Please find below links to websites, reports and articles that discuss nature and finance. These are regularly updated and shared in the monthly GFI Hive newsletter.

Roadmap: High Integrity Marine Natural Capital Markets in the UK: A Roadmap for Action

Date published: May 2024
Finance Earth, in collaboration with Pollination, the Crown Estate and the Blue Marine Foundation, have published 7 recommendations alongside an implementation roadmap to deliver high quality natural capital markets in the UK. These recommendations are mapped to barriers as well as provide a detailed timeline for each recommendation.

Guide: Investing in Nature: Opportunities for Intuitional Investors

Date published: May 2024
This short guide, co-authored by the Sustainable Markets Initiative and GFI, seeks to demystify the various opportunities available to investors to increase private capital flows into Nature, and draws on the experience and insights of asset managers within this emerging sector. It also presents detailed case studies designed to support the decisions made by investors

Report: Rewilding Finance

Date published: May 2024
Written by Rewilding Britain, this report takes a deep dive into mechanisms that can support rewilding financing in the UK and focuses on actors including practitioners, project partners, funders and brokers within the rewilding ecosystem. The report lays out 5 recommendations, each of which details a case study that showcases the recommendation in practice.

Report: The Global Bioeconomy

Date published: May 2024
This report details a preliminary stocktake of G20 strategies and practices in contribution to the Brazilian G20 Presidency's Global Initiative on Bioeconomy, including how G20 members are advancing the bioeconomy as a basis for: Facilitating members’ learning and engagement, Enabling G20 members’ action and Increasing cooperation in areas of common interest. The report includes a section on financing which lays out the types of nature markets used, including asset, intrinsic, derivative and credit markets.

Report: Implementing Statutory Biodiversity Net Gain

Date published: May 2024
In this report, the National Audit Office examines the progress that Defra and Natural England have made in implementing statutory Biodiversity Net Gain (BNG), and whether they have done so in a way that maximises benefits and effectively manages risks. The report goes on to make recommendations aimed at supporting Defra and Natural England to maximise value and manage risks to statutory BNG as policy implementation becomes business as usual.

Issue Paper: Definition of a Biodiversity Credit 

Date published: May 2024
The Biodiversity Credit Alliance (BCA) proposes that "a biodiversity credit is a certificate that represents a measured and evidence-based unit of positive biodiversity outcome that is durable and additional to what would have otherwise occurred." The report goes on to define terms within the definition, and highlights issues for further discussion such as transparency, trading rules and liability for performance failure.

The Future for Nature in Transition Planning

Date published: April 2024
This paper draws on the expertise of the Transition Plan Taskforce (TPT) Nature Working Group to make recommendations on the future of nature in transition planning beyond the current TPT Disclosure Framework and associated guidance. It considers how the TPT’s approach to climate transition planning could be applied to nature objectives, and what can be done to create the enabling environment needed for business to implement this approach within transition plans. 

Global Survey of Nature Risk Management at Financial Firms

Date published: April 2024
GARP has undertaken its first global survey of nature risk management across the financial system, with the intention of examining both the risks and opportunities within a financial firm’s portfolios (rather than its direct operations). There were 48 firms in this year’s Survey, comprising 37 banks, seven asset managers, and four insurers. Among other things, the survey shows that: 31% of the firms report that their regulators have published formal expectations for nature risk management, and another 13% expect their regulators to do so. Nearly half of the boards in the sample have oversight of nature-related risks and opportunities. Just 17% of firms are using metrics, targets, or limits to assess drivers of nature-related risks.

CPIC Conservation Investment Blueprints - Agriculture and Forestry Projects

Date published: April 2024
CPIC has published four additional blueprints to add to its existing repository, including: Belterra's use of blended finance in managing agroforestry systems in Brazil; the RSPB's use of a commercial debt facility to refinance the acquisition of its habitat bank site for S106 payments in England; Heal Rewilding's leveraging a blend of concessional and commercial debt alongside public and private donations, for nature recovery projects in England; and Koa's use of a low-interest loan from the Landscape Resilience Fund and IDH Farmfit Fund to scale its use of agricultural by-products.in Ghana.

Biodiversity Disclosure Initiatives

Date published: April 2024
This Thematic Report from Arcadis, ICF and the European Business and Biodiversity Platform specifically focuses on biodiversity disclosure initiatives - both regulatory and voluntary- to highlight the major differences and similarities. The report covers 6 biodiversity disclosure initiatives: the European Sustainability Reporting Standard (ESRS) E4 on biodiversity and ecosystems (part of CSRD); the Sustainable Finance Disclosure Regulation (SFDR); French Energy and Climate Law, Article 29; Taskforce on Nature-related Financial Disclosures (TNFD) recommendations and guidance; Biodiversity Standard of the Global Reporting Initiative (GRI); Biodiversity disclosure requirements by CDP. 

Standards Framework: Nature markets - Overarching principles and framework - Specification

Date published: March 2024
The British Standards Institution (BSI) has released Version 1 of its Overarching Principles Standard, the first of a suite of upcoming standards as part of the Nature Investment Standards programme. This is intended to establish an overarching framework to ensure the functioning of high-integrity nature markets as they are developed. The document is available for public consultation until 1 May 2024.

Guidance Paper: How Can Biodiversity Finance Plans Support NBSAPs?

Date published: March 2024
BIOFIN has published guidance on how Biodiversity Finance Plans (BFPs) can support countries in developing national biodiversity strategy and action plans (NBSAPs). While NBSAPs are the main policy instrument for implementing biodiversity targets at the national level, BFPs focus on closing the biodiversity funding gap, and can thereby support the attainment of NBSAP targets.

Policy Paper: The Carbon Credit Price and National Tree Planting Impact of Woodland Carbon Code Admittance to the UK-ETS.

Date published: February 2024
A new policy paper has been released by Foresight Group and King's College London to assess the price impact on Woodland Carbon Units, of admitting the Woodland Carbon Code (WCC) into the UK Emissions Trading System (UK-ETS). The paper bases its modelling on the forestry sector but also examines best-practice examples from other regional markets and suggests a number of key recommendations for policymakers, regulators, and investors.

