Financial institutions call for adoption of framework to account for nature loss150 organisations ask leaders at a United Nations conference in Montreal to adopt the Global Biodiversity Framework.
Financial institutions representing over $24 trillion in assets under management have called on world leaders to adopt an ambitious post-2020 Global Biodiversity Framework at the United Nations Biodiversity Conference (COP15).
The statement, from 150 organisations, comes as world leaders at COP15 in Montreal discuss plans to address biodiversity loss by 2030.
Coordinated by the UN-backed Principles for Responsible Investment, the UN Environment Programme Finance Initiative (UNEP FI), and the Finance for Biodiversity Foundation, the statement calls on governments worldwide to adopt the post-2020 framework for economic actors, including financial institutions, to take action to "halt and reverse nature loss", according to a news release.
"With this statement, financial institutions have shown leadership in engaging with the biodiversity challenge and committing to nature and climate goals," said Eric Usher, Head of UNEP FI.
A 2020 report from the World Economic Forum indicates that more than half of the world's total GDP is moderately or highly dependent on nature and its ecosystems, the news release said.
"The finance sector must not forget biodiversity in the race to net zero," said Caroline Le Meaux, Global Head of ESG Research, Engagement and Voting for Amundi, a French asset management company. "We recognise the importance of biodiversity which forms the foundation of our economy."
The full list of the 150 signatories is available here.
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