FfB Pledge signatories
and repository
~200 signatories
The Finance for Biodiversity (FfB) Pledge was launched by a group of 26 financial institutions on 25 September 2020. The number of Pledge signatories has grown significantly since then surpassing the 200 mark in May 2025. This growing community represents a network of global finance leaders committed to taking action on biodiversity.
Pledge reporting
repository
From 2025 onwards, the FfB Foundation has provided an opportunity for each signatory to disclose their progress against each Pledge commitment. We have created a central repository of the reported data to enhance the visibility and transparency of biodiversity-related reporting across the industry. Pledge signatories have committed to reporting in 2025 (with 2024 data), or within two years after signing.
You can find the repository information in the table below.
Reported & disclosed
Reporting deadline approaching
| Organisation name | Type of financial institution | Date of joining the Pledge | Country | Region | Collaborating and knowledge sharing | Engaging with companies | Assessing impact | Setting Targets | Positive Impact | |
|---|---|---|---|---|---|---|---|---|---|---|
| ABN AMRO | Private bank, (Impact) fund | 09/12/2020 | Netherlands | Europe | ||||||
| Abrdn plc | Asset manager | 18/10/2022 | United Kingdom | Europe | ||||||
| Achmea | Insurer | 22/09/2021 | Netherlands | Europe | Our Asset manager and subsidiary, Achmea Investment Management, is a member of the Finance for Biodiversity Foundation. They collaborate with Impact Orange Partners to accelerate impact investing, focusing on biodiversity preservation and restoration. They aim to develop investment strategies for institutional investors, addressing the urgent need to protect ecosystems and mitigate biodiversity loss. Achmea Investment Management played a significant role in the BRIDGE project, which aimed to improve ESG data related to water. Specifically, Achmea IM contributed its expertise in responsible investing and collaborated with other partners to develop strategies for better understanding and managing water-related risks and opportunities. Achmea also supports international engagement initiatives by FAIRR and Ceres. In the context of engagement on plastic, Achmea is actively working towards a UN treaty to tackle plastic pollution. Achmea also participates in a working group on biodiversity with other Dutch insurers via the IRBC (International Responsible Business Conduct). Annual Report 2024, page 108 Achmea IM Versterkt Impactpropositie door Partnership met Impact Orange Partners Biodiversity Whitepaper,page 20 | Nature & Environment are part of both our normative, thematic and collective engagement programs. In our normative engagement programme Achmea engages with companies that violate or threaten to violate the principles of the UN Global Compact or the OECD guidelines for multinational enterprises. Specific attention is paid to the theme of Nature & Environment. This concerns, for example, soil and water pollution or threats to biodiversity. In addition, within the thematic engagement programme, specific attention is paid to biodiversity and related topics such as the use of plastics and water. The Engagement Guidelines reflect our expectations towards investees regarding biodiversity and are part of Achema’s Socially Responsible Investment (SRI) policy. Our expectations of companies on this theme align with the Rio Declaration on Environment and Development and the UN Convention on Biological Diversity. Annual ESG Report, pages 18-20 | Achmea has published a Biodiversity Whitepaper 2024, presenting an initial analysis of its business investment portfolio's nature-related dependencies and impacts. The impact and dependency analysis using the ENCORE tool revealed a high dependency on ecosystem services in key sectors of its portfolio, such as the production and energy sectors. Additionally, 28% of its portfolio is linked to sectors with high or very high biodiversity impact. This exposure increases the financial risks associated with biodiversity degradation. We are currently working on further developing our impact reporting using Iceberg Datalabs data and the MSA metric. These results have not been publicly published yet. Biodivesity Whitepaper, pages 8-16 | As we are still in the exploratory phase regarding nature-related impacts, risks and opportunities, we have opted to set the following initial targets. In the future, these targets will be expanded upon. Initiation targets: - We will allocate specific resources (FTE) with knowledge, responsibility, and accountability for nature-related issues within Achmea, starting with our corporate investment department. - We will provide adequate education for the relevant employees and managers on the nature and the implications of nature-related risks and opportunities for the organisation. - Within the thematic engagement program, at least one theme (out of 10) is continuously devoted to biodiversity in addition to the existing climate themes - Shareholder proposals related to biodiversity (and/or related topics such as pollution, waste, water and land use, etc.) receive extra attention and support in the voting process. Monitoring target: - We will further assess our corporate investment portfolio impact using IDL data and report our biodiversity footprint (in km2 MSA) in the Achmea annual report and our MVB report. Portfolio target: - We aim to explore and define a portfolio target to reduce our biodiversity footprint in our listed equities investments and corporate bond portfolios. Biodiversity Whitepaper 2024, page17 | Achmea has committed to allocating at least 10% of its own investments to impact investments by 2025. One example of this is our investment in the Triodos Food Transition Europe Fund. This fund supports the transition to ecologically and socially resilient food and agricultural systems. The fund provides long-term private equity that aligns with the mission of leading European sustainable food companies, responding to the growing demand for sustainably produced food. In this private equity structure, Triodos opts for an evergreen long-term strategy with the companies in its portfolio. By the end of 2024, the portfolio will consist of 11 participations in sustainable companies. Annual report 2024, page 107 |
| Achmea Investment Management | Asset manager | 25/09/2020 | Netherlands | Europe | ||||||
| Aegon UK | Insurer | 09/11/2023 | United Kingdom | Europe | - In 2023, we published "Why biodiversity matters for DC scheme members", a white paper which explores biodiversity and nature-related risks and their material implications for pension funds. - We provided input into the development of an NZAOA working paper on deforestation. - We're a founding signatory of NA100+ and supported the development and testing of the TNFD framework. - In 2024, we engaged with our data provider, MSCI, to better understand their new offering on nature data and how it matches with our evolving analytical requirements, including for future TNFD reporting. - Ahead of COP16, we signed a public call for action asking governments to address biodiversity loss through a series of concrete measures. Responsible Investment and Stewardship Report, pages 41-44 and 68-69 | We have embedded nature and biodiversity in our engagement approach by making our voting guidelines more detailed and our approach to 'expression of wish' more sophisticated: -Nature has taken a more central role in our new voting guidelines, and we were excited to implement them in 2024, when we initiated vote monitoring across a large proportion companies held in our default funds. -We used multiple data sources to identify priority companies for nature as part of our expression of wish for significant votes (e.g. Nature Action 100, World Benchmarking Alliance) and subsequently monitored nature-related resolutions and outcomes. -We're a founding signatory of NA100+ and supported the development and testing of the TNFD framework. Responsible investment and stewardship report, pages 41-44 and 68-69 | In our Responsible Investment and Stewardship Report 2024 (published in June 2025), we showcase our assessment of our portfolios for nature and biodiversity risks using the ENCORE dataset. We were able to improve the sophistication of our analysis by taking into account direct and indirect supply chain risks and dependencies, as per TNFD recommendations. Responsible investment and stewardship report, pages 41-44 | While we have considered portfolio-level targets, as per the Finance for Biodiversity Pledge guidance, we found them too nascent to define, with potentially constraining impacts on an asset owner portfolio. | Our institution is directing capital towards nature-impact products and investments. In 2024, we have explored the benefits and risks of investing in agroforestry through private market instruments. However, Defined Contribution (DC) pension funds are new to the private market asset class, and such an investment would take time to implement. |
| Aéma Groupe | Insurer | 18/10/2022 | France | Europe | Every year since Aéma Groupe signed the pledge, we have improved on several aspects. We are involved in various working groups of the Finance for Biodiversity Foundation to exchange and learn from our peers. Two members of Abeille Assurances, a brand of Aéma Groupe, contributed to working groups of the FfBF: Jean-François Coppenolle contributed to the working group "Target Setting" and its "Nature Target Setting Framework" publication, as well as to the working group "Sovereign Debt". Julia Bertuzzi contributed to the "Positive Impact" working group and its "Finance for Nature Positive" discussion paper. Anne-Sophie Musset, a member of Macif, a brand of Aéma Groupe, contributed to the working group "Sovereign Debt". In 2024, Déndo Azema, head of SRI policies for Aéma Groupe, contributed to the GFANZ working group on "Nature & transition plans". Moreover, Abeille Assurances has been proactive in leading and promoting a French asset owners' initiative to create two funds dedicated to financing solutions for biodiversity and reducing biodiversity footprints. In addition, Macif, a brand of Aéma Groupe, launched a fund dedicated to nature and biodiversity. Ofi Invest Asset Management, the asset manager of the Group, also launched the Ofi Invest Biodiversity Global Equity fund. SWEN Capital Partners, an affiliated asset management company of Aéma Groupe, launched in 2025 the Terra fund, a fund dedicated to regenerative agriculture. Moreover, Ofi Invest made some significant improvements in engaging with companies with its water engagement and with our biocides and hazardous chemical engagement in 2024. Responsible Investment 2024 Report, pages 16 2024 Energy and climate law Article 29 report, pages 77-91 ESG Climate Report 2024, page 18 | In 2024, as part of our new sector policy on biocides, a campaign was launched by Ofi Invest AM, the asset manager of Aéma Groupe, to continue our efforts to combat biodiversity loss and preserve nature. Moreover, Ofi Invest AM continued its commitments within collaborative bodies such as VBDO, but also joined new initiatives such as PRI Spring and FfBF Fabric. Recently, Ofi Invest AM decided to start a dialogue with certain companies in the Global Fund - Ofi Invest Biodiversity Global Equity thematic fund. Annual Report 2024, page 89 Commitment report, pages 16-18 Responsible investment 2024 report, page 88 ESG Climate Report, page 28 | Aéma Groupe and its insurance brands Macif, Abeille Assurances and AÉSIO mutuelle integrate biodiversity in their ESG policy. The insurers of the group rely on the asset manager of the group, Ofi Invest AM to engage with companies to reduce their negative impacts and increase their positive impacts on biodiversity. To identify impacts and dependencies on biodiversity, the insurers of the group and Ofi Invest AM use a dual materiality approach. Dual materiality allows us to understand, on the one hand, the impact of the company on the ecosystem (our impact) and, on the other hand, the impact of ecosystem degradation on the company (our dependencies). In terms of measurement elements, the insurers of the group have chosen to rely on the two types of indicators: I. The impact measurement indicator is the Mean Species Abundance (MSA) per km² (Carbon4Finance/Ofi Invest). II. The biodiversity dependency measurement indicator is the Critical Dependency Score (CDS) (Carbon4Finance/Ofi Invest). The biodiversity dependency is also measured by some insurance brands of the group with the biodiversity module of ENCORE. Abeille Assurances also engages with asset managers during the due diligence process for funds it considers investing in. Annual report, page 91 Responsible Investment Report 2024, pages 91-93 ESG Climate Report 2024, page 16 AESIO Report 2023 Energy and Climate Law, page 49 2024 Energy and Climate Law Article 29 Report, pages 79-81 | We have set objectives in terms of governance, training and the measurement of impacts, risks and dependence in 2024. Concerning governance, an emanation of the Board of Directors ensures the governance of climate and biodiversity issues, among which are those specifically related to Responsible Investment & ESG topics. Concerning the assessment of the impacts, the biodiversity footprint of Aéma Groupe's consolidated portfolio was published in the group's first CSRD reporting in 2025. We will, of course, continue this work over the coming years. Moreover, the brands (Macif, Abeille Assurances, AÉSIO mutuelle and Ofi Invest AM) are used to measuring and publishing the biodiversity footprint of their investment portfolios every year as part of their Article 29 LEC sustainability reporting, which has been published in the first quarter of 2025 for 2024. Regarding education, we plan to train the relevant employees in 2025 (portfolio managers, analysts, risk department...). Moreover, Ofi Invest AM's strategy has pursued two objectives set out in the reference above frameworks: 1. Mitigating negative impacts on the one hand, 2. Promoting virtuous activities and transition projects in the context of its investments and risk management on the other hand. More specifically, based on the targets set out in the Kunming-Montreal Framework Agreement, we are currently able to take action on targets 7, 8, 10, 14, 15 and 19. Annual Report, page 92 2024 Energy and climate law Article 29 report ESG Climate Report 2024, pages 50, 51, 64, 86 | We want to highlight that the Blue Ocean fund managed by our brand SWEN Capital Partners, a leading player in sustainable private investment, reached €170 million and exceeded its €120 million target to finance innovative start-ups dedicated to ocean regeneration. Ifremer is the fund's scientific partner. Harvard Business School has written a case study on SWEN Blue Ocean investment strategy, highlighting the unique nature of the fund's strategy and impact governance in favour of ocean biodiversity regeneration, designed to align finance and nature scientifically and operationally. In addition, Abeille Assurances, a brand of Aéma Groupe, invested €10 million in sustainable forestry and agricultural businesses in developing countries, looking for a positive impact on local communities through job creation. This natural capital portfolio adds up to a total of €35 million invested in Blue Ocean. Moreover, Macif, a brand of Aéma Groupe, launched a €50 million fund called "Terre & Vivant" dedicated to natural capital. Macif, AÉSIO mutuelle and Abeille Assurances were part of the consortium of more than 10 French institutional investors to launch the "Fonds Objectif Biodiversité" listed assets fund and select Mirova to manage its more than €100 million (officially launched in April 2025). Additionally, in 2023, Ofi Invest, a brand of Aéma Groupe, launched the Global Fund - Ofi Invest Biodiversity Global Equity thematic fund. The proposed investment solution is based on a biodiversity score built around three pillars of analysis (policy & governance, objectives & commitment, performance and company results) on the five pressures on biodiversity defined by the IPBES (Intergovernmental Science Policy Platform on Biodiversity and Ecosystem Services). The Science-based Targets for Nature approach forms the basis for selecting the 71 indicators applied to the five pressures. It ensures a scientific interpretation of the exposure and intensity of industries to these pressures. The score is calculated on the investment scope and ranks issuers by quintile using a best-in-universe approach. It ensures control and transparency in the investment approach, enabling the generation of ideas, the monitoring of trajectories and results, and targeted dialogue with issuers to encourage them to make progress in publishing their policies and data. This is combined with systematic monitoring of each issuer's controversies, with a particular focus on the eight biodiversity-related issues identified by MSCI. Fundamental analysis of issuers is accompanied by qualitative financial and non-financial analysis of each issuer in the construction and monitoring of the portfolio. As of 16 April 2025, the size of this fund is €78 million. In this fund, the analysts award bonus points to companies whose products and services offer solutions to preserve or even restore biodiversity. Annual Report La Lutte en Faveur de la Biodiversite s'Impose comme l'Urgence dans l'Urgence ESG Climate Report 2024, pages 45-46 AESIO Report 2023 Energy and Climate Law, page10 |