Research Paper: Nature-Based Solutions & Risk Management. Recommendations for Integrating Nature into Risk Science & Insurance

Date published: February 2024
A report by the Center for Coastal Resilience at the University of Santa Cruz, the U.S. Army Corps of Engineers, and Guy Carpenter has been published that sets out 15 recommendations to further integrating NbS into risk science and insurance business operations in the United States. The recommendations fall under four themes: risk models; insurance coverages; public-private partnerships; and financing opportunities.

Guidance Paper: Investing in Regenerative Agriculture: Reflections from the Past Decade

Date published: February 2024
SLM Partners has released a new white paper aimed at investors seeking to invest in regenerative agriculture. The report sets out the investment and environmental case for regenerative agriculture, while also highlighting the risks and challenges that investors may face when starting the investment journey.

Legal Templates: Nature as Director

Date published: March 2024
The Earth Law Centre's Nature Governance Agency has uploaded four new legal templates to the Earth Law Portal, designed to help UK businesses and organizations bring a Nature Director onto their board of directors. These four templates include a Nature Director Nomination Policy, a Nature Director Document Tracker, a Nature Director Document Changes, and a Nature Director Commitment Level to Implementation Matrix (CLIM). The templates were developed and adapted from the advice of Shearman & Sterling LLP. 

Report: Global Risks Report 2024

Date published: February 2024
The World Economic Forum (WEF) has published its 19th edition of the Global Risks Report. This speaks on a number of material risks that relate to the environment and ranks five of these in the top 10 risks that will dominate the global economy in 10 years time. These include: 1st - Extreme weather events. 2nd - Critical change to Earth systems. 3rd - Biodiversity loss and ecosystem collapse. 4th - Natural resource shortages. 10th - Pollution.

Report: Accountability for Nature: Comparison of Nature-related Assessment and Disclosure Frameworks and Standards

Date published: January 2024
This report, co-authored by the United Nations Environment Programme World Conservation Monitoring Centre (UNEP-WCMC) and the United Nations Environment Programme Finance Initiative (UNEP FI), provides an overview of the key methodological and conceptual trends among the private sector assessment and disclosure approaches on nature-related issues. It provides comparative research on seven leading standards, frameworks and systems for assessment and disclosure on nature-related issues, such as the SBTN guidance, CDP and the TNFD.

Report: A Roadmap for Financing a Regenerative Agriculture Transition in England

Date published: January 2024
Led by WWF and Natwest Group, this roadmap is a product of a series of cross-sector workshops and provides an overview of the Government action needed to mobilise private financial investment for a regenerative agricultural transition in England.

Financing Nature Based Solutions for Adaptation at Scale: Learning from Specialised Investment Managers and Nature Funds

Date published: December 2023
This report is a first output from the project “Global Tools to Unlock Capital for Investments in Nature-Based Solutions” of the Global Center on Adaptation in partnership with the Environmental Change Institute (ECI) at the University of Oxford. This first output reviews the status of nature finance globally, to learn from the role played by nature-focussed funds and their investment managers, understand what works, and draw conclusions for how we might mobilise more financing for nature-based solutions for adaptation

Discussion Paper: Financing nature: a transformative action agenda

Date published: December 2023
This discussion paper from SystemIQ aims to deepen the action agenda for nature finance by proposing five urgent, systemic action items to mobilize capital for nature and four investment priorities for financial institutions.

Report: Paying for Quality, State of the Voluntary Carbon Markets 2023

Date published: November 2023
Ecosystem Marketplace has published its latest summary of global voluntary carbon markets to provide updating pricing, trends and other relevant data and insights related to Article 6 of the Paris Agreement. It includes several data points around nature-based carbon credit sales.

Report: UNEP Adaptation Gap Report  

Date published: November 2023
The report finds that the adaptation finance needs of developing countries are 10-18 times as big as international public finance flows. This is over 50% higher than the previous range estimate, and the current adaptation finance gap is now estimated at US$194-366 billion per year. This report identifies seven ways to increase financing, including through domestic expenditure and international and private sector finance.

Report: UNEP Emissions Gap Report 

Date published: November 2023
The report finds that as things stand, fully implementing unconditional Nationally Determined Contributions (NDCs) made under the Paris Agreement would put the world on track for limiting temperature rise to 2.9°C above pre-industrial levels this century. Fully implementing conditional NDCs would lower this to 2.5°C. Today, the projected increase is 3%. However, predicted 2030 greenhouse gas emissions still must fall by 28% for the Paris Agreement 2°C pathway and 42% for the 1.5°C pathway.

Report: Let's Discuss Nature with Climate: Engagement Guide

Date published: October 2023
The Centre for Sustainable Finance (CISL)’s new Let’s Discuss Nature with Climate Engagement Guide details how banks and investment managers can accelerate the transition to a nature-positive economy by engaging with portfolio clients and investee companies on nature protection and restoration through existing climate mitigation efforts. The Guide presents a five-phase approach to integrate nature into existing engagements on climate.

Report: The State of UK Nature Markets 2023

Date published: October 2023
This report is an assessment of the condition of UK nature markets with particular reference to the framework for high-integrity nature markets published by the Financing Nature Recovery coalition in June 2022. The coalition included some 60 organisations and was led by Broadway Initiative along with the Green Finance Institute and Finance Earth.

Publication: Nature Markets Principles

Date published: October 2023
These Principles have been collectively published by Finance Earth, the Wildlife Trusts, RSPB, Woodland Trust, National Trust and Federated Hermes Limited. They are aimed at enhancing the integrity and effectiveness of nature markets linked to carbon and nature credits. They are designed as a stop-gap, to influence market practice today and to contribute to emerging Government Policy and Regulation. The Principles may be used voluntarily by all market participants and to assist with policy development.

