A further 11 financial institutions have signed a pledge to assess and set targets to report their biodiversity impacts.
The International Business of Federated Hermes, Rathbone Greenbank and Lombard Odier are among the new signatories of the Finance for Biodiversity Pledge, which was established by a group of European financial institutions and launched by a group of 26 financial institutions during the UN General Assembly on 25 September 2020.
Lombard Odier CEO Hubert Keller said: “Nature is our productive asset. We are signing this pledge because our outdated, linear economic model is dangerously depleting Natural Capital, despite its regenerative nature. This is a risk for global economic activity. We must support an accelerated transition to a circular bio-economy – harnessing and preserving the power of nature.”
The new signatories bring the total to 37 financial institutions, with €4.8trn assets under management, representing 13 countries.
The 37 banks, asset managers, insurers and impact funds collectively commit to collaborating, engaging, assessing their own biodiversity impact, setting targets and reporting on biodiversity by 2024 at the latest.
Federated Hermes CEO Saker Nusseibeh (pictured) said: “All life on Earth depends on well-functioning ecosystems, so it is our collective responsibility to contribute to the protection and restoration of nature. We are committed to playing our part through deepening and accelerating the focus on biodiversity in our stewardship and investment activities.”
Also commenting on the pledge, senior ethical, sustainable and impact researcher at Rathbone Greenbank Sophie Lawrence said: “It is vital to develop ways to comparably assess the impact and dependencies of investments on biodiversity. The Finance for Biodiversity initiative provides an ideal forum for this collaboration between financial institutions, academics and businesses.
“We need to take bold steps if we’re to avoid another missed decade of inaction. We take our role as stewards of our clients’ capital very seriously and clients want to see us invest in companies that put sustainability at the heart of their strategy.”
There will be a round of new signatories in Spring 2021.
