UNEP FI Launches Nature-related Guidance for Banks

The guidance aims to help banks align with the Global Biodiversity Framework and address nature and biodiversity loss.

United Nations Environment Programme Finance Initiative (UNEP FI) has published new nature target setting guidance for signatories to the UN-convened Principles for Responsible Banking (PRB).

The guidance aims to help banks align with the Kunming-Montreal Global Biodiversity Framework (GBF) and address nature and biodiversity loss.

It also calls for banks to align their strategies and portfolios with the GBF, equivalent to their efforts with the Paris Agreement.

The guidance includes banks needing to assess portfolio exposure to nature-related impacts and dependencies, risks and opportunities and report in line with recommendations from the Taskforce on Nature-related Financial Disclosures (TNFD).

It also recommends banks develop a nature strategy and produce a public statement in this regard, engage with large clients on material nature-related impacts and dependencies, and set targets to provide a specified volume of lending or capital markets facilitation to help close the biodiversity funding gap.

The guidance was developed by 34 PRB signatories with input and technical support from the TNFD, UNEP-World Conservation Monitoring Center, the Science Based Targets Network, the Convention on Biological Diversity Secretariat and the Finance for Biodiversity Foundation.

Read more articles like this on Regulation Asia’s sister publication, ESG Investor.

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