As we approach Sustainable Finance Live 2024, scheduled for October 8 at Events@No6 in London, Richard Peers, the founder of ResponsibleRisk and a keynote speaker at the event, recently sat down for an interview with FinextraTV. The discussion centered around the influence of biodiversity in the Nordic region.
In this conversation, Peers connected with Mads Steinmuller, head of climate and nature at Danske Bank’s asset management division, to delve into the findings from a recent report examining the biodiversity impacts on 100 of the Nordic region’s largest companies.
The Danske Bank report, titled Navigating Biodiversity Impact: A Review of 100 Nordic Companies, provides an overview of the current state of nature in the Nordics. During their analysis, Steinmuller noted that they scrutinized sustainability reports and data from 100 companies to assess their impacts on and dependencies related to biodiversity, aiming to enhance data quality in this area.
Steinmuller indicated that a significant challenge is that while many companies recognize their biodiversity issues, they lack clarity in defining those problems or setting specific improvement targets. The research revealed that 73% of the companies faced difficulties navigating biodiversity complexities. However, a few leaders within the industry are proactively engaging in restoration projects and establishing science-based targets to address their ecological dependencies.
“Biodiversity has a localized nature,” Steinmuller explained. “Unlike climate change, which centers around CO2 emissions, biodiversity involves specific local issues that need to be identified to evaluate business risks effectively. Once those issues are mapped, organizations can begin to set meaningful targets.”
Steinmuller also highlighted the urgency of the biodiversity crisis, noting that half of the global GDP relies on nature, with biodiversity loss reaching a critical juncture. Danske Bank aims to assist more companies in their transition towards sustainable practices, and he believes the biodiversity and nature guidance that was introduced in 2023 represents a positive step forward for the financial sector.
The upcoming Sustainable Finance Live conference will focus on the intersections of finance, technology, climate change, and nature conservation, emphasizing natural capital and biodiversity.
To engage with experts and industry leaders on strategies to combat biodiversity loss and promote sustainable finance, consider joining us at Sustainable Finance Live. Register here to secure your spot and view the agenda.