- With the sector’s nature commitment, Finnish financial sector companies give their full support to measures promoting the aims of the Kunming-Montreal Global Biodiversity Framework.
- Many of Finance Finland’s members have already prepared or are preparing their own biodiversity roadmaps and strategies.
- Biodiversity loss has rocketed up the list of priorities for companies worldwide. It is increasingly recognised as a financial and business risk similar to climate change.
Finnish financial sector companies are working to draft the sector’s own nature commitment, which will include indicators describing and monitoring the sector’s measures to prevent biodiversity loss between 2024 and 2028. With the commitment, the companies are giving their full support to measures promoting the aims of the Kunming-Montreal Global Biodiversity Framework.
“Climate change and biodiversity loss are two of the biggest concerns of our time. No sector will be able to escape their impact, and the financial sector is no exception”, says Finance Finland’s CEO Arno Ahosniemi.
The deterioration of nature represents a critical threat to the performance and sustainability of financial assets and economies.
“Human activity has caused the rapid loss of species and habitats on an unprecedented global scale. The challenges biodiversity loss presents are dire ‒ but at the same time, it provides opportunities for a nature-positive transition in the financial sector and in business in general”, notes Ahosniemi.
Ahosniemi says the sector has already taken important steps forward in the matter: many of Finance Finland’s members, for example, have already prepared or are preparing their own biodiversity roadmaps and strategies. As biodiversity loss is increasingly recognised as a financial and business risk similar to climate change, it has rocketed up the list of priorities for companies worldwide. In Finland, financial sector companies have rolled up their collective sleeves and are working to make the sector’s nature work more visible to promote its effectiveness.
Banks, insurers and investors are in a key role as the providers of funding and protection against business risks across sector boundaries. Risks of this magnitude should theoretically be reflected also in the prices of finance and insurance. This requires understanding and knowledge of the short- and long-term environmental risks of business.
“Protecting nature and biodiversity concerns the whole of society. We need ambitious politics as well as the input and effort of all business sectors and industries. Such a massive impetus of change must be reflected in corporate strategies and extended across all operations. Staying ahead of the curve is also a competitive advantage. The financial sector is prepared to bear its full responsibility but cannot enact change on the behalf of others”, Ahosniemi points out.
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