Report: The High Cost of Cheap Water  

Date published: October 2023
Released on World Food Day, the World Wildlife Fund (WWF)'s The High Cost of Cheap Water report finds the annual economic value of water and freshwater ecosystems is estimated to be USD 58 trillion – equivalent to 60% of global Gross Domestic Product (GDP). The report finds that direct economic benefits, such as water consumption for households, irrigated agriculture and industries, amount to a minimum of USD 7.5 trillion annually. It also estimates that the unseen benefits - which include purifying water, enhancing soil health, storing carbon, and protecting communities from extreme floods and droughts - are seven times higher at around USD 50 trillion annually.

Report: State of Voluntary Biodiversity Credits Market: A Global Review of Biodiversity Credit Schemes

Date published: October 2023
Pollination analysed eight biodiversity credit schemes across the globe, providing a view of the supply side of this fast-emerging market. The report identifies key characteristics and market trends across the eight schemes. It also identifies six key attributes of voluntary biodiversity credit schemes that should be prioritised for improvement over coming years

Report: Nature Finance Focus: Tracking global trends in nature investment

Date published: September 2023
In this report, Pollination sets out the findings from its survey of 557 investors across the globe that are engaged in nature investment. The survey aimed to understand what is motivating their work, where they see risk and opportunity, and how the investment footprint on nature is evolving today.

Guide: Bonds to Finance the Sustainable Blue Economy

Date published: September 2023
This voluntary Guidance is for broad use by the market to provide issuers with guidance on the key components involved in launching a credible “blue bond,” to aid investors by promoting availability of information to evaluate the environmental impact of their “blue bond” investments, and, and to assist underwriters by offering vital steps that will facilitate transactions that preserve the integrity of the market.

Roadmap: Eliminating Commodity-Driven Deforestation Finance Sector Roadmap

Date published: September 2023
This Roadmap recommends the key steps needed for financial institutions to eliminate commodity-driven deforestation, conversion, and associated human rights abuses from their portfolio by 2025. The Roadmap focuses on finance provided to clients/holdings (including companies, projects, and financial institutions) which produce, process, procure and finance the highest-risk agricultural commodities, which are responsible for over two thirds of tropical deforestation.

Briefing Paper: Nature-Positive Insurance: Evolving Thinking and Practices

Date published: September 2023
UNEP FI’s Principles for Sustainable Insurance Initiative (PSI) and Nature Teams co-authored this paper articulating the role that insurers can play in supporting the goals of the Kunming-Montreal Global Biodiversity Framework. The paper includes recommendations on managing nature-related risks and on innovative solutions and new opportunities to insure nature. Furthermore, this paper identifies gaps in knowledge, tools, methods and standards and proposes a roadmap to speed up and scale up nature-positive insurance.

Report: Developing High-Integrity Marine Natural Capital Markets in the UK

Date published: September 2023
Commissioned by The Crown Estate and Blue Marine Foundation, and led by Finance Earth and Pollination, this report identifies barriers to developing high-integrity marine natural capital markets in the UK and outlines recommendations for unlocking vital investment into marine natural capital, drawing on input from almost 100 stakeholders.

Report: Nature-related Financial Risks: A Conceptual Framework to guide Action by Central Banks and Supervisors

Date published: September 2023
The Network for Greening the Financial System (NGFS) published the beta version of its Conceptual Framework for Nature-Related Financial Risks to guide policies and action by central banks and financial supervisors. The Framework seeks to create a shared science-based understanding of, and common language for, these nature-related financial risks to help central banks and financial supervisors navigate the complexities and challenges associated with assessing and addressing these risks.

Report: A global Centre for Nature Finance

Date published: September 2023
The City of London Corporation and PwC, with support from the Green Finance Institute, have collaborated to outline a vision for an innovative and world leading global centre for nature finance that supports the ambition of the Global Biodiversity Framework. It provides seven recommendations for the UK Government, regulators, and the Financial Services sector. The report also recommends for Government to "address marine biodiversity as a matter of urgency" in its nature markets.

Report: State of Nature

Date published: September 2023
The State of Nature Partnership is formed of 50 conservation-linked organisations. Its first report uses the latest and best data from biological monitoring and recording schemes to provide a benchmark for the status of the UK's wildlife. It finds nearly one in six species are threatened with extinction. Pollinators such as bees, hoverflies and moths, have decreased by 18% on average, whilst predatory insects, like the 2-spot Ladybird which help control crop pests, have declined by more than a third.

Discussion Paper: Catalysing finance and insurance for nature-based solutions

Date published: August 2023
This report by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, outlines several case studies that highlight private sector initiatives in emerging markets, from marine ecosystems to agriculture. The report showcases the scope for stronger collaboration between the public and private sectors.

Report: Making Nature Markets Work

Date published: August 2023
The Taskforce on Nature Markets published its final report that sets out seven recommendations to embed nature and social equity goals into global finance. The recommendations call integrating nature considerations across economic, financial, and social policies and regulations, equitable sharing of benefits, prosecution of crimes against nature, and establishing transparent measures of the state of nature.

Report: Nature in Green Finance

Date published: August 2023
This new Carbon Disclosure Project (CDP) report reveals nature is consistently overlooked in financial decision-making by most financial institutions, despite stepping up climate considerations. It offers an analysis of efforts across governance, strategy and implementation, risk management, and metrics and targets mechanisms of most financial institutions.

High Level Roadmap: Aligning financial flows with the Kunming-Montreal Global Biodiversity Framework

Date published: July 2023
Published by the UNEP Finance Initiative, this Roadmap suggests recommendations for actors across the financial landscape on integrating the Kunming-Montreal Global Biodiversity Framework (GBF) within their policies and decision-making processes.

Report: Reaping the rewards: Cultivating a fair transition for farming

Date published: July 2023
This report from the Institute for Public Policy Research (IPPR) recommends that the government allocate £2.4 billion a year for the next decade in England for environmental land priorities, accompanied by a strengthening of the regulatory baseline for farming in the UK, in line with aims and targets for net zero and the recovery of nature on land. The report also advises that government should end subsidies in the form of de-linked payments to farms with over £100,000 net annual profit from food sales, starting in 2024.

