Change makers boost awareness of biodiversity
By 2034, five of the top 10 global risks will be environmental risks, including biodiversity loss and ecosystem collapse, according to leaders at the World Economic Forum in January 2024. The COP15 framework called for mobilizing at least $200 billion annually for biodiversity-related funding by 2030.1
Against this gloomy forecast, BNY is casting a vision for how we – and the broader global financial system – can harness our scope and resources to move in a different direction.
An international team of early career BNY leaders is elevating the dialogue about nature-related finance both within the company and with 13 other peers across the finance sector as well as groups such as the World Resources Institute (WRI) and Sustainable Markets Initiative Financial Services Taskforce. In two short years, this energetic team has already catalyzed conversation – within BNY and beyond – around the need to address biodiversity on our planet.
The six-member team includes professionals from a variety of departments. Known as the Future Leaders in Biodiversity Taskforce, the group is engaging with peers at 12 leading banks, investment firms, asset managers and professional services firms. Given the complexity of biodiversity loss, the group has addressed critical issues such as education, high-impact market-sector heat mapping, and emerging biodiversity data tools, among others. With BNY and among our peers, the taskforce is seen as a powerful body for change. Its members have been invited to collaborate on commercial initiatives with other groups, including the World Resources Institute and Sustainable Markets Initiative Financial Services Taskforce, chaired by HSBC.
To fully engage the commercial activities of the bank, these savvy professionals have also connected with individuals, working groups and initiatives across lines of business including BNY Investments, Corporate Trust, Markets, Clearance and Collateral Management, BNY Pershing, Asset Servicing, Innovation, Government Relations and Global Client Management.
Inspired by early successes and support, the Taskforce has aspirations for greater impact. In addition to engaging more financial services firms, the members are scanning the horizon for emerging issues, from product/regulatory developments to client collaboration opportunities and events and alignment with U.S. and international corporate sustainability strategies. Reversing nature loss requires ambitious action at scale, and this group has the energy and drive to help tackle that challenge.