Even though the global economy depends on a stable climate and reliable ecosystem services, businesses and financial institutions are not required or incentivised to invest in nature. Central banks and supervisors could change that trajectory simply by fulfilling their financial-stability mandate.
Two years ago, developed countries pledged at least US$20 billion annually by 2025 to help preserve 30 per cent of the world’s land and oceans. But most countries have failed to contribute their fair share.