| Agri3 Fund | (Impact) fund | 09/01/2025 | Netherlands | Europe | AGRI3 Fund serves as a knowledge partner to financial institutions and its borrowers, supporting the integration of biodiversity considerations into agricultural finance. We lead by example on assessment methodologies, biodiversity risk screening, and sustainable land use practices, including through the design of tailored technical assistance. By sharing lessons from project-level ESG assessments and impact monitoring, we help partner institutions and their borrowers strengthen their own frameworks. AGRI3 also engages in sector dialogues on nature-positive finance and biodiversity-related metrics. We have a public Impact Framework and our approach and methodologies will be further detailed in the Funds 2025 Impact Report, contributing to transparency and knowledge sharing across the investment ecosystem. | AGRI3 Fund integrates biodiversity-related criteria across its ESG risk management framework, exclusion list, impact framework and investment decision-making. We conduct pre-investment biodiversity-related risk (DD) and impact assessments, which inform both risk screening and opportunity identification. Particular focus is placed on deforestation and ecosystem conversion risks. Where material risks are identified, we engage with partner financial institutions and their borrowers to co-develop biodiversity-related action plans and technical assistance. This includes promoting regenerative practices, conservation measures, and impact monitoring. Engagements are tailored to local context and sector exposure, and insights are used to improve our ESG policy and pipeline approach continuously. | AGRI3 Fund conducts biodiversity-related impact assessments for all financing activities where material risks or opportunities are identified. These assessments are guided by our Impact Framework and applied during pre-investment due diligence and impact assessment. To ensure robustness, we engage third-party experts for science-based input, verification, and baseline data Assessment outcomes inform investment decisions, mitigation measures, and technical assistance. | AGRI3 Fund sets biodiversity-related impact targets at both the project and portfolio level, tailored to the context of each investment. These targets are informed by science-based analysis, including third-party assessments where relevant, and address key drivers of biodiversity loss such as deforestation and ecosystem degradation. Targets are designed to increase positive biodiversity outcomes, such as conservation, restoration, or sustainable land use, and reduce material negative impacts. Progress against these targets is monitored through our ESG and impact processes. Disclosures are made via our website and will be further detailed in the AGRI3 2025 Impact Report. | AGRI3 Fund directs capital toward nature-positive outcomes by supporting investments that promote sustainable agriculture, forest conservation, and ecosystem restoration. Through our guarantee facility, we enable partner financial institutions to finance projects that integrate nature-based solutions, such as regenerative agriculture and landscape restoration. Biodiversity benefits are identified pre-investment and incorporated into project-specific impact targets. These are informed by science-based analysis and supported by technical assistance where needed. |
| Agriculture Capital | Asset manager | 11/10/2023 | United States | North America | Our Impact Report addresses climate impacts to our business related to wild pollinator health and overall biodiversity, including methodologies, metrics and targets. Reports are issued annually and are publicly available on our website. Currently we report on biodiversity progress on an individual investment basis; we are working on a meaningful methodology to report on a portfolio-level basis. Results | AC engages with third parties to verify success in our assets. Through partnerships with the Xerces Society and the US Fish and Wildlife Service, for example, we have been able to install 5 miles of native pollinator habitat and measure 40 additional native species on one of our farms. We find that third-party certification of our biodiversity work helps our retail partners in marketing and differentiating products on the shelf as well. Agriculture Capital website | On a farm-by-farm basis, AC accounts for capital spent on specific biodiversity initiatives. Every year, via our AC Way reporting, we have our asset managers self-report on progress on environmental issues, including biodiversity impacts. We report on this AC Way Scorecard in our annual impact reports. We believe this is done most effectively on a farm-by-farm basis and are working to expand to a portfolio-level reporting framework in the future. Agriculture Capital website | Our current targets include third-party validation by Xerces Society and Regenerative Organic Certified. We are the first institutional blueberry farm and brand (Betterful(R)) to feature the two labels. Agriculture Capital website | We have been able to measure an increase in pollinator diversity on three different farms, including a 6x increase on one of our Oregon farms. Importantly, we measure soil organic carbon and soil organic matter on all of our farms, as we believe that diversity in the soil microbiome provides an abundance of co-benefits. We anticipate registering our first carbon credit on our Australian and U.S. farms this calendar year, based on 10 years of this work. |
| AIP Management P/S | Asset manager | 03/12/2024 | Denmark | Europe | |||||
| AkademikerPension | Pension fund | 11/10/2023 | Denmark | Europe | ||||||
| Alken Asset Management Ltd. | Asset manager | 29/01/2024 | United Kingdom | Europe | |||||
| Allianz France | Insurer | 25/09/2020 | France | Europe | ||||||
| Alternative Bank Schweiz AG | Private bank | 11/10/2023 | Switzerland | Europe | ||||||
| Amundi | Asset manager | 21/05/2021 | France | Europe | ||||||
| Andera Partners | Investment fund | 17/01/2024 | France | Europe | Andera Partners is an active member of France Invest which allows the ESG team to share on biodiversity topics: working groups including Climate, Biodiversity, Management Company Regulations, Corporate Regulations and M&A - Participation in the drafting of the Biodiversity Guide (2022) and the Retex Guide (2024) France Invest is a trade association of 440 private equity, infrastructure and private debt management companies. Sustainability Report 2023 | Andera Partners is an active member of France Invest which allows the ESG team to share on biodiversity topics: working groups including Climate, Biodiversity, Management Company Regulations, Corporate Regulations and M&A - Participation in the drafting of the Biodiversity Guide (2022) and the Retex Guide (2024) France Invest is a trade association of 440 private equity, infrastructure and private debt management companies. Sustainability Report 2023 | Actions and follow-up in 2024: for the 3-rd year running, we carried out an analysis of our portfolio’s impacts and dependencies on biodiversity to identify priority portfolio companies to support. We have also launched the second biodiversity footprint for one of our portfolio companies, enabling us to take part in the measurement phase and the definition of action plans. Key figures:100% of our portfolio companies are subject to an annual impact and dependencies analysis Sustainability Report 2023 | 100% of our companies identified as having major challenges will have an action plan to reduce their impacts on biodiversity by 2033 Sustainability Report 2023 | |
| Andra AP-fonden | Pension fund | 18/10/2022 | Sweden | Europe | We participate actively in knowledge-sharing collaborations, including Finance for Biodiversity, FSDA, IPDD and BIOPATH. In 2024, we co-developed a tool for the assessment of deforestation risk together with Climate and Company, which is available as a free download. We have presented this tool in several webinars, and it is also offered on Global Canopy's website. Sustainability report, pages 29-31 Biodiversity Plan | AP2´s engagement with listed portfolio companies is based on the deforestation risk assessment model that was developed in collaboration with Climate & Company. Companies identified with very high deforestation risk, with insufficient or unclearly communicated management of the risk, are targeted in the Funds engagement, with the goal that dialogues should be conducted with all of these companies by the end of 2025, either through collaborations or directly by AP2. At the end of 2024, there were active dialogues with 41 of 45 identified companies. AP2´s expectations of the portfolio companies are described in the Fund´s policy against deforestation and land use. Sustainability Report 2024, pages 29-30 Biodiversity Plan | AP2 has analysed and evaluated the investment portfolio´s material nature-related dependencies, impacts, risks and opportunities using the ENCORE database, as reported in the Fund's TCFD/TNFD report (link to 2023 report, 2024 report to be published May/June 2025). Having identified land use and deforestation as most material driver of biodiversity loss for the Fund's portfolio, a deeper analysis has been conducted focusing more specifically on this risk, see above. Sustainability Report 2024, pages 29 Biodiversity Plan Climate and Nature report 2023,pages 7-8 | We set targets and report on engagement with high-risk companies, as described above. As we have already completed all the steps covered by the proposed initiation targets, we are focusing on defining monitoring targets to monitor the progress of our dialogues in a structured way. Broader portfolio targets for high-risk sectors are also being evaluated, but we currently do not consider the data quality to be sufficient to report on this. Sustainability report 2024, pages 29-31 | AP2 looks for opportunities to invest into solutions. In 2024, the Fund invested in the Amazon Reforestation-Linked Bond, a new type of outcome bond issued by the World Bank. Investment in this bond is expected to contribute good returns at low risk and furthermore to reforestation, biodiversity promotion and carbon sequestration. Sustainability Report 2024, page 31 |
| AP3 (Third Swedish National Pension Fund) | Pension fund | 14/12/2022 | Sweden | Europe | AP3 is actively collaborating and sharing knowledge on biodiversity assessment methodologies, metrics, targets, and financing approaches. The fund participates in discussions and collaborations with other investors, NGOs, companies and service providers, and so does the Council on Ethics, a collaboration between AP1-AP4. AP3 annual report AP3 stewardship report AP3 biodiversity plan Council on Ethics annual report | Biodiversity is one of AP3's key focus areas within sustainability, and the Responsible Investment Policy states that: As a responsible owner and investor, AP3 must consider the impact of its investments on material portfolio and societal risks related to biodiversity and ecosystems. AP3's aim is for the portfolio to contribute to the conservation and positive development of biodiversity by 2030. Active stewardship is the primary part of the strategy, and the fund engages with companies in collaborative engagements and separately. AP3 annual report AP3 stewardship report AP3 biodiversity plan Council on Ethics annual report | AP3 has conducted an initial Encore analysis of the equity portfolio to guide our stewardship efforts. The fund also assesses biodiversity risks before an investment, and we follow up to see if portfolio companies have biodiversity policies and have committed to TNFD. AP3 annual report AP3 stewardship report AP3 biodiversity plan Council on ethics annual report | In addition to the overarching commitment in the policy stating that AP3´s aim is for the portfolio to contribute to the conservation and positive development of biodiversity by 2030, the fund has also set targets in relation to the percentage of portfolio companies in relevant sectors that have policies on biodiversity as well as for the percentage of companies that use TNFDs guidelines for risk assessments and disclosures. AP3 annual report AP3 stewardship report AP3 biodiversity plan Council on ethics annual report | 25% of AP3's Fixed Income Portfolio consists of green or sustainable bonds. Some of these are related to a positive impact on nature AP3 annual report AP3 stewardship report AP3 biodiversity plan Council on ethics annual report |
| APG Asset Management | Pension fund | 01/06/2022 | Netherlands | Europe | ||||||
| Arkéa Asset Management | Asset manager | 01/04/2025 | France | Europe | |||||
| ASA Real Estate Partners | Other | 11/02/2025 | Australia | Oceania | ASA Real Estate Partners has not yet made public commitments or disclosures specifically aligned with biodiversity-related metrics, collaborative assessment methodologies, or impact financing frameworks. However, the ASA Diversified Property Fund operates under a Responsible Investment Policy that includes environmental, social, and governance (ESG) considerations. Sustainability initiatives —such as solar power expansion and recycling programs —demonstrate environmental intent. Where applicable, ASA Real Estate Partners seeks to protect and enhance local biodiversity in property landscaping and site development. ASA's ESG approach and active asset management provide a foundation to support future collaboration and positive impact alignment as industry standards evolve. Responsible Investment Policy | ASA Real Estate Partners incorporates environmental considerations in its Responsible Investment Policy, aiming to minimise environmental impact across its property portfolio. ASA actively manages its assets and engages tenants to enhance property value and operational sustainability. ASAs' ESG framework supports the future integration of biodiversity considerations and engagement strategies as the sector progresses. Responsible Investment Policy | ASA Real Estate Partners does not currently undertake specific assessments of financing activities or investments for biodiversity impacts. However, sustainability is core to ASA's business strategy, not an ancillary consideration. The firm integrates environmental impact evaluation into its operating and investment processes, ensuring a disciplined approach to identifying and managing environmental risks and opportunities. Through its Responsible Investment Policy and broader sustainability commitment, ASA actively incorporates environmental factors in asset management and development, including initiatives such as large-scale solar installations and waste reduction. These measures have delivered both environmental benefits and attractive risk-adjusted returns. ASA's recognition as the first Australian property trust certified carbon neutral by Climate Active further underscores its leadership in this area. ASA views sustainability —environmental and social —as a strategic avenue for value creation and remains committed to evolving its approach as frameworks for biodiversity and environmental impact assessment continue to mature. Responsible Investment Policy | Not specific targets; however, consideration when ASA REP makes investment decisions. Responsible Investment Policy | ASA Real Estate Partners has not yet formally adopted a nature-positive investment framework or articulated specific biodiversity-focused strategies. Nonetheless, the business embeds environmental considerations across its asset management and investment processes through its Responsible Investment Policy, which supports long-term sustainability and seeks to minimise environmental impact across its commercial property portfolio. While ASAs current initiatives are not explicitly targeted at biodiversity outcomes, several actions reflect a broader commitment to reducing the environmental footprint of its assets: - Solar Energy Expansion: At Blackburn Square Shopping Centre, ASA is exploring the potential expansion of its solar array. This investment in renewable energy is designed to lower grid electricity reliance, enhance operational sustainability, and deliver attractive, risk-adjusted returns for investors. - Recycling and Waste Reduction: A Container Deposit Scheme facility has been installed at Blackburn Square, contributing to improved recycling outcomes. This initiative supports circular economy principles while generating incremental income for the Fund. ASA acknowledges the increasing importance of biodiversity and nature-positive finance in the ESG landscape. As market standards and global frameworks continue to mature, ASA will evaluate opportunities to incorporate these principles into its sustainability reporting and investment strategy, where aligned with investor and stakeholder outcomes. Responsible Investment Policy |
| ASN Bank | Private bank | 25/09/2020 | Netherlands | Europe | ASN Bank initiated PBAF to share knowledge and experience, build momentum, support, and contribute to mainstreaming biodiversity footprinting and dependency assessments through the various standards and reports available on the PBAF website. The PBAF standard The make nature count | ASN Impact Investors is part of the Nature Action 100 and engages with companies. This is reported in the upcoming impact report of ASN Impact Investors. Impact report 2024 | We have set the long-term goal to have an overall net positive effect on biodiversity with our investments and loans. We have been reporting our impact on biodiversity since 2016. In 2020, de Volksbank (now ASN Bank) took over this long-term goal for the whole of the banking group. It reported on its impact on biodiversity in the 2024 integrated report. Annual report 2024 | We have set the long-term goal to have an overall net positive effect on biodiversity with our investments and loans. We have been reporting our impact on biodiversity since 2016. In 2020, de Volksbank (now ASN Bank) took over this long-term goal for the whole of the banking group. It reported on its impact on biodiversity in the 2024 integrated report. Annual report 2024 | In 2021, ASN Impact Investors launched a bespoke impact fund that invests in the restoration and protection of biodiversity. ASN Biodiversity Fund |