Report: Harnessing Biodiversity Credits for People and Planet

Date published: June 2023
This report was developed by NatureFinance in association with Carbone 4 and in collaboration with the Global Environment Facility (GEF). The first part of the paper provides an overview of recent developments in the biodiversity credits landscape. The second part of the report proposes a Global Roadmap – first introduced at the Summit for a New Global Financing Pact held in Paris in July 2023.

Report: Progress in reducing emissions 2023 Report to Parliament

Date published: June 2023
This report finds that the UK must urgently double down on adaptation action and set the right policies, institutions and capabilities in place to build a net zero, resilient and nature-positive economy. Significant gaps in the UK's climate policy regime are slowing the flow of finance towards projects that can help manage the impact of extreme heat, floods, storms, and drought in the UK. Action on adaptation, including nature based solutions, is lagging behind and the risks are mounting.

Discussion Paper: Integrity Principles for Nature Investment Standards

Date published: June 2023
Within the UK there is a need for a common set of overarching principles that would apply to nature-based environmental improvement projects and the quantification of ecosystem services. As part of its four-year Nature Investment Standards Programme, the British Standards Institution (BSI) has published its first discussion paper on Integrity Principles that covers the proposed scope of the integrity principles standard, key success criteria for the development of the integrity principles standard and examples of principles in action.

Database: Finance Resource (FIRE) Database for Biodiversity

Date published: June 2023
The UNDP and BIOFIN has launched a new biodiversity finance resource database - FIRE - which aims to close the financing gap for biodiversity conservation by listing over 200 funding opportunities globally. FIRE is envisioned to be a comprehensive database that serves principally all kind of biodiversity projects (private, public or by civil society) to identify additional funding possibilities (both refundable and non-refundable).

Report: A Guide to Action on Nature 

Date published: June 2023
The Association for British Insurers (ABI) has published guidance to help insurers and long-term savings providers become ‘nature positive’ in helping tackle the decline in the UK’s nature. This guidance sets out the compelling case for action by the industry, including that nature loss exposes the homes and businesses that ABI members protect across the UK to a wide range of risks, which in turn will impact markets and financial performance. It aims to help firms begin to assess the risks and opportunities, and develop a strategy for action. 

Review: Nature Finance Review 2023

Date published: May 2023
The Ecosystems Knowledge Network have recently published this review of the nature finance project pipeline in the UK. Data from 219 projects were included in the review, including 177 place-based (sub-regional) projects and 42 projects designed to enable recipients and providers of nature finance to interact. It also identifies the developmental stages of these projects according to the GFI's Investment Readiness Toolkit.

White Paper: How Financial Institutions can help solve the Biodiversity Crisis

Date published: May 2023
During 2022, Ernst & Young Advisory Pte Ltd (“EY”) teams assisted its clients in Asia-Pacific to pilot test and provide feedback on the TNFD’s framework. Heads of ESG and sustainability from 70 financial institutions from the region participated in initial awareness sessions, and 12 financial institutions and three corporates gave feedback on the TNFD LEAP framework. The EY report on the pilot testing, TNFD - Making It Real, provides extensive insights and analysis.

Report: What the Kunming-Montreal Global Biodiversity Framework means for Responsible Banks

Date published: May 2023
As part of a series of publications to help financial institutions understand the relevance and implications of the Kunming-Montreal Global Biodiversity Framework (GBF), this briefing provides banks a first overview of how the GBF applies to their industry. It aims to support the industry in managing associated risks, capturing relevant opportunities and preparing for anticipated policy developments that will yield new compliance and disclosure requirements.

Report: Article 6 Explainer

Date published: May 2023
The Paris Agreement paved the way for a new era of carbon trading with the establishment of Article 6, which enables countries to collaborate in achieving their Nationally Determined Contributions (NDCs) by trading mitigation outcomes. This paper, published by The Nature Conservancy, offers straightforward guidance on what was further decided at COP27 and dives into the complex implications of Article 6 for NDCs, nature and the VCM.

Report: Stepping up on Biodiversity - What the Kunming‑Montreal Global Biodiversity Framework means for responsible investors

Date published: April 2023
In December 2022, 196 countries adopted the Kunming-Montreal Global Biodiversity Framework (GBF), providing a global framework to halt and reverse nature loss by 2030. This report, from the UNEP Finance Initiative (UNEP FI), the Principles for Responsible Investment (PRI) and the Finance for Biodiversity Foundation, provides an overview of the key implications for investors of the goals and targets of the GBF. It aims to support investors in managing associated risks and preparing for anticipated policy developments.

Report: Biodiversity Finance Factbook

Date published: April 2023
This Bloomberg NEF report aims to kickstart and frame discussions on current finance flows to nature, where funding should be prioritized and how to make this happen. It develops a weighted framework to guide biodiversity restoration and preservation funding priorities to maximize impact. It is founded on the principle that funding is required where biodiversity is plentiful, providing value, and at risk. The highest funding priorities are large middle-income countries such as Brazil, China, Indonesia, and India. The report highlights that blended finance has a role to play, as well as risk-mitigation mechanisms.

Discussion paper: Biodiversity Credit Markets - the Role of Law, Regulation and Policy

Date published: April 2023
The Taskforce on Nature Markets collaborated with Pollination to write this paper exploring requirements and recommendations for a legal, policy and regulatory framework to guide the development of high integrity biodiversity credit markets. The paper examines case studies, identifying current biodiversity credit market initiatives in both the private and government sectors, highlighting initiatives underway in New Zealand, Colombia, Australia, Niue and other parts of the world, and proposes five high-level principles and recommendations to ensure high-integrity outcomes

Report: Driving Finance for Sustainable Food Systems

Date published: April 2023
This report aims to: 1) raise awareness of the importance and role of the agrifood sector in solving the triple planetary crisis as well as contributing to sustainable development; 2) provide an overview of the key opportunities for financial institutions to enhance financial flows to sustainable food systems (through impact management and targets, risk mitigation strategies and financial innovation); and 3) foster an enabling environment for driving capital towards sustainable food systems.

