The Biodiversity Consultancy and UNEP-FI launched PRB Sector Action Guidance for Nature
From 1970 to 2020, the world’s wildlife populations fell by 73%. This precipitous decline is not only a tragedy for the natural world; it also impacts the human world. Nature, its biodiversity, and ecosystem services underpin the economy and businesses, and so we lose them at our peril, a fact increasingly recognised by global policymakers seeking to protect what remains of the natural world.
Banks contribute to nature loss through the financing of their clients’ operations. This could be from land-use change due to deforestation for cattle ranching or pollution from acid mine drainage by a copper mine. To mitigate these impacts, avoid physical and transition risks, and capitalise on opportunities, banks need to be able to work hand in hand with clients who have significant impacts or are dependent on nature.
The United Nations Environment Programme Finance Initiative (UNEP-FI) and The Biodiversity Consultancy recently launched the Sector Action Guidance for Nature: Getting Started in the Agriculture, Forestry, and Mining Sectors. The guidance aimed to help banks to support ‘priority actions’ to mitigate and manage nature-related impacts. These actions can be integrated into client dialogues today without lengthy data analysis.
The guidance document provides actionable steps for high-impact sectors such as mining, agriculture, and forestry to avoid and reduce their impacts on nature. To bring it to life, the guidance offers sector-specific insights regarding key commodities—such as bauxite, copper, cattle, wood, and soy. These deep dives categorise impacts as high, medium and low risk and offer actions and examples for bank clients to manage and mitigate those impacts.
Lastly, the guide connects those bank client actions with existing workflows of bank client engagement and bank policies. This ensures tangible bank use cases for insights, enabling them to support their clients in taking action and incentivising them to do so.
By providing real-world examples and practical recommendations on how bank clients can better manage their relationship with the natural world, the Nature Sector Action Guidance empowers banks to take immediate and informed action, supporting a nature positive future.
Categories: Financial Services, Publications, Company news, Biodiversity Strategy, Nature Positive
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