Nature-related risk: measurement, governance and financial system response
Biodiversity loss poses a material risk to the global economy, with an estimated half of global gross domestic product moderately or highly dependent on nature. Yet financial markets lack robust tools to fully identify and manage nature-related risks. As central banks and regulators grapple with nature-related financial stability risks, and as the exposure of businesses and financial systems to ecosystem degradation becomes clearer, financial institutions face a pressing question: how can they adequately measure, assess and address broader nature risks? At the same time, investors are seeking practical ways to incorporate biodiversity considerations into investment processes.
This roundtable explores the role of central banks and ministries of finance in prioritising nature-related risks. It examines how to improve data and measurement frameworks, strengthen risk disclosures – particularly across supply chains and the real economy – and enhance risk governance. The discussion also considers innovative blockchain-based assessment tools, alongside the respective roles of private and public financial institutions in managing systemic nature-related risk and supporting more resilient economic outcomes.
Speakers
Maud Abdelli
Initiative Lead, Greening Financial Regulation, Sustainable Finance
WWF
Maud Abdelli
Initiative Lead, Greening Financial Regulation, Sustainable Finance
WWF
Elías Albagli
Director, Monetary Policy
Banco Central de Chile
Elías Albagli
Director, Monetary Policy
Banco Central de Chile
Jennifer Chang
Vice President, Senior Credit Officer
Moody’s Sustainable Finance Credit Group
Jennifer Chang
Vice President, Senior Credit Officer
Moody’s Sustainable Finance Credit Group
Jennifer Chang is a Vice President – Senior Credit Officer in Moody’s Sustainable Finance Credit Group, with a primary focus on climate risk and credit, encompassing physical climate and transition risks.
Prior to her current role, Jennifer was a senior analyst and the Public Power Sector Lead in the Global Project and Infrastructure Finance Group, covering a range of infrastructure sectors including transportation, social infrastructure and power projects in the Americas. She led new power project finance and public-private partnership rating assignments.
Jennifer is the receiver of three Moody’s Research Awards, including the report on Hydrogen – Electric Utilities and Power Projects She authored several climate risk related reports on topics such as credit impact of urban floods and adaptation, physical climate risk assessment and the credit benefits of adaptation and resilience.
Jennifer launched the Infrastructure in Emerging Markets’ series, and authored several reports on PPPs, power and drillship transactions including special comments on airport concessions, express tolled lanes, credit enhancements and power project carbon transition. She is a frequent speaker and presenter at various industry conferences and universities.
Prior to joining Moody’s, Jennifer worked at the World Bank as an energy finance specialist in the Latin American and Caribbean and Africa regions where she helped co-author the Brazil Low Carbon Case Study report, and worked on large scale electricity distribution rehabilitation projects in Brazil, Honduras and Malawi. Her earlier career includes roles at BNP Paribas, the Royal Bank of Scotland, and Credit Agricole, where she covered North American utilities, media, and telecom sectors.
Jennifer holds a Bachelor of Science and Business Administration in Finance and Accounting from Drexel University and a Masters from the School of International and Public Affairs at Columbia University (SIPA) with a concentration in International Energy Management and Policy. She has a Certification in Sustainable Water Management from Columbia University and is a native Portuguese speaker and fluent in Spanish.
Mathew Lee
Vice President, Emerging Risk Research
MSCI
Mathew Lee
Vice President, Emerging Risk Research
MSCI
Camilo Santa
Biodiversity and Natural Capital Specialist
Inter-American Development Bank
Camilo Santa
Biodiversity and Natural Capital Specialist
Inter-American Development Bank
Elizabeth Seeger
Member
International Sustainability Standards Board
Elizabeth Seeger
Member
International Sustainability Standards Board
Elizabeth Seeger was appointed as a full-time member of the International Sustainability Standards Board (ISSB) in July 2022, effective November 2022.
Ms Seeger has over 20 years’ experience of standard-setting, investment and working on sustainability topics. She joined the ISSB from global investment firm KKR, where she served as Managing Director, Sustainable Investing, responsible for helping oversee the firm’s consideration of sustainability matters throughout KKR’s investment process and part of KKR’s Global Impact team. She also oversaw KKR’s public sustainability reporting efforts, including the development of SASB and TCFD-aligned reporting.
Before joining KKR in 2009, she served as a project manager in the corporate partnerships programme (now known as EDF+Business) of Environmental Defence Fund and a consultant with the Corporate Executive Board (CEB, now known as Gartner), where she advised companies from a broad range of industries in Europe and the United States. Before CEB, Ms Seeger was an associate at the Environmental Law Institute, a non-profit organisation focused on environmental law and policy research and education.
Ms Seeger served on the SASB Standards Board as an inaugural member, but began her standard-setting work when becoming a member of the SASB Standards Council in 2012.
She is a 2013 Aspen Institute First Movers Fellow and earned a BA in Environmental Studies with honours from the University of Chicago and an MBA from the Wharton School of the University of Pennsylvania.
Anne Simpson
Vice Chair
OMFIF
Anne Simpson
Vice Chair
OMFIF
Paula Suarez
Deputy for Ecuador
Coalition of Finance Ministers for Climate Action
Paula Suarez
Deputy for Ecuador
Coalition of Finance Ministers for Climate Action
Sponsors