 Contribute through individual or national pilot initiatives be it on reporting, monitoring, or responsible investment. And let me underline here that France is leading the way, especially on biodiversity issues. Article 29 of France’s Energy and Climate Law extends climate-related risks reporting requirements for financial investors to biodiversity-related risks. The French Prudential Supervision and Resolution Authority (ACPR – part of the Banque de France) is assessing the compliance of our supervised entities with Article 29 of the insurance companies we supervise. We  received the first reporting last  September, and – not so surprisingly – early control checks indicate that reporting entities are facing challenges in the access to relevant biodiversityrelated data and mostly relied on third party providers. As required by law, entities that are not able to disclose on all required information will have to disclose on their plans for continuous improvement. Since 2020, we at the Banque de France have also been monitoring two biodiversity-related indicators for the equity components of our own funds and pension liabilities portfolios: (i) a biodiversity impact score, reflecting commitments made, measures deployed and actual outcomes of portfolio companies and (ii) an indicator of our exposure to companies producing chemicals that are harmful to biodiversity (e.g. pesticides).xiii The performances of the portfolios’ equity components were up in 2021 and described by data provider Moody’s ESG as “robust” (despite room for improvement on pension  Page 12 sur 13 liabilities portfolio), while exposure to companies producing harmful products is declining, remaining well below the benchmark.

Beyond climate change, the NGFS is acting as a great catalyst on nature-related issues. In light of its March report, the NGFS launched in April a Nature-Related Risks Taskforce co-chaired by Sylvie Goulard, Deputy Governor of the Banque de France, and Saskia de Vries from DNB, with the objectives to incorporating nature-related risks into the NGFS’s long standing workstreams within the next two years. As much as possible, let us have interim deliverables earlier.  Conceptual framing and research:  as a problem well-stated is a  problem half-solved. Bridging methodological shortcomings and data gaps is a crucial pre-requisite for action, before jumping to any conclusions on the prudential or monetary front – these must come in due time. Our priority as  Page 11 sur 13 central banks and supervisors is thus to build the capacity to further analyse and study empirical evidence of the financial implications of biodiversity and naturerelated risks. At the Banque de France, we are fully committed to this effort, thanks to a dedicated team of experts within the Climate Change Centre (CCC) who contribute both to NGFS and BDF research advances. We will strive to provide state of the art metrics, financial assessment, and, hopefully in a near future, scenarios analysis. The work plan of the NGFS Taskforce includes the development of a unique conceptual framework adapted to our activities, which will be key to build a common understanding and address the knowledge, capacity and methodological gaps that we face.