Risky business: Protecting nature, protecting wealth?

Finance is a precondition for many of the activities that harm ecosystems, but how to address this underlying driver biodiversity loss remains topic debate. This paper reviews Task Force on Nature-Related Financial Disclosures (TNFD), corporate-led effort aims identify changes may create financial risks companies and investors. approach also promoted as strategy managing impact business biodiversity, with assumption risk disclosure will more effectively price biodiversity-harming activities. We assess potential TNFD toward end, invite conservation scientists, practitioners, policymakers engage critically its theory change. find relationship between disclosing redirecting finance away from environmental degradation tenuous unproven, making mechanism insufficient addressing sector nature. question embrace another industry-led implies lack information greatest barrier stopping loss. Further, there are reinforce highly unequal concentration power wealth, which itself inimical transformative change, called by Intergovernmental Science–Policy Platform Biodiversity Ecosystem Services.