| ASR Nederland | Insurer | 25/09/2020 | Netherlands | Europe | At ASR, we believe in the power of collaboration and we seek it out wherever possible. That is why, for example, we have joined forces with other Dutch financial institutions within DNB's 'Platform for Sustainable Finance'. We have published a set of papers to help others with an approach to biodiversity and combating deforestation. Real Estate: Alongside the realisation of these landscape element projects, the company will continue to partner with different stakeholders to broaden knowledge regarding biodiversity restoration. These partnerships range from cooperation with strategic partners to gain insight into the quantification of efforts for reporting purposes (such as the Task Force on Nature-related Financial Disclosures (TNFD), to a longitudinal collaboration with the HAS Green Academy to examine the actual effects of wooden landscape elements on soil and water systems and local biodiversity. Finance for Biodiversity Pledge activities Annual Report 2024 | Engagement plays an important role. In recent years, we have entered discussions with large water consumers about responsible water consumption and with food producers about the protein transition and deforestation. We have also called on companies to reduce their plastic consumption in packaging, and we have started working with knowledge partners to develop a methodology that can be used to calculate the plastic footprint of our investments. We will expand this initiative further in the coming period. Real Estate: Alongside the realisation of these landscape element projects, the company will continue to partner with different stakeholders to broaden knowledge regarding biodiversity restoration. These partnerships range from cooperation with strategic partners to gain insight into the quantification of efforts for reporting purposes (such as the Task Force on Nature-related Financial Disclosures (TNFD), to a longitudinal collaboration with the HAS Green Academy to examine the actual effects of wooden landscape elements on soil and water systems and local biodiversity. Finance for biodiversity Pledge activities Engagement report 2024 Annual report 2024 | We started working with available data to determine the sectors and companies with the greatest negative impact and the greatest dependencies on ecosystem services. In that context, we have developed a metric that we call our 'Biodiversity Impact Score'. The results have led to an approach in which we focus on 3 focus sectors and objectives. Real Estate: Real Estate has used the Encore database to identify the extent of actual and potential biodiversity and ecosystem-related impacts of urban and rural property in its value chain, and on which ecosystem services they have an impact. If an urban or rural property is classified as having a high to very high impact on an ecosystem service, is located within one km of a Nature 2000 (N2000) area providing that ecosystem service, this is assessed a material impact. In addition, Real Estate used the Encore database to identify actual and potential biodiversity and ecosystem-related impacts related to activities in its value chain. If an activity is related to a sector that has an impact on an ecosystem service, this is assessed a material impact. Real Estate: Real Estate has used the Encore database to identify the extent of actual and potential biodiversity and ecosystem-related impacts of urban and rural property in its value chain, and on which ecosystem services they have an impact. If an urban or rural property is classified as having a high to very high impact on an ecosystem service, is located within one km of a Nature 2000 (N2000) area providing that ecosystem service, this is assessed a material impact. In addition, Real Estate used the Encore database to identify actual and potential biodiversity and ecosystem-related impacts related to activities in its value chain. If an activity is related to a sector that has an impact on an ecosystem service, this is assessed a material impact. Finance for biodiversity Pledge activities Annual Report 2024 | Based on our research into the impact and dependencies of our investments, we have formulated the ambition to limit biodiversity loss in our portfolios where possible. In 2025, we will start working on the following: 1. We are starting an engagement process with companies within our portfolios, which are active in sectors with a negative impact on biodiversity and which are active near areas that are sensitive to biodiversity loss. 2. We want to gain insight into the plastic footprint of our investments, so that we can formulate appropriate measures. 3. We will continue to reduce the carbon footprint of our investments, with a 25% reduction in CO2 emissions by 2030 compared to 2023. Real Estate: As the Biodiversity Framework aims to halt and reverse further biodiversity loss by 2030 and sets several frameworks to achieve this, Real Estate has set a target for its funds to set ambitious biodiversity-related portfolio targets, such as ecological plans for promising assets, green leases, landscape elements projects and the promotion of climate-positive crops. The general carbon reduction target for the investment portfolio also supports the aim to halt further biodiversity loss. Finance for biodiversity Pledge activities Annual Report 2024 | We have a target of allocating 10% of our AUM to impact investing in 2027. Biodiversity is one of the four focus themes in which these investments are made. Currently, our biodiversity-related impact investments are mostly focused on technological innovations for biodiversity. Annual Report 2024 |
| Astanor Ventures | (Impact) fund | 01/06/2022 | Luxembourg | Europe | Astanor actively collaborates with external experts, universities, and peer investors to co-develop methodologies for biodiversity impact assessment. We notably collaborated with FfB on the model for nature-positive investments. We also contribute to broader investor impact measurement alignment through the impact valuation hub, notably on biodiversity, through evaluating the environmental cost of biodiversity, which we shared with FfB members in May 2025. Finally, we support our portfolio companies in enhancing their assessment and measurement of their contribution to reducing their impact on biodiversity, as detailed in the following question. Finance for Nature Positive, Building a Working Mode, page 3 Impact Valuation Hub Impact Creation Report 2024, page 50 Astanor Responsible Investment Framework, pages 3-4 | Our bottom-up work leverages LCAs across the value chain, complemented by field-level initiatives e.g., with portfolio companies such as Aphea Bio (with whom we are working on developing soil health indicators) and Notpla (plastic pollution via the Plastocene project). To overcome LCA limitations, we integrate impact valuation, monetising effects on marine biodiversity and ecosystem services. This enables investment decisions aligned with planetary boundaries and supports a consistent framework for tracking biodiversity and natural capital outcomes. ESG Report 2022-2023, page 15 Project Plastocene Astanor Responsible Investment Framework, pages 4, 7-9 | Astanor only invests in companies which will have a positive impact and no significant harm on biodiversity. Astanor conducts biodiversity impact assessments using a hybrid approach combining LCA and impact valuation. We quantify the cost of marine biodiversity loss and plastic pollution, which traditional LCAs overlook. pages 7-9 Impact Creation Report 2024, page 5 | As an Article 9 fund under SFDR, our target is to have 100% of our investments have a positive impact on the agrifood sector, which is one of the key drivers of biodiversity loss. We support companies in tracking their impact year on year at product and company levels e.g., reducing synthetic inputs, improving soil health, or increasing hectares under regenerative practices. Targets are refined based on LCA + impact valuation data. Contribution to our biodiversity KPIs is disclosed on an annual basis in our impact report. Impact Creation Report 2024, page 26 | Astanor directs capital to companies with nature-positive impact at the core of their business models. Our portfolio includes multiple investments in companies replacing synthetic agrochemicals with biological alternatives, such as microbial biostimulants and biocontrols, packaging solutions replacing plastic, alternative proteins to substitute wild fish in fish feed and reducing the land used to produce proteins. These investments aim to reduce biodiversity loss and improve soil health, water retention, and pollinator safety. We also support academic partnerships focused on quantifying biodiversity benefits, including LCA integration and biodiversity impact measurement (e.g., ECOSTIMULI and PLASTOCENE project). Project Plastocene ppt ESG Report 2022-2023, page 15 Impact Creation report, Project Plastocene, page 24 |
| Athora Netherlands NV | Insurer | 22/09/2021 | Netherlands | Europe | As one of the initiators and leading participants in a collaboration between peers in the Dutch insurance industry, Athora Netherlands actively explores investment opportunities to make a direct positive impact on biodiversity. The same group also works with experts, e.g. from the academic world, to deepen understanding of the challenges and solutions. Finally, the group is calling on the government to create the conditions that allow for scaling up biodiversity-positive investments. In addition, through our ESG services partnership with Cardano, we participate indirectly in biodiversity-related collaboration and knowledge sharing. Cardano is actively involved in initiatives such as satellite-based deforestation monitoring with Satelligence, bioacoustics research for biodiversity measurement, and the development of biodiversity impact methodologies. These efforts contribute to the broader goals of the Finance for Biodiversity Pledge. Article about the initiative with peers published by the Dutch Association of Insurers: Quarterly report on sustainability by Athora Netherlands and Cardano " 2024 Annual Report, Chapter 4-the Sustainability Statement Policy and Reporting | Engagement on a wide range of sustainability topics has for years been a prominent instrument in Athora Netherlands approach to sustainable investment. Biodiversity is an integral part of our sustainable investment policy, screening process and engagement agenda. The aim of the screening on biodiversity risks and impacts is to avoid investments in companies with significant negative biodiversity impacts and favour those with positive contributions (e.g. sustainable agriculture), but also to identify topics for engagement for companies in our approved investment universe. At any time, we have a range of running engagements for multiple topics on which we report progress in our quarterly sustainable investment report. 2025 Q2 Sustainable Investment report, page 9 onwards | Assessing the biodiversity impact is an integral part of our sustainable investment policy and (ex-ante) screening process. For this, we use a range of data sources and a sophisticated framework to classify (potential) individual investments on a range of sustainability topics, including biodiversity through factors such as climate, land use, water use and pollution. We are currently working on improving our (ex-post) view of the entire portfolio to measure and monitor sustainability risks and impacts of our entire investment portfolio. Our initial focus is to deepen our insights into the topic of climate change, as a starting point for a substantial update and detailing of our Climate Transition Plan before the end of 2025. Of course, climate change is one of the drivers of biodiversity loss. Once we have finalised our Climate Transition Plan, we will perform a similar exercise on the broad topic of Nature, in which we will also assess the risks and impacts on other drivers of biodiversity loss, such as land use, water use and pollution. Annual report 2024, page 38 onwards | Athora Netherlands has not yet set biodiversity-specific targets. As explained earlier, we are focusing first on updating and detailing our Climate Transition Plan. Once finished, we will perform a similar exercise on the broad topic of Nature. Annual Report 2024 Climate goals and action plan | No, we do not yet direct capital directly to nature-impact projects. We do direct capital towards climate solutions, e.g. renewable energy generation, which indirectly contributes to reduce pressure on biodiversity |
| Australian Ethical Investment | (Impact) fund | 01/06/2022 | Australia | Oceania | We have collaborated and shared knowledge through our membership of the Responsible Investment Association of Australasia (RIAA) Nature Working Group. We are also signatories to the Financial Sector Deforestation Action Initiative. In FY24, we spoke about food and agriculture-driven deforestation at the IGCC summit. We participate in collaborative investor engagement initiatives that focus on nature, climate and deforestation, including the FAIRR initiative, Nature Action 100, Climate Action 100 and FSDA. We also work closely with NGOs and other investors to support nature-related company engagements, including shareholder resolutions. Stewardship report-2024, pages 5-6 Australian Ethical website Ethical stewardship | We have incorporated criteria for biodiversity into our ethical assessment process and relevant frameworks, for example, our Food Framework, Real Estate Framework, Retail Framework and Fashion Framework (these frameworks are not public, but we have published positions on many of these issues). We are developing and testing a more comprehensive position on Nature as well as a Land Use Framework, which outlines our criteria for assessing deforestation and conversion (these are not public). We assess companies against these frameworks both at the point of determining whether they are investible and during periodic reassessments. We engage with companies where we cannot determine that they meet the criteria based on publicly available information. For example, we have engaged agricultural companies about water use and pesticides. We have also engaged a renewable energy company about activities that impact a threatened species. In addition, one of our strategic stewardship focus areas is ending livestock-driven deforestation in Australia. Under this strategic initiative, we have been engaging with retailers Coles and Woolworths, as well as major Australian banks, on deforestation. Another example of our biodiversity-related engagements is our advocacy around Australian real estate developer Lendlease, over its planned development that impacts one of the last healthy koala colonies in NSW. After four years of advocacy, we believed that Lendlease failed to produce critical information needed to independently assess the impact of its housing development on koalas and made the decision to divest in 2023. In addition to divesting, we conducted a media campaign to raise awareness, prepared briefs for relevant ministers and spoke to people within the minister's office. Approval for Lendlease's project was delayed and it is currently unclear whether it will go ahead. Ethical stewardship policy Stewardship Report 2024, pages 3-6 Australian Ethical's position on lendlease Australian Ethical's investment guide | Australian Ethical Investment has an Ethical Charter (embedded in our company constitution) which includes 23 positive and negative principles. Our Charter requires us to seek out investments that are positive for people, animals and the planet, and avoid investments which cause unnecessary harm. Biodiversity is relevant to all three levers (people, planet, animals). We restrict investment in industries that have significant negative impacts on biodiversity loss, such as fossil fuels, mining, animal agriculture, native or old growth forest logging and palm oil. We have published positions on how we assess different ethical issues, many of which are linked to biodiversity impacts (see links below). We have been assessing our exposure to deforestation with a focus on high-risk agricultural commodities. In FY22 we identified companies in our portfolio that fall into the GICS categories identified by Global Canopy to be associated with deforestation risk and began engaging with some of those companies where we assessed their approach to deforestation fell short of expectations, or where we needed to clarify the position. In our upcoming sustainability report we are trialling data to compare the nature impact of our portfolio relative to a benchmark. Stewardship report 2024, pages 3-6) Ethical investments Australian Ethical's position on topical issues guides their investment. | In 2021, we signed the FSDA commitment letter which included a commitment to "best efforts to eliminate forest-risk agricultural commodity-driven deforestation activities at the companies in our investment portfolios and in our financing activities by 2025". Our efforts towards achieving that target include engagement with supermarkets Woolworths and Coles, as well as Australian banks CBA, Westpac and NAB. So far Woolworths, Coles and Westpac have made no deforestation commitments. We have focused on deforestation in Australia as Australia has been identified as having a globally significant deforestation hotspot, and we believe this issue is underattended to by other investors. Across our portfolio, our target is for all of our investments to be 100% ethically aligned. That means that we need to ensure that all of our investments are ethically evaluated against our Ethical Criteria, which, depending on the sector, includes nature and biodiversity-related expectations and exclusion rules. For example, we restrict investment in high deforestation risk sectors like animal agriculture production, palm oil, native and old growth forest logging. We report performance against our target in annual reporting, and this is subject to limited assurance by KPMG. In FY24 our performance against this target was 100%. Stewardship report 2025, pages 3-6 Deforestation | We are participating in the development and ownership of carbon sequestration projects via an externally managed fund investment (managed by HRL Morrison). The projects involve investing in Australian pastoral land with specific characteristics and establishing integrated carbon farming to generate carbon offsets from underutilised land through human-induced regeneration. While carbon sequestration projects have clear potential for positive climate and biodiversity outcomes, there is a risk positive impacts will not be achieved or that there may be counterproductive impacts. For example, there might be greater beef sector emissions under scenarios where initiatives of this type bolster the economics of beef production; or negative impacts on biodiversity, particularly when wildlife are excluded from revegetated areas by exclusion fencing. We made it a condition of our investment that the project would: - Set biodiversity targets - Incorporate the views of people independent of the livestock industry on biodiversity and animal welfare (given the fundamental conflict of interests between commercial objectives of pastoralists on the one hand and biodiversity and animal welfare on the other). We sought and received confirmation that the company would not own any livestock or be involved in the livestock farming business in any way, other than by leasing what is already grazing land to cattle farmers. We also received confirmation that revenue from leasing the land to farmers is expected to be minor relative to revenue from generating and selling carbon offsets, and well below our tolerance thresholds. We concluded that rather than facilitating the livestock sector, this project has the potential to reduce some of its impacts. We are continuing to monitor evidence of whether this project is meeting climate and biodiversity targets. This is our first investment in carbon sequestration (beyond operational offsetting and grants given through the Australian Ethical Foundation). Our involvement in this project will hopefully help inform the further development of our ethical requirements for carbon sequestration projects and biodiversity impacts more generally. We also philanthropically fund various nature-related projects through the Australian Ethical Foundation (we donate 10% of profits (after tax and before bonus) to the Foundation each year). Some examples of nature-related projects we are currently funding include: - Australian Climate and Biodiversity Foundation (ACBF): The Foundation has provided funding to the ACBF Foundation to implement its updated Forest Futures Strategy in 2025 to continue to work in forest protection, ecological restoration and industry transition to secure the long-term conservation of Australia's native forests. - Martuwarra Fitzroy River Council (MFRC): The Foundation will provide core funding to allow MFRC to work on climate justice, water justice and building new economies for First Nations people. MFRC's focus is to stop imminent threats of mining, but also to regenerate the River system after years of moving people off the Country, intensive agriculture, incorrect burning, and water harvesting. - Accounting for Nature (AfN): The Foundation funding will support AfN in recruiting expertise in Indigenous Peoples and Local Communities to help lead meaningful First Nations engagement. Funding will help ensure that the integration of “Traditional Ecological Knowledge and Indigenous values into Accounting for Nature Certified Environmental Accounts aligns with best-practice principles, including Free, Prior, and Informed Consent (FPIC), co-design and inclusiveness, data sovereignty, and cultural integrity. Building on work initiated in 2021, this funding will support AfNs' commitment to collaborating with First Nations People through co-design, fostering nature stewardship that integrates scientific and cultural perspectives. This approach aims to enhance the ecological, cultural, and economic values of Australia's natural landscapes for First Nations communities and landholders. Ethical stewardship Australian Ethical foundation |