Report: Natural Capital Markets: What farmers and policy makers need to know

Date published: April 2023
This report seeks to understand how new and emerging markets in natural capital fit into a changing landscape for farmers. It explores some of the opportunities and risks from a farmer’s perspective, and the barriers that are currently preventing significant levels of take-up from farmers of the emerging ‘natural capital’ markets

Report: Mobilising Private Investment in Natural Capital

Date published: April 2023
Finance Earth was commissioned by the Scottish Government, in partnership with NatureScot, to explore how voluntary carbon markets can be harnessed to accelerate the delivery of high-integrity peatland restoration across Scotland. The report aims to understand both the financial and non-financial barriers to peatland restoration, and sets-out recommendations on how public capital can be used most effectively to crowd in private investment into peatland restoration. It proposes two key mechanisms be developed, a Scotland Carbon Fund (SCF) and a Price Floor Guarantee (PFG).

Discussion paper: Banking Sector Risk in the Aftermath of Climate Change and Environmental-Related Natural Disasters

Date published: March 2023
This paper provides preliminary estimates of the aggregate impact of physical risks from climate and environmental-related natural disasters on bank balance sheets across 184 countries over nearly 40 years. The paper finds that severe disaster episodes lead to an increase in the level of systemwide non-performing loans, which is persistent over time.

Discussion paper: The Future of Biodiversity Credits Markets

Date published: March 2023
One of the main themes in this paper is that the expanding biodiversity credit markets create both potential and risks – the risks are that these markets result in greenwashing and value only aspects of nature that offer short term economic rewards. The paper puts forward a taxonomy for biodiversity credit markets, namely as philanthropic claims / certificates; regulatory (mandated) offsets; biodiversity-linked carbon offsets; in-setting credits; biodiversity offsets; and biodiversity financial asset. The report draws on NatureFinance’s roles in the GEF’s Working Group on Innovative Mechanisms to Address the Biodiversity Financing Needs, and on its joint work with the Taskforce on Nature Markets.

Report: Financial Markets for Transforming the Global Food System

Date published: March 2023
Private finance plays an important role in driving the global food system. This Planet Tracker report estimates nearly USD 9 trillion of private finance is currently supporting the global food system (63% of its estimated asset value of USD 14 trillion). The report sets out four food system transformation themes that financial institutions should focus on when constructing a food system investment strategy: Responsible supply chains Increase food system true cost efficiency Reduce Pollution Sustainable Product offerings The report also identifies six priority actions financial insitutions should aim to achieve before 2030 in order to create an economically, socially and environmentally sustainable global food system.

Report: Innovative Finance for Nature and People

Date published: February 2023
The report identifies several areas for targeted action by Government to support investment in adaptation across the economy and makes recommendations for a well-defined vision the UK to adapt to Climate Change. It finds that across all climate risks facing the UK, the necessary additional investment in climate resilience required could be in excess of £10 billion per year this decade.

Report: Getting Underway: 2022 Baseline assessment of asset managers' approaches to addressing environmental and social risks in seafood-related investments

Date published: February 2023
600 million people's livelihoods worldwide are supported by global seafood production. This WWF collaboration with UNEP FI, the FAIRR Initiative, World Benchmarking Alliance and Planet Tracker lists recommendations for investors in the blue economy to collectively engage seafood companies on critical nature and biodiversity related impacts and risks. The initiative's goal will be to assist investors in strengthening their demands and standards for companies’ commitments to and implementation of best practice in seafood sustainability.

Report: Fertile Ground: Accelerating the Transition to net Zero Agriculture

Date published: March 2023
The report contains six recommendations and nine guiding principles for how government and policy makers can work with the banking sector to help farmers reach Net Zero. Bankers for Net Zero is an initiative that brings together leaders from 13 of the UK's leading banks, along with representatives from business and government. The initiative was established in 2020.

Report: IPCC AR6 Synthesis Report

Date published: March 2023
The Synthesis Report is the last of the Sixth Assessment Report (AR6) products. It synthesises the contents of the three Working Groups Assessment Reports and the Special Reports. The report has been called a final warning on 1.5C. One of its main findings is that with current policies, 3.2°C of global warming is projected by 2100. In response to the report, UN Secretary-General Antonio Guterres called on developed countries to accelerate their plans, moving their 2050 pledges to end emissions up to 2040.

Framework: Nature Markets Framework 

Date published: March 2023
The UK Government has published its Nature Markets Framework alongside the Green Finance Strategy. The Nature Markets Framework sets out how government will guide and support the development of nature markets capable of supporting elevated investment levels, whilst ensuring their integrity and principles. Detail is included on: Core principles for nature markets Stacking and bundling  Additionality tests Blending public and private finance  Work with the British Standards Institute to develop overarching standards for nature markets

Green Finance Strategy 2.0

Date published: March 2023
The UK Government has published its updated Green Finance Strategy (GFS).  Welcoming the GFS, Dr. Rhian-Mari Thomas OBE, CEO of the Green Finance Institute, said: “While the first Green Finance Strategy focused on planning and targets, this one is about delivering capital to finance our climate and nature goals. The Green Finance Institute’s pioneering strategy of positioning finance as the enabler of sectoral transitions is recognised as key to achieving net zero. The Strategy sets out a step change in how the UK will mobilise the finance needed to limit catastrophic warming and catalyse investment into nature.” “Today’s announcement broadens our mandate to work with government and the market to accelerate the mobilisation of capital to restore and protect nature as well as to decarbonise critical sectors, alongside well-designed long-term policy. Going forward, we will help develop innovative approaches to deploying government capital to crowd in private finance, maximising impact, and value for money. This is the only coherent pathway to economic growth and net zero, and the GFI is delighted to be a partner to the Government in this process.” 

Report: Climate Change Committee - Investment for a Well Adapted UK

Date published: February 2023
The report identifies several areas for targeted action by Government to support investment in adaptation across the economy and makes recommendations for a well-defined vision the UK to adapt to Climate Change. It finds that across all climate risks facing the UK, the necessary additional investment in climate resilience required could be in excess of £10 billion per year this decade.

