€14.7trn biodiversity pledge hits 100+ signatories
Major biodiversity pledge has garnered over 100 signatories from 19 countries
The Finance for Biodiversity Pledge has been signed by 103 financial institutions representing over €14.7trn in total assets across 19 different countries.
The group has confirmed that five new signatories have joined the biodiversity venture. These comprise: Green Century, Schroders, SG 29 Haussmann, Société Générale Private Wealth Management, and Velliv Pension & Livsforsikring A/S.
The biodiversity pledge aims to reverse nature loss by 2030 and is seeking members to collaborate and support this mission.
Companies are expected to collaborate and share knowledge on assessment methodologies, biodiversity-related metrics, targets, and financial approaches which help to create positive impact.
Alongside this, members of the pledge will be expected to incorporate criteria for biodiversity within ESG policies. Firms will also engage with companies to reduce their negative and increase their positive impacts on biodiversity.
Biodiversity targets
Target-setting will also play a vital role in the pledge. Members are expected to set and disclose targets based on the best available science to increase positive impacts whilst reducing negative impacts.
Members must also report annually and be transparent about their contribution to global biodiversity goals linked to financing activities and investment portfolios.
This pledge must be met before 2025.
We are convinced of the major role of insurers and the efficiency of coalitions in making significant progress, particularly in the fight against climate change.
A sustainable future
Philippe Perret, chief executive officer of Société Générale Assurances, said: "At Société Générale Assurances, we are convinced of the major role of insurers and the efficiency of coalitions in making significant progress, particularly in the fight against climate change.
“In line with the commitments already made in recent years, we are today signing the Finance for Biodiversity Pledge to build a sustainable and ecosystem-friendly future.”
Running alongside the Biodiversity pledge is the Biodiversity Foundation, which also managed to increase its membership from 49 to 51.
Members of the pledge can join the foundation’s working groups where organisations share knowledge and collaborate on actioning change. This can include subjects such as impact assessment, engaging with companies, public policy advocacy and target setting.
Currently there are three working groups linked to a pledge commitment: engagement with companies, impact assessment and public policy advocacy.
Another working group on positive impact will launch in 2023.
A celebration for the new signatories be organised during the European Business and Nature Summit on 18 October 2022 in Brussels.
The subject of biodiversity has become increasingly linked with climate change.
This was a common theme at COP26, with the European Commission recently writing: “In a two-way process, climate change is one of the main drivers of biodiversity loss, but destruction of ecosystems undermines nature’s ability to regulate greenhouse gas emissions and protect against extreme weather, thus accelerating climate change and increasing vulnerability to it.
“This explains why the two crises must be tackled together with holistic policies that address both issues simultaneously and not in silos.”