| Avesco Sustainable Finance AG | Asset manager, (Impact) fund | 14/12/2022 | Germany | Europe | For Avesco, knowledge sharing requires sharing content through easily understandable material. On our blog, Avesco shares insights on impact investing and offers a behind-the-scenes look at the sustainability of our hidden champions. This includes articles about the analytical and engagement work that is being carried out for the fund. About 3-5 articles have been published every month on our website since 2018. For the first time, exclusive articles on the topic of biodiversity were published from 2023 onwards, for example, on the impact of the production of a company on local biodiversity in Brazil or how the finance sector can halt biodiversity loss. Engagement report 2024, pages 12-14 | We apply our own sustainability analysis methodology to assess impacts along the entire value chain. Previously, biodiversity was only considered in the section on impacts within the own production of the investee company of this reporting. This has been adjusted: we now analyse biodiversity dependencies and impacts across the supply chain, production, use phase and end-of-life. Using company sustainability reports and the ENCORE tool, we assess how portfolio companies' business models depend on or impact biodiversity, identifying related risks throughout the value chain and thereby influencing the internal rating given to portfolio companies. With our enhanced method, we identify companies with high biodiversity risks and engage them specifically. Between the biennial analyses, we intensify contact with companies with high identified biodiversity risks to share informative resources, reduce negative impacts, and strengthen positive ones. In 2024, we launched in-depth biodiversity-specific engagements with three companies. Engagement report 2024, pages 12-13 | We assess both positive and negative biodiversity impacts across the entire value chain of our portfolio companies -from suppliers to end-of-life. Additionally, during the investor calls that are part of our holistic sustainability analysis, a particular focus is put on biodiversity when company reporting falls short of this topic. Using the ENCORE tool, we also quantify dependencies and impacts within core business activities to build a biodiversity risk database. We evaluate companies' own initiatives for positive impacts and conduct thorough research, including sustainability reports and external sources, to uncover negative impacts and high-risk areas. Identified drivers of biodiversity loss are documented in our internal database, where we track risks and related engagement efforts over time. Engagement report 2024, pages 12-13 | Avesco deems it a crucial step to identify biodiversity risks on the portfolio level before any further targets are set. Hence, the aim for the year is to aggregate a comprehensive set of information on biodiversity impacts and risks to evaluate them across the entire portfolio. Once these insights are available to us, we will enter into a structured target-setting process based on the portfolio performance to set measurable and realistic goals for the Sustainable Hidden Champion Equity fund from 2026 onwards. Engagement report 2024, pages 12-13 | No |
| Aviva Plc | Insurer | 21/05/2021 | United Kingdom | Europe | For nature, we continue to engage and collaborate with a range of governing bodies, industry participants and value chain members. This includes, but is not limited to, the following: - FfB Foundation: Member of multiple workstreams and on Advisory Board - GFANZ: Founding member, and co-leads of the nature in net zero transition planning workstream - FSDA: Signatory and co-led on the development of expectations for commercial and Investment Banks. - NZAOA: Chairing of the Deforestation working group - UNEP FI Principles for Sustainable Insurance (PSI): member and participant of Nature Working Group - TNFD Forum: member and input into consultations - Nature Positive Initiative: member and input into consultations Annual Report 2024 Climate-related Financial Disclosure Transition Plan Navigating Nature COP16, Aviva | We were one of the first insurance companies to have a Biodiversity Policy covering our investment, insurance, and operations in 2021. The policy sets our case for action to protect and enhance nature and its biodiversity, and a set of principles to guide our decision-making and actions. We continue to make progress against actions we set out. As part of our in-house asset manager (Aviva Investors) nature-related stewardship in Public and Private Markets, three structured engagement programmes were launched in 2024: the Nature Engagement Programme, the Water Stewardship Programme, and the Circular Economy Stewardship Programme. Beyond companies, we also engage with sovereigns on nature-related issues, through the Investor Policy Dialogue on Deforestation (IPDD) Initiative Transition Plan Navigating Nature COP16, Aviva Biodiversity Policy Policies and documents | We have been identifying and assessing nature related issues across our investments, underwriting and operations. For instance, through a 2022 deforestation risk assessment, and a 2023/24 initial nature-related risk and opportunity exposure assessment. We are building on this through undertaking a Group-wide nature-related dependencies, impacts, risks, and opportunities assessment, which will draw on TNFD’s ‘LEAP’ approach. We also continue developing our investment capabilities to assess nature impacts and dependencies across key topics (e.g. water stress, land use) to help inform investment risks and opportunities. To support others, Aviva Investors have developed proprietary nature analytic capabilities referred to as “Nature Risk Solutions”. These tools help identify, evaluate and track nature related risks and opportunities across corporate and sovereign public market portfolios. Climate-related Financial Disclosure Transition Plan Navigating Nature COP16, Aviva | Nature is incorporated across our Second Iteration of our Transition Plan. Our TP introduces our Group-wide nature strategic framework, which will support and inform the prioritisation of nature-focused activities and actions across our engagement, investment, insurance, and operations. It aims to ensure that we have an in-depth understanding of our interface with nature as a business, to inform our focus areas and actions so that we can support nature-positive outcomes and the implementation of the Kunming-Montreal Global Biodiversity Framework (GBF). Implementing our Group-wide nature strategic framework will consist of a range of activities and actions. Key ones –consistent with areas of the FfB initiation targets - include undertaking a Group-wide nature risk and opportunity assessment in 2025, alongside delivering internal education and training including deepdive Board training covering nature in 2025, and embedding nature into planning, governance, and risk appetite considerations. Transition Plan | Protecting and restoring nature is a key part of our Sustainability Ambition. We have been taking a range of actions to support the scaling up of funding and investments to enhance nature. Driven by our ambition to become a Net Zero company by 2040, we have been funding nature-based projects across the UK, Ireland, and Canada, with an initial £87 million pledged to projects supporting the restoration of native rainforests, saltmarshes, and grasslands. We have also invested in the nature restoration sector, through contributing to one of the largest early-stage UK funding rounds in 2040, raising £40 million of equity for Nattergal. Our in-house asset manager, Aviva Investors, offers a range of thematic strategies which aim to allow its clients to take advantage of nature-related investment opportunities. This includes: - Natural Capital Transition Global Equity A fund which invests in companies supporting and benefiting from the transition to a nature-positive economy. The fund goes beyond a simple approach of only investing in companies providing solutions to reduce adverse impacts on nature, to instead also invest in companies transitioning their business models towards a nature-positive economy. Moreover, the fund seeks to drive further positive change by engaging with investee companies on specific biodiversity issues. - Climate Transition Real Assets (LTAF) Fund Which seeks to deliver capital growth and income and make a positive contribution to the transition to a low-carbon economy. In part through investments within nature-based solutions projects with aims to sequester carbon and deliver biodiversity and social benefits. This has included two investments – a peatland restoration project in Glen Dye, West Aberdeenshire and a second afforestation investment in Glen Forsa. - Aims to invest in both nature-based and engineered solutions, supporting Aviva's pathway to achieving net zero. The fund targets return from carbon value growth and timber, focusing on assets that generate carbon removal credits and provide green and low-carbon investments with co-benefits such as biodiversity enhancement, species protection and reintroduction, improved waterway quality, employment, and public access. |
| AXA Group | Insurer | 25/09/2020 | France | Europe | ||||||
| AXA IM | Asset manager | 22/09/2021 | France | Europe | As we aim to understand and identify drivers of biodiversity loss and the contribution of different sectors to its degradation, and engage with relevant sectors and issuers accordingly, we publish thematic research on biodiversity to help inform investment processes and continue to support the development of tools and data that permit the measurement of the impacts and dependencies of issuers on biodiversity. We currently use IDL's Corporate Biodiversity Footprint (CBF), where we share our findings and experience to foster better information sharing on the use and limits of such tools. We may also utilize other tools across our platforms to generate different insights: notably CDP, ISS ESG and Sustainalytics for our Ecosystem Protection & Deforestation exclusion policy. In addition, the TNFD Pilot study we conducted recently on two priority sectors (Agri-food and auto) in our portfolio of listed assets led to the publication of a summary. This summary presents the lessons learned from analysing the nature-related dependencies, impacts, risks, and opportunities in these sectors. The study highlights how TNFD can be a catalyst for biodiversity action for investors committed to sustainability. AXA IM annual TCFD/Art.29 report; Section 7; Pages 103 to 114 AXA IM Ecosystem Protection & Deforestation exclusion policy | We conduct engagement both individually and collaboratively. Engagement can be oriented towards specific pressures, such as deforestation & conversion, pollution, themes, such as circular economy and regenerative agriculture, or be more broad-based and address the integration of biodiversity into business strategies and governance structures and processes. Engagement can be informed by insights drawn from the biodiversity footprinting data provided by Iceberg Data Lab (IDL), as specified in AXA IM's Engagement policy. We may also use our voting rights alongside engagement to support the transition towards more nature-positive businesses, as specified in AXA IM's Corporate Governance and Voting Policy, which now includes biodiversity-related considerations. AXA IM annual TCFD/Art.29 report; Section 7; Pages 103 to 114 AXA IM Corporate Governance & Voting policy, Page 21 | Since 2023, we have disclosed our portfolio's biodiversity footprint for listed corporate assets in our annual TCFD/Art . 29 report, using the Corporate Biodiversity Footprint (CBF) developed by Iceberg Data Lab (IDL). We are also monitoring some principal adverse sustainability impact indicators related to biodiversity (e.g. Share of investments in activities negatively affecting biodiversity-sensitive areas) in our annual SFDR entity-level disclosures. In addition, the TNFD Pilot study that we conducted recently on two priority sectors (Agri-food and auto) in our portfolio of listed assets allowed us to gain a deeper understanding of our nature-related dependencies, impacts, risks and opportunities in these sectors. Within the framework of our Ecosystem Protection & Deforestation policy, and to establish our related exclusion list, we quantitatively and qualitatively assess issuers' risks and impacts related to deforestation and ecosystem conversion. To conduct this assessment, we use several data sources from renowned data providers and leading NGOs. Our policy was last updated in January 2025. AXA IM annual TCFD/Art.29 report; Section 7; Pages 103 to 114 | We will disclose elements submitted as part of the present Target Setting to Finance for Biodiversity (part of the FfB pledge signed in 2021), starting our 2024 TCFD/Art . 29 report that was released in June 2025. These encompass the 3 topics of the so-called Initiation targets (Governance, Education & Training, Strategy): Governance : 1. Governance structure in place, comprising ongoing board oversight on ESG issues, including stewardship Education & training : 1. Training program on biodiversity for all employees, including board members, through AXA IM ESG Development Goal program 2. Raising awareness with clients on why investors should care and what actions they can take to integrate biodiversity across equities and fixed income via in person training session as well as educational papers (see more details question 3.4) Strategy : 1. Exclusion policy (AXA IM Ecosystem Protection & Deforestation policy) in place and annually reviewed, including the appropriateness of criteria, with changes validated in AXA IM top-level RI governance body (i.e., Management Board for material changes, Sustainability Strategic Committee for minor changes) 2. Start the assessment of impacts, risks and dependencies through a TNFD pilot, disclosed in AXA IM's annual TCFD/Art.29 LEC report 3. Voting policy for nature-related resolutions in place and annually reviewed 4. Support the improvement and development of nature-related data, metrics and knowledge to feed action through collaboration with peers, partners and external stakeholders 5. Finance positive impact strategies in Equities or Nature-Based Solutions. Our progress on these commitments will begin to be disclosed in the next annual AXA IM TCFD/Art.29 report to be released in June 2026. AXA IM annual TCFD/Art.29 report; Section 7; Pages 103 to 114 AXA IM 2024 Stewardship report, Pages 28-31 | Since 2022, through our Natural Capital strategy, which aims to contribute to the significant environmental, biodiversity and social outcomes provided by nature, we are making good on its promise to fund credible, investable solutions that deliver positive outcomes. To date, the strategy has made several investments that align with its mission, such as the reforestation of degraded lands in the Brazilian Amazon, the protection and restoration of degraded peatland in Indonesia, the prevention of the deforestation of Forest Protected Areas in Guatemala, and the promotion of sustainable agroforestry practices in Madagascar. As of the end of 2024, AXA IM Natural capital strategy represented $489M commitments from AXA Group, with an agreement to reach $500M by 2024. Moreover, we manage $633M (at the end of 2024) in dedicated biodiversity listed equity strategies. They invest in companies that provide solutions supporting the transition to a society with a lower biodiversity impact by applying our listed impact framework based on Global Impact Investing Network (GIIN) key concepts. AXA IM annual TCFD/Art.29 report; Section 1.3; Pages 30 to 33 AXA IM Alts Impact Investing webpage AXA WF ACT Biodiversity Fund Impact Report 2023 |
| B & Capital | Investment fund | 25/10/2024 | France | Europe | |||||
| B Capital Partners | Investment fund | 04/09/2024 | Switzerland | Europe | |||||
| Banco de Bogotá S.A. | Private bank | 10/05/2024 | Colombia | South America | |||||
