leading this effort. learning more about the importance of ecosystems and sharing all this knowledge with decision - makers and policymakers is necessary. exposure to biodiversity loss must be assessed, and actors should understand the systemic impact of biodiversity loss on the real economy. we all must promote a sustainable investment strategy and make it clear that it is a winwin strategy in which the benefits exceed current and future costs, considering the counterfactual of not acting in a timely and decisive manner. according to the world wildlife fund ( wwf ), the bill for ignoring natural capital will be 10 trillion globally by 2050. 4 / 5 bis - central bankers'speeches a sustainable investment strategy can only be achieved with the participation of the private sector through long - term initiatives that identify and internalize environmental, social, and governance standards as a priority in their business models and that are aware of the need for restoration and conservation of our ecosystems. it is precisely initiatives such as the biodiversity finance reference guide presented today that contribute to a better understanding and dissemination of sustainable finance. it will offer a means to identify investment opportunities and helps to build a common language to achieve a more standardized framework that allows a better and timely transition to a greener and more sustainable economy. undoubtedly, this tool will be handy for financial institutions and investors in identifying sustainable practices and for the corporate sector in incorporating green processes into their business models. to resume, on the public sector side, financial authorities should provide the economy and the financial sector with solid and holistic regulatory bases and align the incentives to achieve the goal of greening the financial system through financing projects and activities that consider and disclose its impact on the environment. what do you think should be the role of the sector you belong to? thank you again for the invitation, and congratulations on the ifc's biodiversity finance reference guide presentation, which i am sure will be of great use for this purpose. presentation of ifc's biodiversity finance reference guide and panel discussion. 5 / 5 bis - central bankers'speeches

flows away from nature - negative outcomes and toward nature - positive outcomes. " the tnfd recommendations are to be published in september of this year. it will likely become a significant force to move corporates, investors, and lenders to account for nature - related risks and opportunities. according to the task force, " corporates are failing to consider how their supply chains, operations and enterprise values depend on, and impact, nature. in turn, lenders and investors are not assessing nature - related risks and opportunities across their loan books and investment portfolios. " 3 / 5 bis - central bankers'speeches in short, the risks stemming from biodiversity loss and natural capital are not yet adequately integrated into financial and non - financial firms. while the challenge of developing standardized and comparable data on nature seems to be significantly more complex than for climate, for which there is a single metric, namely global emissions of co2 equivalent, with nature, there is no single variable driving renewable natural capital loss. however, outstanding progress has already been made since the creation of the tnfd in 2021. i am sure that i am not alone in being very optimistic about the positive impact the upcoming recommendations will have on firms and the financial sector. role of financial authorities and central banks looking beyond the tnfd recommendations, financial authorities and central banks must continue to engage with the international sustainability standards board ( issb ). the issb aims to move " from the currently fragmented esg disclosure landscape, that lacks connectivity and has conflicting concepts, to a truly global common language of sustainability - related financial disclosures, by clearly articulating the relationship between sustainability matters and financial value creation. " for its part, the network for greening the financial system ( ngfs ), a network of which banco de mexico is a founding member and a permanent member of the steering committee, has been leading in the development of climate scenarios and, most recently, biodiversity scenarios. numerous financial authorities and financial institutions are considering the ngfs scenarios and models. in mexico, at the committee of sustainable finance ( cfs ), we decided in the first half of 2022 to use four scenarios from the ngfs. the committee also approved a fifth asymmetric non - ngfs climate scenario. these analyses will allow authorities and financial and non - financial companies to know the challenges and opportunities associated with different transition paths. the ngfs recently started some work on biodiversity / nature scenario analysis. banco de mexico and banque de france are co -