But we can accompany the movement and even lead some parts of the transition: -  we can do our best to incorporate climate and biodiversity dimensions within our non-monetary portfolios (the equity components of our own funds and pension liabilities portfolios). This is what we have started to do at the Banque de France.xxvii  -  we can also push for innovative approaches to integrate nature-related concerns within our monetary operations, as the ECB has started to do for climate change, looking in particular at its collateral assessment. -  we can also promote new nature-related stress testing exercises (including both climate and biodiversity shocks) for banks and financial institutions and for global financial stability; and improve our knowledge, as we have started to do with our NGFS task force and as we are doing with this conference. Regulators can also facilitate the work of central bankers. For example, the European Union has been at the forefront of the reflections around the question of what is material for investors. We consider that financial institutions and non-financial corporations are not only vulnerable to environmental risks (dependent) but also contribute to environmental degradation through their actions (they have an impact). In line with this concept, the article 29 of the 2019 French energy-climate law makes it mandatory to disclose not only on climate- and biodiversity-related risks, but also on how financial institutions and corporations align their strategies with international climate and biodiversity goals.

“Indebted to nature Exploring biodiversity risks for the Dutch financial sector”. De Nederlandsche Bank (DNB) and Planbureau voor de Leefomgeving (PBL). https://www.pbl.nl/en/publications/indebted-to-nature ii  12  Page 13 sur 12 xviii  Calice, P., Diaz Kalan, F. A., & Miguel Liriano, F. (2021). “Nature-Related Financial Risks in Brazil”. Policy Research Working Paper no. WPS 9759. World Bank Group, Washington, D.C. http://documents.worldbank.org/curated/en/105041629893776228/Nature-Related-Financial-RisksinBrazil ; World Bank and Bank Negara Malaysia (2022). “An Exploration of Nature-Related Financial Risks in Malaysia”. xix Svartzman et al. (2021). “A “Silent Spring” for the Financial System? Exploring Biodiversity-Related Financial Risks in France”. Banque de France Working Paper 826. https://publications.banquefrance.fr/en/silent-spring-financial-system-exploring-biodiversity-related-financial-risks-france xx The title of the study, of course, pays tribute to Rachel Carson’s famous book “Silent Spring” published sixty years ago, in 1962. xxi Namely the French development agency (AFD), the French office for biodiversity (OFB) and CDC Biodiversité. xxii See mandate of the task force: task_force_nature_related_risks_mandate.pdf (ngfs.net) xxiii Herweijer, C., Evison, W., Mariam, S., Khatri, A., Albani, M., et al. (2020). “Nature Risk Rising: Why the Crisis Engulfing Nature Matters for Business and the Economy”, World Economic Forum. xxiv Costanza, R., De Groot, R., Sutton, P., Van der Ploeg, S., Anderson, S. J., Kubiszewski, I., ... & Turner, R. K. (2014), Changes in the global value of ecosystem services. Global environmental change, 26, 152158. xxv IPBES (2022). Summary for Policymakers of the Methodological Assessment Report on the Diverse Values and Valuation of Nature of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services.