| Banco de Occidente S.A. | Private bank | 02/09/2024 | Colombia | South America | At the Bank, we have strengthened our sustainability strategy by incorporating environmental and social risk management into our credit processes. We are currently in the process of integrating climate change–related criteria into our SARAS policy (Environmental and Social Risk Management System), and we are making progress in assessing risks and opportunities aligned with international frameworks such as TCFD. Although we do not yet have specific biodiversity metrics, we plan to begin identifying the impacts and dependencies of our operations and portfolio on ecosystems in the second half of 2026. Periodic year-end report 2024 | We are currently in the preparation phase to define biodiversity-related metrics and targets, which will be implemented in the second half of 2026. As part of this process, we are exploring the adoption of TNFD, which will enable us to set clear and measurable medium- and long-term goals, aligned with international sustainability commitments and the expectations of our stakeholders. Periodic year-end report 2024 | At the Bank, we disclose our sustainability progress annually through the Sustainability Report, which includes environmental, social, and governance practices. This report highlights conservation programs, the Eco-efficiency Plan, the results of the National Ecology Award Planeta Azul, and green credit lines. Through this disclosure, we seek to ensure transparency and accountability regarding our environmental and social performance. Periodic year-end report 2024 Comunidad Planeta Azul | We actively participate in collective initiatives within the financial sector, such as those led by Asobancaria, which promote the integration of environmental and social risks into banking management. Additionally, through our National Ecology Award Planeta Azul, we support projects led by entrepreneurs, small, medium, and large companies, as well as educational institutions, NGOs, and foundations that contribute to biodiversity conservation and the sustainable use of natural resources. These efforts allow us to help strengthen capacities across society and generate a positive impact beyond our direct operations. As part of our contribution to raising awareness of Colombia’s biodiversity, we have published the Ecolibro Banco de Occidente for 40 years, highlighting the country’s natural richness. Sustainability Comunidad Planeta Azul | We have developed financial products such as credit lines for energy efficiency, sustainable mobility, and renewable energy projects, which indirectly contribute to ecosystem protection and emissions reduction. In addition, through the National Ecology Award Planeta Azul, we allocate resources to recognise initiatives for biodiversity and natural resource conservation in Colombia. In this way, we channel capital toward projects that generate a positive impact on nature and local communities. In 2024, we allocated COP 3.6 billion to our sustainable portfolio through financing lines for energy efficiency, renewable energy, and sustainable mobility projects. In addition, we specifically financed projects focused on regenerative economy—conservation and restoration of habitats and ecosystems—for a total of COP 17,510,500,000. Furthermore, in 2024 we awarded COP 288,000,000 to the winners of the 16th edition of the National Ecology Award Planeta Azul. Periodic year-end report 2024 |
| Bank J. Safra Sarasin | Asset manager | 25/09/2020 | Switzerland | Europe | ||||||
| Bankinter | Private bank | 25/09/2020 | Spain | Europe | ||||||
| Berkeley Capital Group (BCG) | (Impact) fund | 19/06/2024 | United Kingdom | Europe | |||||
| Big Picture Financial Planning Ltd | Other | 01/12/2023 | United Kingdom | Europe | ||||||
| Blue Horizon | (Impact) fund | 14/12/2022 | Switzerland | Europe | ||||||
| Boston Common Asset Management | Asset manager | 30/11/2021 | United States | North America | In 2024, we conducted our first biodiversity assessment leveraging the ISS BIAT tool and published our first biodiversity policy/approach (April 2024). We joined 5 NA100 engagement teams, and actively contributed to knowledge-sharing and collaboration through ICGN Natural Capital Working Group (Lauren Compere co-chair), Investor Initiative on Hazardous Chemicals (IIHC), Investors for Sustainable Solar (founding co-lead investor), Finance Sector Deforestation Action (FSDA) (advisory committee) and co-developed a new set of FSDA investor expectations for banks on deforestation. Joined the GRI Banks Sector Standard Technical Committee (where we provided feedback to biodiversity expectations) and a new Investor Environmental Health Network Batteries Working Group. Also joined multiple investor discussions on the Canadian Boreal and land degradation Impact Report, pages 7, 8, 9, 18 Biodiversity-Approach-Boston-Common-AM.pdf FSDA Banks Expectations on Deforestation Active Investor Impact Update (2024, Q3) | In 2024, we collaboratively and bi-laterally engaged X of companies on biodiversity/nature themes including banks such as Bancolombia, BDO Unibank, Itau Unibanco, MUFG, Orix, OCBC, and Ping An. We took an active role in 5 NA100 engagement teams including in 3 cases initiating company outreach/dialogue, coordinating investor collaboration on questions/agendas, note-taking and follow up (Colgate-Palmolive, Mondelez, Home Depot, Lowes and Weyerhaeuser) and took a co-lead role to develop and actively engage banks on a new set of FSDA bank deforestation expectations. We also integrated biodiversity (energy/water needs) into several AI data center/infrastructure engagements with technology companies. We actively engaged a number of companies under the Investors Initiative on Hazardous Chemicals (Ecolab LG Chem), Investors for Sustainable Solar (First Solar), and Finance for Deforestation Action (Mondi, Mondelez, OCBC). Under our sustained engagement program for Japan, we individually engaged several companies including (Ajinomoto, MUFG, and Orix) on biodiversity and deforestations risks and impacts. Impact Report, pages 7, 8, 9, 18 Active Investor Impact Update (2024, Q1) Active Investor Impact Update (2024, Q3) Unlocking Opportunity in Japan-Sustained Dialogue Impacts 2024 Impact Report | In 2024, we conducted our first biodiversity assessment using the ISS BIAT tool and linked out to some of its findings in our biodiversity policy/approach (April 2024). We then used this to prioritise engagement in select dialogues in 2024. We conducted our second biodiversity assessment using the same tool, which will be disclosed in our updated biodiversity policy in May 2025. Biodiversity Approach Boston Common AM Impact Report, page 18 | Leveraging our 12/31/24 biodiversity assessment using the ISS BIAT tool, we have set a 2025 engagement target as follows to engage over the next two years, the top 10 companies* with the highest relative biodiversity impact (owned PDF) on progress towards TNFD alignment, including adopting robust biodiversity targets linked to their most severe biodiversity risks and impacts. This will be done collaboratively through initiatives such as NA100 and directly. We will report out on our progress in our quarterly client communication and our annual 2025 impact report (2026). *Subject to change if the company is no longer held. This is a new target and was added to our revised biodiversity policy/approach published in May 2025. 2024 Impact Report | While we don't have an explicit fund dedicated to nature-impact products and investments we have explicit seek and avoid criteria under our comprehensive ESG guidelines including a specific focus on Climate Change & Earth Renewal. See Boston Common's Comprehensive ESG guidelines and 2024 biodiversity policy for more details. In 2019 made the decision to no longer invest in fossil fuels. ESG Guidelines Biodiversity Approach Boston Common AM |
| BPCE Assurances | Insurer | 21/11/2023 | France | Europe | As part of our commitment to integrate biodiversity, BPCE Assurances has joined several working groups within initiatives for the protection of biodiversity in 2023, the FFB, Act4Nature (with Groupe BPCE), and Nature Action 100. - BPCE Assurances is a signatory to the AF2i charter and participates in a working group dedicated to the redesign of the ESG due diligence questionnaires to enrich the criteria. - We participate in events to deepen our understanding of biodiversity issues, associated assessment methods and new positive investment solutions Impact Report 2024 BPCE Vie | - We have begun to integrate specific biodiversity criteria into our guidelines through our pesticide policy, palm oil policy and PFAS methodology and other policies under consideration; - Through alliances, we engage companies with strong pressure on biodiversity. - We have developed new assessment tools and indicators to measure the impacts of our investments on biodiversity. This allows us to track our progress and adjust our approaches accordingly. Impact Report 2024 BPCE Vie | - We use various tools and data sources, to assess the dependencies and impacts of our investments both at different level (portfolio, sector, companies) and different asset classes. - In addition, we are working to understand the impact of geographic locations on business activities, which helps us identify specific risks related to biodiversity, particularly on water. Impact Report 2024 BPCE Vie | - BPCE Vie plans to formalise its biodiversity strategy in a public document by 2025; - We have integrated the financial sector-specific targets from the Kunming Montreal Agreements into our biodiversity strategy, setting out objectives and timelines for achieving them. - These first targets were complemented by commitments to FFB and NactureAction100+ and actions identified as priorities following impact and dependency analyses with a recognised tool; - We have also put in place indicators to track our progress and ensure transparent communication through regular reporting on each subject Impact Report 2024 BPCE Vie | -BPCE Assurances has put in place a KPI on sustainable assets, at the end of 2024, the ESG committee revised the definition to align these assets with the SFDR taxonomy, decarbonation targets validated by SBTi, extra-financial rating criteria and compliance with exclusion policies to measure the growth of these investments better. -BPCE Vie also participates in the Positive Impact working group of the FfB initiative, which aims to define the types of investments compatible with a funding objective for biodiversity. -In 2024, BPCE Vie joined an initiative with 16 French institutional investors to promote biodiversity in financial portfolios through the «Fonds Objectif Biodiversité», managed by Mirova. This fund will invest in innovative SMEs and encourage large companies to integrate biodiversity as a transformation issue, based on CDP data. -In 2025, the Biodiversity Objective Fund plans to extend its investments to non-listed assets such as private equity, debt funds, infrastructure and nature-based solutions, with the participation of BPCE Vie. Starquest-Montefiore will manage the fund. Mirova sélectionné pour gérer le Fonds Objectif Biodiversité Initiative “Objectif Biodiversité”: 17 institutional investors select Starquest-Montefiore to manage the private equity fund |
| Bpifrance | Public bank | 16/01/2023 | France | Europe | Bpifrance is a partner of CDC Biodiversité, particularly within the framework of the Nature 2050 Program. Since 2016, Bpifrance has been a member of the B4B+ Club (Business Club for Positive Biodiversity) and the steering committee "Entreprises engages pour la nature – act4nature France". Bpifrance is also a member of the France Invest Biodiversity working group. Annual report 2024, pages 111-116 | Bpifrance Investissement has developed a digital tool called "ESG Invest", which enables investment teams to conduct ESG analyses as part of the investment review process. This tool includes questions designed to assess the impacts and dependencies of companies on biodiversity, as well as the practices implemented to mitigate them. In 2025, the ESG Invest tool will include features for monitoring action plans developed by companies in collaboration with their shareholders on ESG matters, including biodiversity. Bpifrance is particularly attentive to issues such as imported deforestation, water consumption, overfishing, and pollution. Annual report 2024, pages 111-116 | Bpifrance has been measuring the biodiversity footprint of its listed portfolio for several years. As a member of the B4B+ Club (Business for Positive Biodiversity), Bpifrance uses the Biodiversity Impact Analytics methodology of the Global Biodiversity Score (BIA-GBS). The BIA-GBS™ tool, developed by Carbon 4 Finance (C4F), utilizes financial data (asset by asset) from C4F and biodiversity data from the GBS tool, created by CDC Biodiversité. Thus, Bpifrance has been measuring the biodiversity footprint of its listed portfolio for several years. Although the initial studies do not yield significant insights, they do indicate that the portfolio has a lower biodiversity impact profile compared to the benchmark index 2023 Bpifrance investment report 2023 | Bpifrance has not set specific goals for the companies invested or financed by the Group. However, for the "Diag'Biodiversité", a new support system for SME’s launched in April 2025, Bpifrance aims to conduct 50 assessments in the first year, followed by 100 annually thereafter. Annual report 2024, pages 111-116 | Bpifrance financially supports the protection and restoration of biodiversity through its contribution to the Nature 2050 fund of CDC Biodiversité. Annual report 2024, pages 111-116 |
| Caisse des Dépôts | Public bank | 25/09/2020 | France | Europe | We are working for that and are active in international initiatives such as FFB of course but also UNEP FI, PRI, TNFD but also in French ones such as l’institut de la finance durable (IFD), Entreprises pour l’Environnement (EpE), Orée, French Global Compact or ORSE. We contribute to the B4B+ club, which is run by our subsidiary CDC Biodiversity. We also collaborate with other investors to create investments funds dedicated to biodiversity, and we challenge our biodiversity data providers. Caisse des Dépôts provides significant financial support to the Mission Économie de la Biodiversité (MEB) initiative (which is led by CDC Biodiversité) through a multi-year partnership agreement. MEB publishes applied research on issues relating to the reconciliation of economic development and biodiversity. We participate in a think tank on biodiversity and finance, led by the media organizations "l'info durable" and "AGEFI». Finally, we share some thoughts in our annual responsible investment report. For example, last year we warned of the danger we perceive in certain economic actors being trying to "reduce their dependency" on nature. Responsible Investment Report 2023 | The Caisse des Dépôts (French deposits and deposits agency) is committed to engaging with companies in at least two sectors per year. Each year, we publish information related to these shareholder engagement campaigns. In 2023, the Asset Management division engaged in dialogue with 44 companies on biodiversity issues, representing 21% of investments in corporates. Companies in the luxury goods, automotive, agrifood, and other consumer goods sectors, as well as the retail sector, were asked about their practices in taking nature and biodiversity issues into account. The discussions are based on a preliminary internal analysis of the company's practices, carried out by an analyst dedicated to biodiversity issues. Furthermore, we also support various collaborative engagement campaigns, particularly on environmental issues. We support several campaigns led by FAIRR and are members of the IIHC initiative led by Chemsec about chemical pollution and PFAS. We are also a member of the NA100 investor coalition. Every year, we support the CDP letter to encourage companies targeted by their questionnaire to respond to it on climate, forests and water. ESG Library Responsible Investment Report 2023 | CDC has been measuring and publishing the biodiversity footprint of its corporate portfolios for several years, and since last year that of its sovereign portfolio. The impact is expressed in MSA.sq.m. MSA (Mean Species Abundance) is a metric recognised by the scientific community for measuring the average abundance of species at a given location. The tool uses financial or operational data to estimate the pressures, by breaking down the inputs used to generate the revenue of the company concerned. It may also use data on pressures reported directly by companies, such as their carbon footprint. We rely on other public or proprietary data to assess more specific aspects, and we believe that methodological developments are expected; we are working on them with various data providers. Furthermore, the CDC regularly measures and publishes its investment flows on the ecological and energy transition, although it is currently impossible to support this with a precise impact measurement. To identify and take action on the actual and potential negative outcomes on biodiversity connected to our investment activities, CDC's Asset management monitors the controversies facing its portfolio companies every quarter. A rigorous methodology is applied to identify and analyse controversies and propose an action plan. 2 external providers of ESG data form an early warning system for more than 1,000 companies in the portfolio. Filters are applied to identify breaches of the Global Compact, the UNGP and the OECD Guidelines. A detailed analysis of controversies is conducted and submitted for discussion with management before the quarterly committee meeting. The committee decides on the seriousness of the controversy, the level and appropriateness of the company's response, and the action to be taken as a minority shareholder or debt holder. Responsible Investment Report 2023 Climate Transparency Hub | The targets already set by the CDC cover several areas: - Target to engage with companies in two sectors per year -Commitment to ensure neutrality of land take in our direct real estate portfolio - Target of 100% of our forest assets being PEFC or FSC certified -Commitment to exclude producers or traders of high-deforestation risk commodities (if they don't have a robust zero deforestation policy) and 2) those whose turnover depends on producing or selling pesticides. We have adopted in 2025 a new commitment related to DSM (exclusion of financing DSM projects as well as investing in DSM pure players) Furthermore, we have various targets related to climate change mitigation, a significant (and unfortunately growing) factor of pressure on ecosystems and biodiversity. Responsible Investment Report 2023 Biodiversity Policy We have adopted a Nature Policy in May 2025 which gathers the Group’s commitments for freshwater and biodiversity. It has been published on our website last July 25. We have reported on biodiversity impact, dependencies, risks and opportunities in our 2024 sustainability reports (CSRD and art 29 LEC) Sustainability Report Climate Transparency Hub- Reporting Art. 29 LEC | We are working for positive impacts through financing restoration (project finance) but also through our subsidiaries CDC biodiversité and la Société forestière. CDC biodiversité is involved in biocredits pilot test (IAPB). Our AO is part of the biodiversity financial centre-based fund, which is called the "Objectif Biodiversité" Fund. We are also investing in research on methodology to select corporates which are in transition or net positive with Banque de France Gestion and CDC Biodiversité. Activity Report Our public development bank is managing an impact French government programme which is called "territoires d"innovation" Impact investment report 2024 Sustainability Report |
| Capital Croissance | Other | 05/05/2025 | France | Europe | |||||
