The 26 signing banks, asset managers, insurers and impact funds, represent over €3 billion in assets under management. The signatories recognise that the earth’s biosphere is the foundation of human resilience and progress, and that it is under increasing stress. As financial institutions, they emphasise the need to protect biodiversity and to reverse nature loss in this decade, ahead of the Conference of the Parties (COP 15) to the Convention on Biological Diversity (CBD) in May 2021.
Loss of biodiversity threatens existence on earth
Peter Blom, Chief Executive Officer of Triodos Bank: “The loss of biodiversity is one of the greatest challenges for the existence of life on earth. The damage to biodiversity caused by our way of living, specifically farming, is considerable. We are at the point that we should not talk about reducing harm to biodiversity, but about regeneration. That is exactly what Triodos Bank aims to do with its loans and investments and that is why we have signed the pledge.”
The initiators of the pledge strongly encourage other financial institutions from all continents that are not yet involved with the pledge to also sign up to it.
Partnership for Biodiversity Accounting Financial
Triodos Bank is also part of the Partnership for Biodiversity Accounting Financials (PBAF), which is working on a harmonised biodiversity accounting approach. On 25 September, the PBAF launched its first ‘common ground’ report on biodiversity impact assessment, also at the Nature for Life Event, in New York. The report is an important step towards this harmonised biodiversity accounting approach for the financial sector and will contribute to the much needed transformation. The PBAF appeals on other financial institutions to join forces and reverse nature loss.
The PBAF members started cooperating in 2019. The ongoing exchange of knowledge and experiences has resulted in harmonised definitions and principles underlying biodiversity impact assessment in this first Common Ground report. These definitions and principles are not reserved to one specific impact assessment methodology. They offer a valuable reference for both quantitative and qualitative ‘biodiversity footprints’ in the financial sector. Such footprints provide financial institutions with the insights needed to set biodiversity goals, formulate biodiversity strategies and monitor progress.
A common methodology is needed
Peter Blom: In order to measure and report on the financial sector’s impact on biodiversity, a common methodology is needed. That is why the work of the Partnership Biodiversity Accounting Financials is so important. The collaboration between several financial institutions to find common ground will help formulate business strategies that have a positive impact on biodiversity.”