Last January, the One Planet Summit organised by President Macron focused on biodiversity. Very soon, the launch of the Taskforce on Nature‐related Financial Disclosures (TNFD) by NGOs, industry and several international organisations alongside governments, including the French one, will certainly further contribute to mainstreaming the issue of biodiversity‐related financial risks. However, central banks do not have a silver bullet to resolve questions such as climate change or biodiversity loss; for example they cannot decide about possible carbon pricing or carbon adjustment taxes, they are unable to provide all the necessary incentives to foster innovation or to boost research. As François Villeroy de Galhau stated yesterday, their action cannot be a substitute for policy measures taken by governments but they can contribute to identifying risks, channelling capital toward activities 8  See: https://www.euro.who.int/en/health‐topics/health‐policy/european‐programme‐of‐work/pan‐european‐ commission‐on‐health‐and‐sustainable‐development 9 See Salyer et al. (2017). Prioritizing Zoonoses for Global Health Capacity Building—Themes from One Health Zoonotic Disease Workshops in 7 Countries, 2014–2016. Emerg Infect Dis. 2017 Dec; 23(Suppl 1): S55–S64. doi: 10.3201/eid2313.170418 10 See for example Bolton et al. (2020). Penser la stabilité financière à l'ère des risques écologiques globaux – Vers de nouveaux arbitrages entre efficience et résilience des systèmes complexes. Revue d’Economie Financière 138, 41‐54. DOI : 10.3917/ecofi.138.0041. 11 OECD (2021). Biodiversity, natural capital and the economy. A policy guide for finance, economic and environment ministers. Accessible at: https://www.oecd.org/environment/biodiversity‐natural‐capital‐and‐the‐ economy‐1a1ae114‐en.htm 12 DNB (2020). Indebted to nature – Exploring biodiversity risks for the Dutch financial sector.

The Green Swan explores three dimensions of this coordination: ‐ firstly, the interactions between monetary and prudential policies with fiscal policies; 14  See for instance the call for action issued by Nobel Prize Laureates and other experts: Agre et al. (2021). Our Planet, Our Future: An Urgent Call for Action. Accessible at: https://www.nationalacademies.org/news/2021/04/nobel‐prize‐laureates‐and‐other‐experts‐issue‐urgent‐call‐for‐ action‐after‐our‐planet‐our‐future‐summit  5  ‐ ‐  secondly, how central banks can facilitate the international monetary and financial coordination needed on climate change; and, lastly, how central banks can contribute to promoting values and behaviours that are particularly important for the low‐carbon transition, such as long‐termism. For example, climate change is now at the agenda of the G7 and the G20 finance Tracks where representatives of finance ministries and central banks work together. New forms of cooperation between the public and the private sector have emerged as well, such as on the very important topic of disclosure: ‐ The TCFD for climate‐related disclosure; tasked by the FSB (finance ministries and CB) but private led; the work of the TCFD is now taken into account by public authorities and standard‐setting bodies at the global level (IFRS) as well as in the EU (EU Commission / EFRAG) ‐ The TNFD, a private‐led initiative that brings together industry, NGOs, international organisations and public authorities, aiming to develop a nature‐related disclosure. As Mark Carney stressed yesterday, disclosure should be a priority and his goal for the Cop 26 is to make the TCFD framework mandatory.