| CapMan Plc/ Dasos Capital | Asset manager | 09/01/2023 | Finland | Europe | As a TNFD Early Adopter we have started preparing CapMan's disclosures on nature, including biodiversity. We took part in multiple workshops by SITRA (the Finnish Innovation Fund) on TNFD and shared recommendations, knowledge and experiences with 60 other Finnish financial institutions. Furthermore, we are currently part of an international Natural Capital Accounting Project that will harmonize an approach to value six ecosystem services related to forestry. Annual report 2024 Upskilling the Finnish financial sector to promote TNFD adoption Sustainability report Sustainability statment Investment Sustainability report 2023 CapMan TNFD Disclosures | CapMan acquired Dasos Capital Oy in early 2024. We are currently integrating Dasos Capital (Natural Capital Investment Team) into CapMan Plc. As an active owner with a majority and significant minority stakes across our asset classes, we have seats on the boards of all our portfolio companies. We can directly influence their operations and strategies. On a CapMan level, we have developed a nature-positive approach that will align us with the TNFD recommendations and help us establish nature transition plans for the portfolio. During 2025, we are finalising a project that includes the Natural Capital team in the overall CapMan nature approach. Sustainable investment policy Sustainable forest investment | We have kicked off a project in 2025 that will assess the Natural Capital Investment Team's nature dependencies, impacts and risks and will align it with CapMan's approach to Nature. Annual report 2024 | The nature project will help us set relevant targets in accordance with the TNFD and SBTN. Annual report 2024 | |
| Cardano Asset Management N.V. | Asset manager | 25/09/2020 | Netherlands | Europe | ||||||
| CDC Croissance | Asset manager | 30/11/2023 | France | Europe | ||||||
| Change Finance, PBC | Asset manager | 09/12/2020 | United States | North America | ||||||
| Chesnara Plc | Asset owner | 20/03/2024 | United Kingdom | Europe | |||||
| Church Commissioners for England | Asset owner | 04/09/2024 | United Kingdom | Europe | |||||
| Clear Skies Investment Management | Asset manager | 27/10/2023 | Canada | North America | Clear Skies is committed to advancing biodiversity through active participation in various initiatives that enhance both our knowledge and impact. As a signatory of the Finance for Biodiversity Pledge, we are also engaged in Finance Montreal’s biodiversity working group. Two of our team members have taught a course on Water Stewardship and Market Mechanisms at Concordia University. Clear Skies also partners with McGill Nourish Group, helping students on their analysis on biodiversity topics. We further collaborate with organisations such as FAIRR, Nature Action 100, and the SPRING Initiative, led by PRI, to foster collective action. Additionally, we participate in the Ceres Water Initiative to work closely with companies on water stewardship. Since 2022, we have supported CDP's non-disclosure campaign, advocating for greater corporate transparency on water, forests, and climate. We have also signed several policy letters, including the VCBO letter on plastic, the Finance Statement to End Plastic Pollution from PRI and UNEP FI, and joined the Business Coalition for a Global Plastics Treaty. Clear Skies team members have written articles on topics like regenerative agriculture and planetary boundaries and organized a panel featuring industry experts. In 2025, we plan to incorporate biodiversity criteria in our Impact investing policy. Biodiversity Fund Clear Skies Joins Nature Action 100 | As part of our company's impact strategy, engagement is a vital component of our work. Due diligence, especially on biodiversity-related issues, remains a significant challenge for many companies, and Clear Skies is committed to supporting them in addressing this. Key themes emerging from these engagements include nature disclosure, waste and plastic pollution, water stewardship, and seafood traceability, all of which are closely linked to the five drivers of biodiversity loss. Currently, we collaborate directly with companies, emphasizing on a collaborative approach. Our engagements include initiatives such as the Ceres Valuing Water Initiative, the FAIRR Collaborative Investor Network, PRI’s Spring Initiative, and Nature Action 100+. Biodiversity Fund Clear Skies Joins Nature Action 100 | The Clear Skies biodiversity strategy aims to guide nature toward protection through the preservation and restoration of ecosystems, benefiting both people and the planet. We believe that by investing in companies with strong intentions, clear commitments to timelines, and transparent progress tracking, we can help drive progress toward biodiversity goals. The SDGs addressed by the fund are directly aligned with our "Preserving the Planet" theme. To assess biodiversity impacts, we focus on priority sectors that significantly affect or depend on nature. Key sectors identified by Ceres include biotech and pharmaceuticals, chemicals, consumer goods retail, food and beverage retail, forestry and packaging, household and personal products, and metals and mining. These sectors are deemed systemically important for reversing biodiversity loss. We actively assess both positive and negative impacts on biodiversity by identifying challenges within these sectors and aligning them with the five drivers of biodiversity loss identified by IPBES. This approach allows us to pinpoint companies offering impactful solutions. As part of the impact analysis, Clear Skies uses the ENCORE tool to assess sector-specific impacts and dependencies on nature. Biodiversity impact report 2025 Impact repot 2024, pages 11,18,19,20,21 Impact report 2025, 15,16,20,23 | A clear impact thesis guides our firm's decisions. We intentionally direct capital toward companies whose core business activities are particularly in industrials, materials, consumer staples, and utilities that offer scalable solutions to biodiversity loss. These include ecosystem regeneration, land and water conservation, pollution prevention, and low-impact manufacturing. We prioritise investments that demonstrate strong potential for real-world outcomes and where our capital can drive additional, measurable impact. We assess alignment with the five key drivers of biodiversity loss identified by IPBES: land and sea use change, direct exploitation of organisms, pollution, climate change, and invasive species. Our impact assessments span sectoral materiality screening, company-level evaluations, and value chain analysis. These are supported by tools such as ENCORE and IBAT and are embedded within a broader theory of change. Each investment is evaluated through the five dimensions of impact: What, Who, How Much, Contribution, and Risk, ensuring a rigorous and transparent understanding of biodiversity outcomes. We invest in companies whose products and services can deliver biodiversity outcomes, where our active ownership creates additionality through improved targets, disclosures, and measurable impact. We integrate these insights into firm-wide decision-making processes, informing capital deployment, stewardship priorities, and engagement escalation strategies. We are aligning with leading global frameworks such as the Kunming-Montreal Global Biodiversity Framework, TNFD´s LEAP approach, and the Science-Based Targets Network (SBTN). We have begun setting biodiversity-focused targets, starting with portfolio-level initiation targets on impact assessment coverage and governance, and are progressing toward sector-specific monitoring targets across high-impact industries. Our stewardship approach is focused on increasing both transparency and biodiversity outcomes. We engage with portfolio companies on nature-related risks and opportunities, encourage disclosure and target-setting, and apply escalation strategies where progress is insufficient. Across our biodiversity strategy, we aim to not only mitigate harm but actively contribute to the restoration and preservation of nature through intentional, outcomes-oriented investment. Biodiversity Impact report 2025 Impact repot 2024, pages 11,18,19,20,21 Impact report 2025, 15,16,20,23 | Our biodiversity strategy invests in companies that actively address one or more of the five key drivers of biodiversity loss. The 31 impactful companies in our portfolio contribute positively to biodiversity conservation and restoration. These companies span various industries, with a higher weight in industrials, materials, and consumer staples. Additionally, we manage our two flagship funds, the Climate Action Fund and the Balanced Impact Fund, both of which complement and strengthen our biodiversity initiatives. While these funds have limited overlap, together they support efforts that drive meaningful progress toward protecting and enhancing biodiversity. Our investment process incorporates a robust impact methodology that evaluates each company's intentionality toward the SDGs (SDG 9, 14, 12 and 15) utilizing the five dimensions of impact. We also leverage industry-leading tools and frameworks, such as the ENCORE tool, SBTN, TNFD, and IRIS+, to guide our assessments and metrics. Clear Skies, an Impact Investment Firm |
| Climate Asset Management | Asset manager | 10/05/2023 | United Kingdom | Europe | Climate Asset Management is actively advancing the global biodiversity agenda through collaboration, knowledge sharing, and leadership in nature-positive finance. The firm has produced multiple thought leadership pieces and actively engaged in the TNFDs Targets and Metrics working group. CAM additionally participates with the FfB working groups on Impact Assessment and Positive Impact, and participated in a range of knowledge sharing events, including the FfB annual in-person meeting. CAM also shares its approach more broadly at a range of high-profile events, including the CBD COP16, where it continues to showcase scalable, science-based investment strategies that deliver measurable outcomes for nature. TNFD LEAP pilot update Investing in the future Article 6.4 of the Paris Agreement Sustainability roundtable Natural Capital | Climate Asset Management does not invest directly into companies and so engagement in the traditional manner does not apply to our business model. Instead, Climate Asset Management appoints operating partner companies to run assets (e.g. farms or forests) on our behalf. Appointment of these operating partners incorporates clear ESG-I criteria within agreements, including minimum requirements and incentives for performance. Due to the commercial nature of these agreements, they cannot be shared publicly. We engage on at least a quarterly basis with each operating partner to monitor ESG data, including water use and chemical inputs, as well as to track progress on positive biodiversity initiatives such as invasive species management, habitat restoration projects and improvements to productive areas such as cover cropping. Our approach is outlined in both our responsible investment policy and supplier code of conduct. Resposible investment policy, pages 2-3 Supplier code of conduct | All of our assets undergo rigorous due diligence prior to investment and ongoing monitoring throughout asset lifetime. This includes the assessment of both potential positive and negative impacts on biodiversity, as well as the associated nature-related risks and opportunities. This assessment covers impacts from land-use change, climate change, pollution, resource use and invasive species. Each asset develops an ESG-I Action Plan, which tracks implementation of initiatives to mitigate potential negative impacts and deliver positive impact. Each asset reports quarterly and annually on a range of metrics relating to the potential impacts on biodiversity. Reporting combines portfolio-level metrics applicable to all assets with bespoke metrics tailored to location-specific issues. TNFD LEAP pilot update | Each of our investment strategies has developed a set of objectives which cover biodiversity, climate, water and communities. Each asset is required to contribute to at least 3 of these categories to be eligible for investment. For biodiversity, these targets cover a range of topics including the reduction of pesticides and synthetic fertilisers, the area managed for nature, and ecosystem condition. | All of our strategies are natural capital-focused. They include commitments to contribute to the global goal of Nature Positive. Each strategy has biodiversity objectives that look to have a positive impact. These include targets for the percentage of total area under management being managed for nature, improvements to ecosystem condition and connectivity. Climate Asset Management – Nature Based Carbon Fund Climate asset management investments |
| Climate Resilient Africa Fund | (Impact) fund | 20/11/2023 | Egypt | Africa | ||||||
| Colibri Catalyst | (Impact) fund | 11/10/2023 | United States | North America | ||||||
| Confluence Impact Fund | (Impact) fund | 29/07/2024 | United Kingdom | Europe | |||||
| Coöperatie Klaverblad Verzekeringen U.A. | Insurer | 21/05/2021 | Netherlands | Europe | ||||||
| Coöperatie Univé U.A. | Insurer | 03/12/2024 | Netherlands | Europe | |||||
| Coöperatie VGZ U.A. | Insurer | 11/10/2023 | Netherlands | Europe | We work together with Cardano, our ESG fiduciary partner. They are a frontrunner in ES/RI in general and on biodiversity in particular. Through our partnership with them we indirectly contribute to the pledge commitments. We also had a knowledge session provided to us in which Cardano presented a draft assessment of the biodiversity footprint of parts of our investment portfolio. Although useful, it still needs to be standardized. We also created an Action Plan on biodiversity. Through NatureAction 100 we engage with the largest companies on biodiversity, and we are planning impact investments focused on biodiversity. Sustainability | The goal of active stewardship is to reduce biodiversity loss by changing business behaviour. If that is not enough, laggards will eventually be excluded. In the meantime, we invest in solutions by reallocating part of our capital. How we work on sustainability and sustainable business practices, RI policy/MVB policy, pages 65-72 | The goal of active stewardship is to reduce biodiversity loss by changing business behavior. If that is not enough, stragglers will eventually be excluded. In the meantime, we invest in solutions by reallocating part of our capital. How we work on sustainability and sustainable business practices, RI policy/MVB policy, pages 65-72 | VGZ wants to limit and reduce the negative impact of its investments on biodiversity. In addition, VGZ wants to contribute to the preservation and restoration of biodiversity. VGZ has translated this ambition into more concrete objectives for the period up to and including 2030 and the period up to 20250. In order to formalize these objectives, VGZ signed the Finance for Biodiversity Pledge in 2023, an international commitment to protect and restore biodiversity with financial activities and investments. Based on Cardano's assessments we exclude companies that breach the limits of what is acceptable in terms of products and corporate behaviours. How we work on sustainability and sustainable business practices, RI policy/MVB policy, pages 65-72 | Not yet but have concrete plans to do so in the near future. How we work on sustainability and sustainable business practices, RI policy/MVB policy, pages 65-72 |
| Coöperatieve Rabobank U.A. | Private bank | 25/09/2020 | Netherlands | Europe | ||||||
| Crédit Mutuel Arkéa | Private bank | 22/09/2021 | France | Europe | In 2024 the group carried out a double materiality analysis within the framework of the CSRD. Environmental issues have been identified as material: climate, biodiversity and water. Overall description of the impact on Crédit Mutuel Arkéa In the short, medium and long term, Crédit Mutuel Arkéa’s main negative material impacts on the environment come from its economic and regional financing activities (banking, asset management). The Group is particularly active in sectors with high environmental challenges, such as real estate, agriculture and agri-food, which have an impact on environmental issues such as climate change, energy consumption, water and biodiversity. Overall description of opportunities for Crédit Mutuel Arkéa The material opportunities for Crédit Mutuel Arkéa arise primarily from its ability to promote the reduction of negative impacts and the development of positive impacts in its downstream value chain. The opportunities associated with the development of products and services, in particular financing to support the transition, have been identified and assessed in terms of the sustainability topics of climate change mitigation and adaptation, reducing pressure on biodiversity and reducing water consumption. Material impacts, risks and opportunities and their interaction with strategy and business model p. 131 Climate change: synthesis p. 162 Biodiversity: synthesis p.199 and details p.200 to 204 Water: synthesis p. 205 and details p.206 | The Group has set itself a target of generating 900 million euros in loans dedicated to the environmental transition by 2024. The target was exceeded with production of €1,138.1 million. As part of its new Company with a Mission, roadmap it has set itself a new target of €2,200 million by 2027. The Group is committed to continuous improvement, given the complexity and interdependence of the issues involved, and to adopting a biodiversity strategy by 2025. Work will be carried out in 2025 to define a transition plan and initiate an assessment of the expected financial impact on the Group of the material risks and opportunities associated with biodiversity and ecosystems. At the end of 2024, the Group has not set any biodiversity targets for either its financing or asset management activities. This will be the subject of further work during 2025, drawing in particular on existing initiatives such as the Finance for Biodiversity Pledge. Products and services related to the environmental transition p. 195 Biodiversity: Policies, actions and targets related to financial activities p. 200 | ||||
| Crédit Mutuel Asset Management | Asset manager | 22/09/2021 | France | Europe | Please refer to La Française Group | ||||
| Crescent Capital Group LP | Asset manager | 22/09/2021 | United States | North America | ||||||
| CZ | Insurer | 30/11/2021 | Netherlands | Europe | ||||||
| DAM SEZC (Formerly Dorr Asset Management) | Asset manager | 03/01/2023 | Cayman Islands | North America | ||||||
