based on the work of the european financial reporting advisory group ( efrag ). i hope that the work undertaken by the commission and efrag, but also by the ngfs will serve as a source of inspiration for the issb. * page 5 sur 5 let me conclude with theodore roosevelt, 26th president of the united states who dedicated to preserving natural resources in his country – an innovative thinking at the time, which led him to create many wildlife programs. as early as 1907, theodore roosevelt wrote that “ to waste, to destroy our natural resources, to skin and exhaust the land instead of using it so as to increase its usefulness, will result in undermining in the days of our children the very prosperity which we ought by right to hand down to them amplified and developed. ” in our 21st century, it is high time to take care of our natural resources, for our children ’ s sake – and ours as well. i thank you for your attention. page 6 sur 5 i s & p global ( 2021 ). water stress is the main medium - term climate risk for europe ’ s biggest economies. ii menon, r, bending the curve of nature loss ( keynote remarks at the cop15 finance and biodiversity day ), 14 december 2022 iii elderson, f., interview with the financial times, 8 june 2023 iv deutz et al. ( 2020 ). financing nature : closing the global biodiversity financing gap. the paulson institute, the nature conservancy, and the cornell atkinson center for sustainability. v villeroy de galhau, f., biodiversity, macroeconomics and finance : what we do know, what we don ’ t know yet, and what we have to do, speech, 29 september 2022

launch of the ngfs conceptual framework “ to guide action by central banks and supervisors on nature - related risks ” – paris, 7 september 2023 speech by francois villeroy de galhau, governor of the banque de france page 1 sur 5 ladies and gentlemen, it is a great pleasure to introduce, together with dnb ’ s president klaas knot, this ngfs conference that launches its conceptual framework on nature - related risks. one year ago, we were together in amsterdam for a pioneering conference on biodiversity from a central bank and supervisor perspective. at the time, our grasping of nature - related risks was roughly the same as on climate change some years earlier, and we acknowledged the need to refine our understanding and methodology. indeed, our economic reliance on natural resources such as wateri, and more broadly on services provided by nature and, at the same time, the impact our economies have on nature, are becoming more and more obvious and are increasingly documented. as ravi menon, chair of the ngfs, stressed it recently, “ along with the climate crisis, the nature crisis is the existential challenge of our times. we cannot focus on one and hope the other will take care of itself. ” ii the new conceptual framework released today by the ngfs therefore marks an important milestone. it offers a shared language and sketches out a common method to assess nature - related financial risks and ensure that our collective work is both consistent and joined up. the common understanding we have reached together is both science - based and geared toward bridging the gap with assessing the economic and financial implications of nature - related risks. as frank elderson recently put it, “ this is not some kind of a flower power, treehugging exercise. this is core economics. ” iii according to one estimate, reversing the decline in nature loss could require approximately 500 billion dollars per year until 2030, while the world currently spends less than 150 billion dollars on nature conservation and harmful subsidies represent 300 billion dollarsiv. whatever the right figures, the gap is such that it is all the more important that financial actors start acting on nature - related risks to shift nature - blind financial flows. at banque de france, we have started doing so through our sustainable investment policy by partnering with a data provider to page 2 sur 5 carry out a detailed assessment of impact on biodiversity of the equity and corporate bond components of our non - monetary portfolios. as you can see, the impact of our equity portfolios