Biodiversity in ESG

《达斯古普塔评论》（Dasgupta 2021）表明，经济和金融部门嵌入并依赖于生物圈：自然和生物多样性。因此，为了实现可持续发展并尊重地球的极限，金融部门推动的经济发展和资本分配必须反映这种嵌入性，并考虑到综合财富（包括自然资本）。考虑到这一最终目的，金融部门部署了许多机制。例如，目前正在建立与自然有关的财务披露问题工作队，以指导与自然有关的风险所涉财务问题的信息披露。希望避免生物多样性和其他自然风险或参与环境保护的分析师和投资者将ESG作为评估投资组合的关键资源。(Cao例如，然而，过去的研究表明，ESG似乎并没有达到其目的。(Berg等，2020).所谓的“双重材料性”（Boissinot等人，生物多样性风险和影响对金融部门的决策几乎没有影响。了解生物多样性在金融市场中的衡量和交付方式对于进一步将生物多样性纳入金融并促进生物多样性保护至关重要。ESG正在成为市场上包含生物多样性指标的重要工具。BIO-ESG将通过调查生物多样性与金融之间的“双重重要性”关系，为将生物多样性纳入金融做出贡献。本研究将从两个角度进行分析：1）典型的ESG导向型投资行为如何影响生物多样性得分、投资组合以及与生物多样性相关公司的互动。2)投资于生物多样性得分高的公司的财务激励。

The Dasgupta Review (Dasgupta 2021) shows that the economy and the financial sector are embedded in and dependent upon the biosphere: nature and biodiversity. To be sustainable and respect planetary boundaries, economic development and the allocations of capital facilitated by the financial sector must therefore reflect this embeddedness and account for the comprehensive (including natural capital) wealth. With this ultimate purpose in mind, many mechanisms have been deployed in the financial sector. For example, the Taskforce on Nature-related Financial Disclosures (TNFD) is now being developed to guide the disclosure of information on the financial implications of nature-related risks. Analysts and investors who want to avoid biodiversity and other nature-based risks or engage in environmental conservation use ESG as a key resource to evaluate portfolios. (Cao et al., 2020) However, past research shows evidence that ESG does not appear to achieve its purpose. (Berg et al., 2020).The so-called "double-materiality" (Boissinot et al., 2022) of biodiversity risks and impacts have little effect on decisions in the financial sector. Understanding how biodiversity is measured and delivered in the financial market is crucial to further integrate biodiversity into finance and contributing to biodiversity conservation. ESG is becoming an important tool that contains biodiversity metrics in the market. BIO-ESG will contribute to integrating biodiversity into finance by investigating the "double materiality" relationship between biodiversity and finance. It will focus on two perspectives.The research will analyse 1) how typical ESG-orientated investment behaviour affects biodiversity scores, portfolios and engagement with biodiversity-exposed firms. 2) the financial incentives for investing in companies that score highly on biodiversity.