL (2021) | University of Cambridge Institute for Sustainable Leadership (CISL) | The handbook gives and introduction to key concepts in the biodiversity finance nexus and illustrates how nature loss constitute a financial risk and provide a framework that can be used to identify nature-related financial risks. The framework identifies three types of risks arising from nature loss: physical risk, transition risk and liability risk and how these manifests themselves and how they via their impacts on companies turn into financial risks for financial institutions. | Financial sector | Impacts and dependency on nature |
Kunming-Montreal Global biodiversity framework CBD (2022) | UN COP15 biodiversity summit | The framework was adopted by 196 parties to the Convention on Biological Diversity in December 2022 at COP 15 in Montreal CanadaThe framework has four long-term goals for 2050 and presents 23 targets for urgent action in the current decade, to ensure that by 2030 we have reached several targets such as the protection of 30 % of nature, and that we are on the right trajectory for achieving the 2050 goals. Some of the targets suggest measures directly aimed at the financial sector and outline several actions needing to be taken by the financial sector. | Cross-sectional | Impacts and dependency on nature. |
The Natural Capital Protocol Natural Capital Coalition (2016) | The Capitals Coalition | A standardised framework to identify, measure, and value direct and indirect impacts (positive and negative) and/or dependencies on natural capital. It is intended to support better decision making for companies internally by including how we interact with nature in decision making. It is not a formal reporting framework and is not intended for external disclosure. | Mainly business sector | Impacts and dependency on nature. |
PBAF Standard vs 2022 PBAF (2022) | The partnership for Biodiversity Accounting Financials | PBAF is a Biodiversity Accounting Standard for the Financial sector to help financial institutions reduce their negative impacts on biodiversity, and shift towards nature conservation and restoration by measuring how their loans and investments impact on biodiversity allowing them to make informed priorities. The PBAF standard consists of:
The standard identifies types of impact assessments:
The standard’s biodiversity footprint guide consists of four steps:
Nature dependency is going to be included in future revisions of the assessment. PBAF aligns itself with other initiatives including TNFD, the European Align initiative and the Finance for biodiversity pledge. | Financial sector | Impacts on nature |
Science-Based Targets for Nature SBTN (2023) | WWF, UN Global Compact, WRI and CDP | Science-Based Targets for Nature are currently developing science-based targets for nature, the first part will be available Q2 2023 and provide companies with a technical guide for how to assess and prioritise their environmental impacts and set targets accordingly to help improve their impacts. | Business sector | Impacts and dependency on nature. |
The System of Environmental Economic Accounting - Ecosystem Accounting (SEEA-EA) | United Nations, European Commission, FAO, OECD, World Bank Group | The SEEA organises and presents statistics on the environment and its relationship with the economy. The SEEA Central Framework was adopted by the UN Statistical Commission as the first international standard for environmental-economic accounting in 2012. The SEEA Ecosystem Accounting was adopted in 2021 and complements the Central Framework. The framework constitutes an integrated statistical framework and considers how individual environmental assets interact as part of natural processes within a given spatial area. By organising biophysical data, measuring ES, tracking changes in ecosystem assets, and linking this information to economic and other human activity. Can be applied at different scales both national and subnational | Policy and decisionmakers | Impacts and dependency on nature |
The Sustainable Investment Framework CISL & ILG (2019) | The Investment Leaders Group (ILG) and CISL | Cambridge Institute for Sustainable Leadership has developed the Framework together with ILG. The Framework uses the SDGs as measures of performance and makes it possible to quantify investment impacts to support more informed investment decisions on six impact themes:
| Financial sector | Impacts on nature. |
Taskforce on Nature-related Financial Disclosures (TNFD) | Global Canopy, AFD, CIFF, Australian government; Department of Climate change, energy, the environment and water, Ministry of Agriculture, Nature and Food Quality of the Netherlands, Government of Switzerland, FOEN & SIF, Government of the UK, Department for Env., Food and Rural Affairs, MACDOCH Foundation, Global Env. Facility, Green Finance Institute, UNDP, UNEP finance initiative, WWF | TNFD is a global initiative with the mission to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature related issues which refer to nature-related dependencies, impacts, risks, and opportunities, with the aim to support a shift in global financial flows away from nature negative outcomes and toward nature-positive outcomes. The TNFD framework is intended for use globally by corporates and financial institutions of all sizes. The TNFD framework follows these principles:
The framework consists of the following elements:
Additional Guidance | All corporate sectors | Impacts and dependency on nature. |
Tools | ||||
Biodiversity Focus | ||||
Title | Developer | Description | Sector | Scope |
Biodiversity Footprints for Financial Institutions (BFFI) | PRé, CREM and ASN Bank. | BFFI measures financial institutions’ impact on biodiversity. The Methodology consists of four steps:
Four different financial institutions tested the BFFI on four different cases. The goal was to gain knowledge and experience in calculating the biodiversity impacts of loans and investments and learn how financial institutions can use the results in a meaningfully Broer et al. (2021) | Financial sector | Impacts on nature |