Report: Global Canopy's Forest 500

Date published: February 2023
2023 - A watershed year for action on deforestation. The report finds that 201 (40%) of the companies and financial institutions most at risk of driving deforestation still haven’t set a single deforestation policy. It also reveals that $527 billion of finance flowed from financial institutions to Forest 500 companies with no deforestation policies last year, at risk of fuelling climate change and biodiversity loss.

Environmental Improvement Plan

Date published: January 2023
Five years ago, the 25 Year Environment Plan (25YEP) set out Defra's vision for a quarter-of-a century of action to help the natural world regain and retain good health. Defra has published an update to its 25YEP, setting out a framework to deliver on its vision. The EIP uses the 10 goals set out in the 25YEP as the basis to set out the progress made under each target, and the plan to deliver the overarching goals. The EIP announces the government's intention to launch a new multi-million pound Species Survival Fund targeted at protecting the UK's rarest species, as well as protect 30% of the UK's land and sea for nature through the Nature Recovery Network.

Report: Environmental Finance Biodiversity Insights 2023

Date published: January 2023
Environmental Finance has published its Biodiversity Insights 2023 report, outlining how investors are incorporating biodiversity concerns into their decisions in light of the Global Biodiversity Framework agreed at COP15.

Report: Mission Zero - Independent Review of Net Zero

Date published: January 2023
Former energy minister Chris Skidmore has published his Net Zero Review, outlining the opportunities of net zero. The review makes 129 recommendations, including those to support 'net zero nature' with nature-based solutions. Within Pillar 3: Net Zero and the Economy of the report, Skidmore highlights the role of land use in reaching net zero and calls for the publication of the Land Use Framework, the embedding of nature in transition plans and the development of a pipeline of nature-based solutions in the UK.

Report: Green expectations: engaging people on changing land use for climate and nature

Date published: January 2023
Green Alliance examines whether expected changes to land use and management will create a need for new policy and mechanisms to rebalance interests between different communities. This report proposes three changes that would reduce tensions within communities and make sure their benefits from altering land use and management are maximised.

Report: Shaping UK Land Use: priorities for food, nature and climate

Date published: January 2023
In this report, Green Alliance models five land use scenarios that restore nature, achieve net zero carbon emissions and provide good food, each prioritising different goals. These scenarios explore how the innate trade-offs in land use interact. They reveal several insights, which Green Alliance uses to recommend a 'balanced priorities scenario' for government to pursue with farmers, land managers and other actors.

Report: Global Risks Report 2023

Date published: January 2023
The Global Risks Report explores some of the most severe risks the world may face over the next ten years. Failure to mitigate climate change, failure of climate-change adaptation, natural disasters and extreme weather events, and biodiversity loss and ecosystem collapse are the top four risks.

Report: In Debt to the Planet

Date published: December 2022
This ShareAction report analyses the actions taken by the 25 largest consumer banks in Europe to respond to the climate and nature crises. Mean scores for climate action across this cohort of banks was 48%, and just 35% for biodiversity action. The report provides leading practice examples, and concludes with a list of recommendations.

Report: When Finance Talks Nature

Date published: December 2022
This WWF report finds that most of the growing number of government-led sustainable finance investment frameworks - or "sustainable finance taxonomies" - fail to adequately address nature loss. This report aims to provide insights and recommendations on how to address nature-related environmental objectives in government-driven sustainable investment and financial risk management frameworks.

Report: Nature in the Balance: What Companies Can Do To Restore Natural Capital

Date published: December 2022
This McKinsey report examines the state of natural capital, the economic sectors depending on and affecting it, and the opportunities for companies to help reduce those demands. It sizes the actions corporations could take to act as catalysts to return the planet to a “safe operating space for humanity”.

Guide: Act Now! The Why and How of Biodiversity Integration by Financial Institutions

Date published: December 2022
The Guide provides financial institutions with advice on how to integrate biodiversity into their financing activities and decision making, as well as how to start measuring impact and setting targets.

Paper: Biodiversity Risk: Legal Implications for Companies and their Directors

Date published: December 2022
This report from the Commonwealth Climate and Law Initiative finds that directors may face the risk of a liability for a failure to consider biodiversity risks in governance and disclosure if this breaches the duties of care and loyalty.

White paper: The Post-2020 Global Biodiversity Framework and What it Means for Business

Date published: December 2022
This white paper provides context and potential implications for 10 of the draft GBF’s 22 proposed action targets that are most likely to result in changes to business strategies or operations across multiple sectors, and presents case studies of companies that are already taking action to mitigate nature-related risks in their operations, while investing in new business opportunities that contribute positively to the targets of the GBF.

Report: State of Finance for Nature 2022

Date published: December 2022
The second edition of the State of Finance for Nature report reveals that nature-based solutions are still significantly under-financed. If the world wants to halt biodiversity loss, limit climate change to below 1.5C and achieve land degradation neutrality by 2030, current finance flows to NbS must urgently double by 2025 and triple by 2030.

Discussion Paper: Our role in Natural Capital Markets

Date published: November 2022
In this discussion paper, the UK Investment Bank outlines its initial thoughts on how UKIB can help catalyse investments in natural capital markets. It identifies three areas of the market that would benefit from more established business models, clearer policy drivers, and developed market infrastructure; the voluntary carbon market; Biodiversity net gain; water services UKIB will further develop its expertise in market segments across the natural capital market.

Report: High-Quality Blue Carbon Principles and Guidance

Date published: November 2022
The World Economic Forum launched its Guide for Sustainable Ocean-Based Carbon Markets at Sharm El-Sheikh. The report aims to provide consistent and accepted standards for blue carbon projects and credits for credit purchasers, investors, suppliers, and project developers.

Guide: Biodiversity Measurement Approaches

Date published: November 2022
Finance For Biodiversity has published the 2nd Edition of its 'Guide on Biodiversity Measurement Approaches'. This guide provides a comprehensive summary of the kinds of biodiversity measurement tools that are available and in use by financial institutions.

