Recommendation 69

To provide the signals needed for the financial system to manage biodiversity risks, we recommend that: a) The Government commit to legislate for mandatory disclosure of nature-related financial risks once the TNFD framework is ready. b) The Government explore how a corporate natural capital accounting system could be set-up to require organisations to measure the impact of operations on natural capital. c) The Bank of England conduct an exploratory exercise into stress testing biodiversity loss. d) The Government should also ensure the National Infrastructure Bank has a mandate for net zero and includes a focus on nature and biodiversity for investment in its objectives. e) The Government commission a review into the Law Commission’s 2014 report on the Fiduciary Duties of Investment Intermediaries, given the developments in the understanding of climate and nature-related risks since the report’s publication.