Biodiversity Risk Filter Church et al. (2022) | WWF | The risk filter is a free online tool to assess and respond to biodiversity risks and opportunities. The tool consists of four modules:
WWF have also published a site with case studies showcasing how companies have applied the biodiversity risk filter. WWF has also developed a Water Risk Filter WWF (n.d.) | Business sector | Impacts and dependency on nature. |
Cooperate Biodiversity Footprint (CBF) Iceberg Data Lab (2022) | Iceberg Data Lab | The CBF assess the annual biodiversity impact of Corporates, Financial Institutions and Sovereign issuers. The methodology is meant to support financial actors in developing their investment strategies, reporting requirements, stewardship, and engagement policies in a way that account for biodiversity impacts. The CBF uses a science-based approach covering the material biodiversity impacts of corporates supply chain, processes, and products through their value chain. The methodology is based on the main biodiversity pressures identified by IPBES, and the CBF methodology models the following sub-pressures: Change of land use:
Pollution:
Climate Change:
Over exploitation
Invasive species
Future planned improvements of the framework are to develop it further, so it includes:
| Financial and business sector. | Impacts on nature. |
Exiobase | Exiobase Consortium (Norwegian University of Science and Technology, Netherlands Organization for Applied Scientific Research TNO, The Sustainable Europe, Universiteit Leiden, Vienna University of Economics and Business, 2.-0 LCA Consultants) | Exiobase is: ‘a global, detailed Multi-Regional Environmentally Extended Supply-Use Table (MR-SUT) and Input-Output Table (MR-IOT). It was developed by harmonizing and detailing supply-use tables for a large number of countries, estimating emissions and resource extractions by industry. Subsequently the country supply-use tables were linked via trade creating an MR-SUT and producing MR-IOTs from this. The MR-IOT that can be used for the analysis of the environmental impacts associated with the final consumption of product groups.’ | Cross-sectional | Impacts on nature |
Exploring Natural Capital Opportunities, Risks and Exposure (ENCORE) tool Natural Capital Financial Alliance (n.d.) | Global Canopy, UNEP FI & UNEP-WCMC | The tool helps understand and visualise the impact of environmental change on the economy. The tool focuses on the goods and services nature provides and illustrates how businesses potentially depend and impact on nature, and how these might present a business risk. The tool is continuously being developed new additions includes a module that shall help financial institutions exploring natural capital opportunities, risks and exposures and help finance institutions to better align themselves with the global goals for biodiversity Natural Capital Financial Alliance (n.d.) | Cross sectional | Impacts and dependency on nature. |
Integrated Biodiversity Assessment Tool (IBAT) | BirdLife International, Conservation Internation, IUCN and UNEP-WCMC | IBAT is a map and reporting tool that provides geographic information on the presence of protected areas, key biodiversity areas and endangered species. IBAT can be used for biodiversity risk screening. IBAT is built upon the three following datasets:
| Cross-sectional | Biodiversity risk screening |
The Ocean+ Data Viewer UNEP WCMC (N.d.) | UNEP WCMC | The Ocean+ Data Viewer offers spatial oceanic information and datasets on marine and coastal biodiversity. The datasets can be used as a knowledge foundation in decision-making concerning ocean restoration, management, and conservation | Cross-sectional | Can be used for impact assessment |
Protected Planet database Protected Planet (n.d.) | IUCN, UNEP WCMC | Protected planet constitutes several databases:
The databases can be used for biodiversity risk assessments for businesses and as an investment planning tool. | Cross-sectional | Biodiversity risk screening |
Species Threats Abatement & Recovery Metric (STAR) | IBAT alliance | STAR is a metric derived from the IUCN Red List of Threatened Species. The tool allows actors to identify opportunities for nature positive actions across the world. The STAR tool can be used to measure to what extent investments contribute to reducing the risk of species extinction (Previously known as BRIM). | Cross-sectional | Identify nature-positive actions across the world |
Sustainability Focus | ||||
Title | Developer | Description | Sector | Scope |
Integrated Valuation of Ecosystem Services and Tradeoffs (InVEST) Natural Capital Project (n.d.) | Natural Capital Project | InVEST consists of numerous open-source software models that can be used to map and value nature’s goods and services. Some of their models are:
| Cross-sectional | Impact and dependency on nature |
The Equator Principles The Equator Principles Association (2023) | The international Finance Corporation | The equator principles were first launched in 2003 and has since 2006 been aligned with the IFC Performance Standards. The 10 principles are meant to serve as a common baseline and risk management framework, that allow financial institutions to assess and manage environmental and social risks prior to financing projects. The Equator Principles are globally relevant, can be applied to all industry sectors, and the five following financial products:
Project-Related Refinance, and Project-Related Acquisition Finance The Equator Principles Association (2023) | The Financial Sector | Environmental risk management |
Portfolio Impact Analysis Tools for Banks UNEP FI (2022) | UNEP FI Positive Impact Initiative | The tool is not biodiversity specific but focuses more broadly on the sustainable development goals (SDGs). The tool is an input-output workflow, that enable banks to comply with the second principle of principles for responsible banking on Impact Analysis and target-setting | Financial sector | Impacts on nature |