Report: Overview of Initiatives for Financial Institutions on Biodiversity

Date published: November 2022
Finance For Biodiversity has also published the 6th update to its 'Overview of Initiatives for Financial Institutions on Biodiversity'. This guide provides a comprehensive overview of the main biodiversity-related initiatives currently targeting financial institutions.

Report: Our Climate's Secret Ally

Date published: November 2022
This new WWF report analyses the key scientific findings from the three Working Group contributions to the Sixth Assessment Report (AR6) of the IPCC and insists on the power of nature in helping the world reach the 1.5 Degrees target.

Future of Food Part 3 – Can Markets Save Nature? Investing in Nature to Tackle Biodiversity Loss and Enhance Food Security

Date published: October 2022
This paper published by the Imperial College London Business School focuses on the financial opportunity surrounding natural assets and sustainable agriculture. It reviews what financial structures exist now and what sort of architecture needs to be built to make nature investible.

Report: TNFD Financial Markets Readiness Assessment

Date published: October 2022
The new TNFD Financial Markets Readiness Assessment report published by UNEP FI and UNDP identifies the existing incentives and barriers for financial institutions to integrate nature-related risk assessment and reporting in the decision-making process, and explores how the Taskforce can help develop these opportunities and overcome these challenges.

Paper: Nature in an era of crises: shaping purposeful nature markets

Date Published: September 2022
This paper maps key aspects of nature markets and includes a systematic economic quantification of nature markets globally, in USD. It finds that nature-based markets, including agriculture, voluntary carbon credits and nature-based solutions could be worth more than $7 trillion a year, making them equivalent to 8.6 per cent of global GDP. The paper also offers insights into legal frameworks and rights of nature as well as considerations for embedding equity in nature markets. The paper calls for robust governance of rapidly expanding nature markets to avoid greenwash, halt illegal markets and deliver nature positive and more equitable outcomes

Briefing Paper: Biodiversity Credits: Unlocking Financial Markets for Nature-Positive Outcomes

Date Published: September 2022
This briefing paper encapsulates the core thinking, issues and questions surrounding the credible and inclusive launch of biodiversity credits markets. It presents four case studies on new biodiversity credits products, from New Zealand, Colombia and Australia, plus one with global reach.

Report: Land of opportunity: a new land use framework to restore nature and level up Britain

Date Published: August, 2022
The Green Alliance has published a new report on how the government’s new Land Use Framework, expected in 2023, can support farm businesses across the country to play a leading role in achieving national climate and nature targets without damaging food security.

Report: Common success factors for bankable nature-based solutions

Date Published: August, 2022
This report analyses 16 'bankable' nature-based solutions projects from around the world in order to identify common factors for success, and improve the understanding of the business models, blends of investors and financial resources that are being successfully used to support NbS globally. This report was developed by South Pole together with WWF.

Report: Assessment Report on Diverse Values and Valuation of Nature

Date Published: July, 2022
The way nature is valued in political and economic decisions is both a key driver of the global biodiversity crisis and a vital opportunity to address it, according to a four-year methodological assessment by 82 scientists and experts from every region of the world. The Assessment Report on the Diverse Values and Valuation of Nature finds that there is a dominant global focus on short-term profits and economic growth, often excluding the consideration of multiple values of nature in policy decisions.

Report: Financing UK Nature Recovery Coalition's Recommendations and Roadmap

Date Published: June, 2022
The Financing Nature Recovery UK Recommendations and Roadmap set out how to make the UK an attractive market for nature-based investment to help drive nature recovery. The overall report outlines how to unlock existing barriers and deliver high-integrity environmental markets that drive private investment and nature recovery across the UK. It sets out a framework to modernise regulation, leverage public expenditure and secure large-scale private investment in nature and biodiversity each year by 2030.

Report: Blue Carbon: The potential of coastal and oceanic climate action

Date Published: May, 2022
McKinsey’s new report, Blue Carbon: The potential of coastal and economic climate action, sizes Blue Carbon nature based solutions and measures their impacts, costs, and likely access to future funding. It highlights the latest scientific research and estimates abatement or conservation potential on a 2050 timeline. Deep dives on kelp reforestation and bottom trawling show how economies of scale in these emerging solutions could help reduce costs. The report also comments on the potential of blue carbon credit sales. 

Report: Managing Carbon Assets from Investments in Nature Climate Solutions

Date Published: April, 2022
In this paper, New Forests provides investors with guidance on managing carbon through greenhouse gas (GHG) accounting for the land sector or through nature-based carbon credits and the intersection of these approaches with emerging net zero standards. This guidance seeks to support investors’ understanding of how to integrate sustainable landscape management with optimised returns, climate impact, and portfolio decarbonisation.

Principles: Scottish Government Interim Principles for Responsible Investment in Natural Capital

Date Published: March, 2022
The Scottish Government has set out six principles that set out their ambitions and expectations for a high-integrity market for responsible private investment in natural capital. This is targeted towards communities, investors, land owners, public bodies and other market stakeholders.

Report: Opportunities for Growing Investment in Preserving our Natural Heritage and Supporting Nature Recovery

Date Published: March, 2022
The UK National Lottery Heritage Fund commissioned Finance Earth to review the state of green finance for nature restoration in the UK. This report offers deep insights into the barriers and solutions to financing nature.

Report: Scaling Investments in Nature

Date Published: February, 2022
This report from the World Economic Forum lays out suggestions for scaling private investment in nature. It highlights several best practices of companies, and touches on financing models. It also points to where governments can play a more supportive role.

Report: The State of Finance for Nature in the G20

Date Published: January, 2022
This report attempts to capture the complete amount and future need for G20 country spending on nature-based solutions assets and activities. It calls for G20 countries to scale-up annual nature-based solutions spending to $285 billion by 2050, and provides recommendations to align development and economic recovery with nature goals through setting quantifiable monetary objectives, governance and policy options, and devices to facilitate systemic changes to meet this investment gap.

