LONDON: Financial regulators and supervisors in some G20 countries are overlooking the risks posed by biodiversity loss and deforestation because of insufficient data, focusing instead on climate risks, a report by the G20's financial watchdog found.
A deforested area in the middle of the jungle is seen during a military flyover in Tumaco, Colombia, on Dec 13, 2021. LONDON: Financial regulators and supervisors in some G20 countries are overlooking the risks posed by biodiversity loss and deforestation because of insufficient data, focusing instead on climate risks, a report by the G20 's financial watchdog found.
Physical risks can arise from the degradation of nature such as a decline in pollinating insects essential for food production or the degradation of agricultural land. That differs from transition risks, which arise from actions and polices aimed at protecting, or reducing negative impacts, on nature.
Brazil, which holds the current G20 presidency, tasked the FSB - a grouping of central banks, treasury officials and regulators from G20 countries - to carry out the first stocktake of global regulatory and supervisory efforts to identify and assess nature-related financial risks. The study comes ahead of the United Nation's COP16 biodiversity conference in Colombia in October where world leaders are under growing pressure to prevent further destruction of key ecosystems.
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