| Danske Bank A/S | Private bank, Pension fund | 14/12/2022 | Denmark | Europe | Danske Bank engages in several working groups, knowledge sharing forums, speaking opportunities, shares relevant knowledge through publications and provides feedback to consultation papers. For example, we are part of PBAF's positive impact, PRB's nature working group, the TNFD forum, and shared our experiences on several occasions, including at the COP16. Additionally, Danske Bank published several white papers for knowledge sharing purposes, for example, in relation to our engagement experiences and provided feedback to, for example, UNEP FI's and WWF's report on navigating nature-related regulations for banks or PRB's nature target setting guidance. Our insights from engaging with more than 280 companies about nature and biodiversity Navigating Biodiversity: A review of 100 Nordic Companies Nature is a blind spot, also for Nordic companies | The Group has set nature and biodiversity engagement targets for both lending and investment activities. Through our engagements, we seek to increase our understanding of ecosystem impacts and dependencies. For lending, we prioritised sectors based on potential negative impacts. For investments, we engage based on various criteria like assets under management, location, and the investee company's potential ecosystem dependencies and impacts. In 2023, we decided to engage with high-impact sectors within our lending activities. We aimed to engage with 300+ agriculture customers in Denmark and 50+ large corporate customers in food, fisheries, forestry, pulp and paper, and shipping before the end of 2024. In total, we engaged with 348 agriculture customers and 55 customers from our Large Corporates & Institutions unit across the prioritised sectors. In late 2022, we decided to engage with 30 large investee companies by 2025. We exercise both individual engagement and engagement in collaboration with other investors and organisations. Since engagements started in 2023, we have engaged with 27 companies and are on track to meet our 2025 target. Our sustainability management principles are defined in the Group's Sustainability Policy. We do not have a specific biodiversity policy, as we manage interconnected sustainability themes through our overarching policy. Annual report pages 69-70 Danske Bank maps potential impacts on nature and biodiversity | In 2023, we conducted the first impact assessments of our corporate loan and investment portfolios using the ENCORE (Exploring Natural Capital Opportunities, Risks and Exposure) dataset to understand and identify potential negative impacts on biodiversity and ecosystem services in our downstream value chain. In 2024, the impact assessment for the investment portfolio was updated, and the update of the impact assessment for the lending portfolio is planned to be updated during 2025. Annual report pages 69-70 | As mentioned in section 2.3, Danske Bank has set engagement targets following an assessment of the negative impacts of our corporate loan and investment portfolios. Following the mitigation hierarchy, we believe that Danske Bank can have the greatest impact by focusing on avoidance and minimisation before considering restoration or other efforts and hence, increase positive impacts. Annual report pages 69-70 | |
| De Volksbank | Private bank | 25/09/2020 | Netherlands | Europe | ||||||
| Delubac Asset Management | Asset manager | 12/06/2024 | France | Europe | In 2024, Delubac AM actively contributed to the AFG working group on the integration of biodiversity into investment policies and strategies. Following the working group's work, a practical guide on "biodiversity and investment" was published for asset management companies. Biodiversity and investment: a practical guide for asset managers Report on Article 29, of the Energy and Climate Law | In 2024, Delubac AM actively contributed to the AFG working group on the integration of biodiversity into investment policies and strategies. Following the working group's work, a practical guide on "biodiversity and investment" was published for asset management companies. Report on Article 29, of the Energy and Climate Law | To understand the biodiversity issues present in our investments, it is crucial to identify the positions that have an impact on biodiversity. To do this, we have identified the share of our active security positions that are in the sectors identified in the TOP 10 high-impact sectors according to the Finance for Biodiversity Foundation. They represent 8% of the outstanding assets of the AUM. 6 of the 10 sectors that make up the TOP 10 sectors with the greatest impact on biodiversity according to the Finance for Biodiversity Foundation are not present in the active securities held directly as of 12/31/2024. These are the following sectors: integrated oil and gas, diversified metals and mining, paper products, distilleries and winemakers, packaged food and meats, and pharmaceuticals. Report on Article 29, of the Energy and Climate Law | A fund on the theme of biodiversity was created in 2024 and approved bu the regulatory (AMF) in 2025. Online documentation is not yet available. | |
| Demeter Partners | (Impact) fund | 22/09/2021 | France | Europe | ||||||
| Desjardins Global Asset Management | Asset manager | 14/12/2022 | Canada | North America | ||||||
| Desjardins Investments | Asset manager | 14/12/2022 | Canada | North America | ||||||
| Deutsche Kreditbank AG (DKB) | Public bank | 10/11/2023 | Germany | Europe | Since May 2024, DKB has been actively involved in the Partnership for Biodiversity Accounting Financials (PBAF), e.g. in the Agriculture Working Group. DKB has been an active member of the Biodiversity Forum of the German Association " Verein für Umweltmanagement und Nachhaltigkeit in Finanzinstituten e.V." (VfU). Together with other financial institutions and in exchange with corporates and NGOs, DKB contributed to the development of biodiversity KPIs and advises on the development and selection of KPIs for the real estate and agricultural sectors. In 2025, we will also be actively involved in the new Nature & Biodiversity topic area of the Association of German Public Sector Banks (Verband Öffentlicher Banken Deutschlands, VÖB) and share our experience, for example, regarding analysing the biodiversity footprint of our portfolio with other financial institutions. The same applies to the working group on biodiversity as part of the Sustainable Finance Cluster Germany. To promote the internal exchange of knowledge, we held two knowledge events for all DKB employees in 2024. In addition, an internal Biodiversity expert team has been working on the cross-divisional topic of biodiversity since April 2024. Colleagues from the risk management, market divisions, sales and the sustainability team are working together to promote biodiversity protection across the bank. Annual report 2024, pages 161-162) | In 2024, we integrated eight biodiversity criteria into our Sustainable Lending Framework (SLF) under the focus topic “‘Well-Being’ for species and ecosystems”. The SLF is our classification tool for classifying financing as sustainable in a three-dimensional ESG context. It is the basis for the development of sustainable credit products at DKB. We have integrated criteria for financing in the agricultural and real estate sectors because these sectors offer major leverage for reducing negative impacts and promoting positive impacts on biodiversity. These criteria also address the most important drivers of biodiversity loss for our portfolio which are climate change and land use. Our aim is to raise our clients' awareness of particularly biodiversity-promoting practices with positive effects, to set incentives for the promotion of biodiversity and to finance more nature-based solutions in the long term (DKB-Geschäftsbericht 2024, E4-2 (p. 156), E4-2 23a (p. 158-159), E4-3 (p. 160) and Sustainable Lending Framework (for example, p. 25-26). In addition to integrating biodiversity criteria into our Sustainable Lending Framework, we significantly strengthened the strategic focus on biodiversity within our sustainability strategy in 2024 (Sustainability Strategy Chapter 5.3 p. 13-14). Here too, the focus is on the aforementioned main drivers of biodiversity loss in our loan portfolio. As our agriculture and food customer group has both the highest impact on biodiversity and dependency of ecosystem services, engagement with agricultural companies is particularly important to us. With the aim of supporting our agricultural customers in switching to regenerative and biodiversity-friendly practices and promoting positive impacts, we are already implementing several cooperation projects with external partners (For more information, please see DKB-Geschäftsbericht 2024, E4-3 Actions p. 160). As a bank with over 50,000 customers, particularly small and medium-sized enterprises, structured discussions with our customers on the subject of biodiversity are only feasible for us to a limited extent. However, we are already examining how we can expand our engagement with individual customers even further and are already increasingly integrating the topic of biodiversity into events for customers. Annual report 2024, pages 156, 158-160) DKB’s Sustainable Lending Framework, pages 25-26 Sustainability strategy. pages 13-14 | In 2024, DKB analysed the biodiversity impacts of its own business activities (=own operations) as well as its financing activities (=loan portfolio) Please see DKB- Geschäftsbericht 2024, E4-IRO-1 and 17a (p. 153-155) for more information on the methodology of the location-specific analysis of the DKB branch offices incl. its activities and the results of this analysis. To grasp the impact of our financing activities on biodiversity and ecosystems, in 2024, DKB partnered with CDC Biodiversité for a screening of the biodiversity footprint of our DKB loan portfolio using the Global Biodiversity Score tool (version 1.4.8). The tool assesses the impact of economic activity on biodiversity by modelling ecosystem pressures using the GLOBIO model. The screening analyses the negative impact financed by the DKB loan portfolio, quantified in MSA.km2. Business customer loans and construction financing for private customers were considered. In addition to the impacts resulting from the direct value creation of our customers, the impacts of the upstream value chain were also analysed. The impacts of the downstream value chains cannot yet be considered due to insufficient data. Financial data of DKB customers was used for the screening. Physical customer data was not available at the required level of detail at the time of the analysis. (please see DKB- Geschäftsbericht 2024, E4-IRO-1 17 (p. 153-154)). The screening of the biodiversity footprint showed that the greatest impact of the DKB loan portfolio on biodiversity loss in terrestrial ecosystems is primarily caused by the two drivers climate change and land use. For each of the DKB customer groups, one of these two drivers proved to be dominant. For example, in the case of the agriculture and food customer group, land use is the dominant driver for the financed negative biodiversity impacts, while in the case of the energy and supply customer group, the negative impacts are primarily caused by climate change, i.e. CO2e emissions. All in all, the screening by CDC Biodiversité using the Global Biodiversity Score tool made it possible to identify which customer groups and financed sectors have the greatest impact on biodiversity. The agricultural and energy sectors as well as financing that involves construction activities are particularly noteworthy in this regard. Annual report 2024, pages 153-155, 158-159) Sustainability strategy, Chapter 5.3, pages 13-14 | In addition to tackling climate change, our 2024 updated sustainability strategy will increasingly pursue the goal of protecting and promoting biodiversity and ecosystems in the long term by reducing impacts that are harmful to biodiversity, strengthening nature-based and biodiversity-friendly financing approaches and actively raising awareness of biodiversity conservation among our customers and employees. Especially in the agricultural and food sector - one of our client groups that is especially relevant for the protection and promotion of biodiversity - we set ourselves a concrete, time-bound target that can contribute to the reduction of negative impacts on biodiversity: We aim to increase the percentage of organic farms in our portfolio to 10% by 2030 (2024: 6.8%). Organic farms avoid synthetic chemical pesticides, which can protect ecosystems from nitrate overload. This also contributes to the EU Biodiversity Strategy's goal of reducing the use of chemical pesticides by 50% by 2030. (Sustainability Strategy Chapter 5.3 p. 13-14 and DKB- Geschäftsbericht 2024, E4-3 p. 161-162 und E4-4 p. 163-164). Even though this target relates to the customer group that has the greatest negative impact on biodiversity in our loan portfolio according to our biodiversity footprint, we are aware that we still need to set ambitious targets that also include other customer groups. Due to the current lack of sufficient data, it is not yet possible to set further measurable portfolio targets. As soon as reliable data is available, we plan to develop targets. Quantitative targets are planned to be developed within the next three years. Climate change, as a key driver of biodiversity loss, is already addressed by our decarbonization targets (Sustainability Strategy Chapter 5.3 p. 13 and DKB- Geschäftsbericht 2024, E1-4 p. 139-145). Annual report 2024, pages 139-145, 162-164) Sustainability strategy, Chapter 5.3, p.13 | Based on the revised 2024 Sustainable Lending Framework, a portfolio management approach incorporating sustainability aspects has been implemented. This underlines our commitment to supporting our clients throughout their transformation process. Annual report 2024, page 25 |
| Deutsche Oppenheim Family Office AG | Asset manager | 01/06/2022 | Germany | Europe | ||||||
| DNB Asset Management AS | Asset manager | 22/09/2021 | Norway | Europe | Please refer to our Target Setting Biodiversity report. Target Setting Biodiversity | Please refer to our Target Setting Biodiversity report. Target Setting Biodiversity | Please refer to our Target Setting Biodiversity report. Target Setting Biodiversity | DNB AM has decided on a set of targets for our work with biodiversity, outlined in the table below. We will report on the progress annually and the associated reports will be available on our website 1.Target: Assess and quantify biodiversity impacts and dependencies -Scope: All managed equity funds. -Deadline: Assessment included in this report. Next annual reporting by the end of 2025. -Status: Initial assessment done. 2. Target: Engage companies in the most material industries (impact and dependencies) -Scope: All managed equity funds -Deadline: End 2027: Engaged at least 40% of AUM in the most material industries. End 2030: Engaged at least 50% of AUM in the most material industries -Status: Engaged 21% of AUM (counted from 2021)* 3. Provide education in biodiversity topics for all employees in DNB AM -Scope: All employees -Deadline: End 2024 -Status: Completed 4. Aim to set targets for AUM in companies with biodiversity related commitments (including science-based targets for nature) -Scope: To be decided -Deadline:To be decided -Status: Under review *We have conducted relevant engagements before 2021 as well, but for consistency the starting point is 2021 Target Setting Biodiversity, page 3 | |
| DNCA Finance | Asset manager | 30/05/2024 | France | Europe | |||||
| Domini Impact Investments LLC | Asset manager | 25/09/2020 | United States | North America | Domini is fortunate to be part of a community of investors, NGOs, and civil society organizations that care deeply about creating a sustainable future for all. This includes collaborations focused on climate change, biodiversity, Indigenous Peoples, and elimination of hazardous chemicals. In addition to FFB, where we participate in the Corporate Engagement and Public Policy working groups, we are active in corporate engagement and public policy focused collaborations where we engage companies, share resources, develop best practices, and advocate for deforestation policy, including, Nature Action 100, Investor Policy Dialogue on Deforestation, Investor Initiative on Hazardous Chemicals, Finance Sector Deforestation Action, PRI Advance, and Investors and Indigenous Peoples working Group. Partnerships & Field-Building Collaborations Domini Forest Project Impact update Q4 | Our Impact Investment Standards, which we first published in 2005, describes our investment philosophy and establishes a framework for investing sustainably and responsibly. It lays out clear and transparent expectations for how we believe companies and issuers should conduct business and treat stakeholders. We apply our Standards consistently across all of the Domini Funds’ seeking investments that support two fundamental goals: - Universal Human Dignity: Promotion of universal values of fairness, equality, justice, and respect for human rights. - Ecological Sustainability: Promotion of long-term environmental sustainability, including climate-change mitigation and adaptation. One of the pillars of our impact strategy is leveraging the Domini Funds’ ownership in companies to engage with them on issues that matter to investors. Through our engagement efforts, we communicate investor expectations to companies, work with them to better understand the sustainability challenges they face and encourage them to adopt and implement responsible policies and practices. In doing so, we seek not only to drive positive environmental and social outcomes, but also to address risks and help ensure that the companies our Funds invest in are positioning themselves for long-term success. We escalate engagements as needed, through public communication, collaboration, or filing of shareholder proposals. In addition to engaging with companies, we also participate in engagements with policymakers to advocate for strong public policy that protects shareholder rights, establishes corporate disclosure expectations, and strengthens the environmental, social, and financial systems that underpin our investments. In 2024, our engagement priorities cantered around three key objectives: - Addressing climate change with urgency and recognizing the systemic importance of forests and biodiversity - Supporting human rights and the dignity of workers, and ensuring companies treat their workers and stakeholders well - Promoting equitable and affordable access, including access to health care, financial services, housing, and economic opportunity Domini Impact Investment Standards Domini Impact report and updates 2023 Annual Engagement Report Engagement | To help guide and ensure consistency in our decision-making, we’ve developed proprietary key performance indicators, or “KPIs.” These KPIs are specific