Report: Natural Capital, the Battle for Control

Date Published: January, 2022
Green Alliance's report highlights natural capital investment opportunities and challenges within the UK farming sector, providing a helpful source for the finance sector looking to work with farming communities - while drawing attention to potential risks posed by the emergence of natural capital markets.

Report: Insuring NbS in the UK

Date Published: December, 2021
This report from Howden and Blackford discusses the role of insurers in supporting green infrastructure, forestry and carbon markets. The authors estimate that, due to the growth in carbon markets, the associated insurance industry could be worth $1.3 billion globally and up to $2-4 billion in blue sky scenarios.

Tool: An Investor Framework for Nature-based Solutions

Date Published: December, 2021
Chatham House's Sustainability Accelerator has developed (through consulting with the finance sector) a learning tool to facilitate the inclusion of nature-based solutions within comprehensive portfolio decarbonization strategies. The framework outlines the drivers of risk and return when analyzing prospects for investing in nature-based solutions - initially focusing on forests.

Website: Nature Finance Impact Hub

Consultancy Accelar’s Nature Finance Impact Hub launched in October 2021 and offers free registration to access a map of international (and UK) investment deals and funds. It also provides information on ecosystem services, impacts and returns.

Report: Finance Gap for UK Nature Report

Date Published: October 2021
GFI commissioned environmental economics consultancy, eftec, to assess the finance gap for key nature targets for the UK over the decade ahead. The report highlights a £44 billion to £97 billion gap for the UK and breaks out the gap by region and also by habitat and nature goal ie. clean water, natural flood management, biodiversity protection.

Report: CPIC Conservation Finance 2021 Report

Date published: September 2021
CPIC’s inaugural conservation finance report highlights useful data such as deal types, average deal size and investor types within its conservation finance investment universe. It also includes a handful of case studies, and discusses the challenges and recommendations for growing private investment in nature.

Report: Biodiversity: Ecosystem at the Heart of Business

Date Published: July 2021
This report from Citi GPS focuses on the question of why businesses and investors should care about biodiversity loss. It illustrates the increasing attention that financial institutions are paying to analyzing biodiversity risks, and highlights the need for more granular information that these institutions need to make better decisions.

Report: A Market Review of Nature-Based Solutions

Date Published: May 2021
This report from the Green Purposes Company and Finance Earth lays out NbS investments by type, and offers short summaries of several transactions -including their expected returns. It also provides aggregated data from 88 transactions to show sector investment by ecosystem, investor type and geographical location of deals. Finally, the report offers a set of recommendations to grow private investment in NbS.

Report: State of Finance for Nature

Date Published: May 2021
This UNEP report urges a tripling of investment in NbS before 2030 from current estimates of $133 billion in yearly flows. It discusses opportunities to scale up investment using policy levers and public sector funding as a derisking tool. The report also offers snippets of international financing solutions and a list of recommendations.

Report: Unlocking Investments in Regenerative Agriculture

Date Published: May 2021
This report from CREO - a group of family offices and wealth owners - offers many interesting case studies of investment opportunities within regenerative agriculture in the US, with other examples from Brazil and the Netherlands. The appendix offers a list of regenerative agriculture funds globally.

Report: Dasgupta Review: A Pathway for Action for the Financial Sector

Date Published: May 2021
GFI convened and consulted with over 40 representatives from banks, asset managers, asset owners, standard setters and conservation finance specialists to respond to the Dasgupta Review’s findings. The result is set of recommendations from the sector that focus on assessing nature-related risk and driving investment into nature. The report offers several short case studies of investments in nature in addition to broader examples where the finance sector is supporting a nature-positive transition.

Report/Book: The Little Book of Investing in Nature

Date Published: January 2021
Global Canopy’s Little Book of Investing in Nature identifies steps towards generating, delivering and realigning finance for biodiversity, as well as highlighting the need to avoid investments in activities that damage the natural resources we depend on. It features more than 40 mechanisms and 25 case studies of investment projects (some purely public sector, some private and some blended finance).

Report: Facilitating Local Natural Capital Investment: Literature Review

Date Published: January 2021
Finance Earth and eftec produced this literature review and report for NatureScot that highlights different financing models for nature and ecosystem services. It offers helpful descriptions and examples of various models such as environmental impact bonds, local nature bonds and timberland investment management organisations, and discusses how these could be adapted to Scotland’s nature investment aspirations.

Report: Financing Nature: Closing the Biodiversity Finance Gap

Date Published: October 2020
This extensive report from the Paulson Institute, Nature Conservancy and Cornell Atkinson Center for Sustainability, discusses in detail the estimated investment in biodiversity globally ($124bn to $143bn as of 2019). It also highlights the global finance gap for biodiversity and the financial and policy mechanisms to help close the gap, including examples of current models and supportive policies.

Report: Accelerating Private Investment in Nature-based Solutions

Date Published: July 2020
This report from the Broadway Initiative discusses the barriers to private investment in nature within the UK. It lays out different aggregation models of catchment markets, habitat banks and aggregation brokers such as LENS

Report: Scottish £1 bn Investment Routemap

Date Published: January 2020
Over a period of months the Scottish Wildlife Trust and SEPA brought together multiple stakeholders, including the finance sector, to develop a set of investment ideas for nature restoration and nature-based solutions for Scotland.

Report: Emerging Funding Opportunities for the Natural Environment

Date Published: February 2020
This report, carried out by Finance Earth (formerly Environmental Finance) and commissioned by the Esmee Fairbairn Foundation, highlights investment opportunities in natural capital across the UK by habitat.

Report: Investing in Nature

Date Published: November 2019
This report from The Nature Conservancy and Environmental Finance (now Finance Earth) highlights the challenges of nature-based investing and discusses what investors need. While written in 2019, the information still holds true, and several interesting case studies are included.

Report: Investing in Nature, A Practical Guide for Europe

Date Published: 2019
To support the Natural Capital Financing Facility, the European Investment Bank (EIB) developed this extremely useful guide to establishing investable nature projects. It provides helpful information, such as pros and cons of different legal structures, and risk mitigation tools.