Leading up to Sustainable Finance Live 2024, scheduled for October 8 at Events@No6 in London, Richard Peers, founder of ResponsibleRisk and keynote speaker at the event, participated in an interview with FinextraTV to discuss the impact of biodiversity in the Nordics.
Peers spoke with Mads Steinmuller, head of climate and nature at Danske Bank asset management, about their findings related to biodiversity’s effects on 100 of the largest companies in the Nordics.
In the Danske Bank report, "Navigating Biodiversity Impact: A Review of 100 Nordic Companies," the bank evaluated the state of nature in the region. Steinmuller highlighted that they analyzed sustainability reports and data from these companies to assess their impacts and dependencies, aiming to enhance the understanding of biodiversity challenges.
He pointed out that while many companies recognize their biodiversity issues, they often have not clearly defined those challenges or set specific targets for improvement. The whitepaper revealed that 73% of the surveyed companies struggle with the complexities of biodiversity. However, a few leaders are initiating restoration projects and establishing science-based targets to address their dependencies.
“Biodiversity is very local,” he stated. “Unlike climate change, which centers around CO2 emissions, biodiversity issues vary by region. Mapping these local concerns is essential to understanding business risks and deriving insights, which then informs target-setting.”
Steinmuller stressed the urgency of addressing nature-related challenges, noting that half of the world’s GDP depends on nature, and its loss is reaching critical proportions. Danske Bank aims to assist more companies in their transition toward better biodiversity practices, and the guidance on biodiversity and nature introduced in 2023 is a promising development for future efforts within the financial sector.
This year’s Sustainable Finance Live conference will emphasize the roles of finance and technology in tackling climate change and nature loss, highlighting natural capital and biodiversity.
Join us at Sustainable Finance Live to learn more about combating biodiversity loss. Industry experts and leaders will gather to discuss and strategize the future of sustainable finance in relation to nature. Register for attendance and view the agenda here.