This report is the second output of the joint NGFS-INSPIRE Study Group on Biodiversity and Financial Stability. The group was established to help central banks and financial supervisors fulfil their mandates in the face of financial risks stemming from biodiversity loss.

Following the recent establishment of a Joint NGFS-INSPIRE Study Group on Biodiversity and Financial Stability by the Network for Greening the Financial System (NGFS) and INSPIRE, this vision paper sets out the rationale for the Study Group’s work, its initial agenda and its research focus.