to each industry and are designed to focus our evaluations on the most meaningful and important sustainability challenges each company faces, within the context of its business model. For relevant sectors, this includes evaluation of relevant biodiversity topics, such as water use efficiency, water pollution, land use change, deforestation, and controversies. This informs a determination of whether a company is eligible or ineligible for investment based on the alignment with our Impact Investment Standards of its business model and relationships with stakeholders. While we do this evaluation at an issuer level, we assessed one of our Funds using ENCORE in 2023. We have not historically done a portfolio wide biodiversity assessment but recently gained access to relevant MSCI data that will enable us to do issuer and portfolio wide biodiversity assessment, location-specific assessments, and exposure to sensitive locations. Since 2018, we have had a system-level investing initiative cantered on forests. Using system-level investing tools, such as standard setting and field building, we have built our understanding of the interconnected drivers of forest destruction, their impacts on our investments, and how we can use different leverage points strategically in our research and engagements, both with businesses and governments, to advance system resilience. Recognizing that governments have an essential role to play in protecting and preserving the Earth´s forests, in 2024, we integrated an analysis of forest impacts into our methodology for evaluating sovereign debt issuers. As part of this enhanced methodology, we developed and introduced new KPIs focused on forest area gain or loss, our first environmental KPIs for sovereign analysis, which supplement existing KPIs related to freedom, corruption, and human rights. Domini Impact Investment Standards pages 17-24 Domini Forests Project Supplement to the Prospectus and Statement of Additional Information, page 25 | We have Standards that support this of increasing positive impacts and reducing negative impacts, and this manifests through industry-specific KPIs and issuer specific evaluations. For relevant industries for which we have KPIs, we include multiple biodiversity related facts and figures (e.g. % of revenue from sale of toxins, water withdrawals, deforestation policies, controversies). We direct our analysts to evaluate these figures. Domini does not invest in the GICS energy sector and our qualitative evaluations lead us to exclude some of those sectors, such as industrial agriculture and pesticides, which are most harmful to nature. We have a target to reduce portfolio exposure to commodity driven deforestation. However, we do not have a system to monitor overall application of the KPIs or targets related to these KPIs. While we do not use the same terminology of initiation, monitoring, and portfolio targets, in practice this aligns with our approach. As we identify areas of risk or sectors of concern, we seek to engage with issuers that are exposed to biodiversity impacts and risks, and use dialogue, shareholder proposals, collaborations to encourage greater progress, for example through FABRIC and the Investor Initiative on Hazardous Chemicals, where we provide input on investor expectations, meet directly with companies, and seek action, for example a time bound phase out of PFAS. We report on the number of engagements in relevant topics (e.g. forests, biodiversity, chemicals, water). Domini Impact Investments 2023 Annual engagement report | Through Domini´s Sustainable Solutions Fund, we have thematic priorities, which include nature themes. While not an exclusively nature-based fund, it stresses some allocations toward nature positive. These themes are accelerate the transition to a low-carbon future, Contribute to the development of sustainable and resilient communities Examples: Energy-efficient transportation systems, affordable and/or resilient housing, sustainable infrastructure solutions, green buildings and materials, or related real estate investments -Promote a circular economy with sustainable production and consumption Examples: Efficient usage of natural resources, products using recycled or recyclable materials, products with longer life cycles, or solutions for product life cycle extension - Provide access to clean water Examples: Water infrastructure, affordable water services, water treatment solutions, plumbing and flow-control equipment, or water harvesting or conservation solutions - Support more sustainable food and agricultural systems Examples: Production or access to healthy, organic, plant-based, and/or fair-trade food, resource-efficient agriculture, support for small-scale farming, or the reduction of food waste - Promote societal health and well-being Examples: Vaccines or other preventative health care solutions, diagnostics, medicines, innovative medical equipment or technologies, or solutions related to consumer health, nutrition, fitness or safety - Broaden financial inclusion and/or promote sustainable finance Examples: Improvement of, or access to, capital, banking, insurance, investment, or other financial products or services Domini sustainable solutions fund pages 17-24 |
| DPAM | Asset manager | 09/12/2020 | Belgium | Europe | We are participating in several working groups to exchange knowledge on best practices like the PRI Nature Reference Group, we regularly attend conferences on the topic to exchange with peers. Biodiversity targets Biodiversity policy | To further strengthen our commitment and align with the first two commitments of the Pledge, DPAM was also one of the initial signatories of Nature Action 100. Nature Action 100 is a collaborative engagement initiative that aims to drive greater corporate ambition to reverse nature and biodiversity loss. In addition, DPAM is also part of several other biodiversity-linked initiatives such as FAIRR, the UN PRI Nature Reference group, the Investor Initiative on Hazardous Chemicals and the UN PRIs Spring, all to foster collaboration and to exchange best practice with peers. Biodiversity Targets Biodiversity policy Engagement Activity report | DPAM performed an initial assessment to identify exposure to sectors with significant nature-related risks derived from impacts and dependencies. This assessment forms the starting point for risk identification and the prioritisation of specific industries. The impact assessment is based on four drivers of biodiversity loss (climate change, pollution, resource depletion and land use) and the dependencies assessment is based on 24 ecosystem services Biodiversity Targets Biodiversity policy | DPAM has set initiation targets. From a strategic and risk management perspective, DPAM performed an initial assessment to identify exposure to sectors with significant nature-related risks derived from impacts and dependencies. This assessment forms the starting point for risk identification and the prioritisation of specific industries. The impact assessment is based on four drivers of biodiversity loss (climate change, pollution, resource depletion and land use) and the dependencies assessment is based on 24 ecosystem services. As a next step, sector specific KPIs will be set to monitor priority sectors. Biodiversity Targets Biodiversity policy | DPAM has integrated biodiversity data into ESG fundamental research, which is used during the investment process. Biodiversity policy |
| EBG Investment Solutions AG | Asset manager | 27/03/2024 | Switzerland | Europe | |||||
| eco.business Fund | (Impact) fund | 30/11/2021 | Luxembourg | Europe | Development and piloting of a biodiversity indicator based on the Biodiversity Footprint for Financial Institutions (BFFI) method in collaboration with PRé Sustainability to improve biodiversity impact assessment, with reporting expected to begin in 2026. The updated ESG policy supports the Kunming-Montreal biodiversity framework, focusing on land use, pollution, climate resilience, sustainable agriculture, ecosystem services, and biodiversity financing. The Fund promoted biodiversity awareness globally by funding a pavilion and participating in COP16 in Colombia and supported regional efforts through UNEP FI’s roundtable in Latin America and the Caribbean. The 2025 Impact Report published in June features a full article on the new biodiversity indicator, along with a technical note detailing its methodology. 2025 Impact report ESG policy Video intervention: at 7:42:32 COP 16 overview Panel with Biofin: Scaling up private finance for nature | The Fund commits to biodiversity through its ESG policy (updated December 2024) supporting the Kunming-Montreal Global Biodiversity Framework, aligning with targets 1,7,8,10, 11,19 The ESG policy outlines the process for managing E&S risks and impacts The Fund engages with investees to strengthen their ability to assess and manage environmental and social impacts, building awareness and capacity for biodiversity and conservation finance. EBF E&S Policy 2024 Impact report of The Fund Impact | Starting in 2026, the fund will begin reporting on Avoided Impact on Biodiversity enabling it to identify opportunities where it can reduce biodiversity pressures and promote positive outcomes. The fund also already assesses nature related impact through other indicators such as: -Hectares of agroforestry promoted, hectares of farmland protected from deforestation, and hectares under sustainable management and the newly created hectares under conservation To mitigate negative adverse impacts, the fund set an exclusion list prohibiting investments which could be associated with destruction of areas worthy of protection, destructive fishing methods, and production and trade of pesticides and herbicides subject to international phase outs or bans, among others. The Fund has commissioned deforestation studies for countries of operation to identify and map deforestation hotspots. As part of its ESG due diligence, the Fund assesses potential investees against IFC Performance Standards, which include requirements on Biodiversity Conservation and Sustainable Management of Living Natural Resource. The Fund also considers and collects information on investees' Principal Adverse Impact (PAI) indicators of the Sustainable Finance Disclosure Regulation. Impact report 2024 Methodologies E&S Policy exclusion list 2023, page 8 PAI Statement SFDR disclosure Sustainability-related disclosures | In 2024 the Fund set a target in biodiversity impact assessment. -The target was achieved in 2025 by developing a comprehensive biodiversity impact indicator tailored to the Fund's impact framework In 2024, the Fund targeted first investments in at least 5 new countries considered biodiversity rich. -By 2025 the Fund made its first investments in six countries: Brazil, Paraguay, and the Dominican Republic in Latina America; and Democratic Republic of Congo, Benin and Burkina Faso. Impact report 2024 Pioneering biodiversity metric to guide sustainable investments Biodiversity indicator methodology Press release on Dominican Republic investments Press release on Brazil investments Press release on Paraguay investments | The eco.business Fund aims to promote sustainable business practices in agriculture, aquaculture, forestry and tourism that aim at conserving biodiversity. Therefore, investees must either hold an eligible sustainability standard or implement one of the practices outlined in the "Green List" or support a practice fully aligned with the fund's mission. Until December 2024 the Fund has disbursed more than 1,525 million USD to target sustainable investments in both LAC and SSA. Impact metrics enabled with this funding will be have been updated in the latest impact report of June. The 2024 Impact Report provides relevant background information. ESG/Sustainability/Impact Report Theory of change Impact framework https://p693671.mittwaldserver.info/sites/default/files/2025-07/EBF_Disclosure_Statement_Sustainable_Investment_Objectives.pdf" target="_blank" rel="noopener noreferrer">SFDR disclosure Sustainability-related disclosures |
| Ecofi | Asset manager | 26/04/2024 | France | Europe | |||||
| Edmond de Rothschild Asset Management | Asset manager | 21/05/2021 | France | Europe | ||||||
| EGAMO | Asset manager, (Impact) fund | 22/09/2021 | France | Europe | ||||||
| Eiffel Investment Group | Investment fund | 25/09/2024 | France | Europe | We measure all pressures and dependencies on biodiversity. Impact report 2024 | We have included targets for reducing pressures on biodiversity in our private debt strategy Biodiversity Policy | We have excluded the sectors that have the greatest impact on biodiversity from our investments (palm oil, intensive fishing, fur, GMOs, pesticides, etc.) Impact report 2024 | We published our Biodiversity Policy Biodiversity Policy | We invested in Reforest'Action, a leading global player in reforestation and agroforestry. Investment in Reforest’Action |
| Ekobanken medlemsbank | Private bank | 10/11/2023 | Sweden | Europe | Ekobanken’s double materiality assessment identified biodiversity as an essential question to work with. Ekobanken sends out questionnaires to all the businesses and organisations that apply for a loan in the bank. The questions are regarding environmental and social impact and governance and are part of the bank’s loan screening process. We have added additional open-ended questions to this questionnaire regarding biodiversity. The banks sustainability coordinator is in a working group on biodiversity together with other values-based banks. In these working groups we have discussions on assessing and finding ways of measuring the impact on biodiversity. Ekobanken has collaborations with organisations that benefit the environment, ex CleanSea that clean the western coastline of Sweden from plastic. Annual report 2024, pages 22-52 | As mentioned in question 2.2, all companies and organisations applying for a loan from Ekobanken have to answer questionnaires in the credit application process. We have added open-ended questions regarding biodiversity to create a discussion and to initiate thought regarding the companies effect they can have on nature and biodiversity. Annual report 2024, pages 22-52 | Ekobanken is a values-based bank who only gives out loans to companies and organisations that work with something that adds value to the world either ecologically, socially or culturally. We do not give out loans to organisations that have a significant negative impact on biodiversity. We are transparent and publish all companies and organisations that have a loan or credit in the bank. Ekobanken is engaged in networks and in collaborations that work with environmental questions, including biodiversity. Annual report 2024, pages 13-52 Ekobanken's lending areas | We are looking into TNFD and discussing together with other value driven banks on different solutions. When assessing a loan application from a building project we ask questions on the building materials, impact on nature nearby and the ratio of green area on the site, called the green area factor. Annual report 2024, pages 22-52 | Ekobanken is a values-based bank who only gives out loans to companies and organisations that work with something that adds value to the world either ecologically, socially or culturally. We do not give out loans to organisations that have a significant negative impact on biodiversity. We are transparent and publish companies and organisations that have a loan or credit in the bank. Annual report 2024, pages 13-52 Ekobanken's lending areas |
| EMZ Partners | Asset manager | 27/01/2024 | France | Europe | |||||
| ERAFP | Pension fund | 30/11/2021 | France | Europe | The SRI team actively participates in roundtables on biodiversity as well as bilateral peer to peer exchanges to explain its approach, the methodologies it uses etc. Sustainability report, page 80 Responsible investment Biodiversity Section | Aware of the accelerating loss of biodiversity and its consequences on the economy and, more broadly, on life, ERAFP has decided to strengthen its action in favor of biodiversity by joining two engagement initiatives: FAIRR: a network of investors created to raise awareness among investors about the most important risks and opportunities in the food sector. ERAFP has joined this initiative and is participating in the protein diversification engagement for one company. Nature Action 100 (co-Lead for one company engagement): a collaborative shareholder engagement initiative launched in 2023, inspired by Climate Action 100+. It aims to encourage large companies with a significant impact on biodiversity to adopt practices aligned with ecosystem preservation. Biodiversity Section Sustainability report 2024 | To assess its impact on biodiversity, ERAFP has chosen the Carbon Biodiversity Footprint (CBF) indicator from Iceberg Datalab. This indicator makes it possible to evaluate the pressures exerted by economic activities on biodiversity by measuring the loss of species diversity in ecosystems. It consider the direct and indirect emissions of companies (scopes 1, 2, and 3) and translates their impact into a simple unit: km².MSA, corresponding to the loss of biodiversity related to economic activities In addition, ERAFP uses the ENCORE (Exploring Natural Capital Opportunities, Risks and Exposure) tool, developed through a partnership between Global Canopy and UNEP FI, which identifies companies' dependence on natural resources. Sustainability report 2023, page 82 Responsible investment Biodiversity Section | The board of directors approved in April 2025 a first biodiversity policy, which will be published soon. This policy is based on the 30 targets of Kunming-Montreal. The biodiversity policy adopted by the ERAFP's board of directors is structured around several key areas: Understanding Expertise Development: Strengthen knowledge on biodiversity, particularly on the theme of water, and raise awareness among all colleagues. Evaluation and Measurement Tool and Data Monitoring: Use tools to estimate the impacts, risks, and dependencies of biodiversity-related investments. Portfolio Analysis: Evaluate the impacts and dependencies of equity, listed bond, and real estate portfolios, refining the analysis with more robust models. Priority Theme of Water: Consider water as a priority issue for the investment portfolio. In-Depth Analysis: Deepen the analysis of dependencies and impacts across different asset classes. Risk Indicators: Adopt indicators and methodologies for evaluating the risk related to biodiversity loss. Biodiversity Policy | |
| ESG Portfolio Management GmbH | Asset manager | 17/01/2024 | Germany | Europe | |||||
| Ethical Investment Funds Management | Investment fund | 30/04/2024 | Australia | Oceania | To commence later on this year | In progress for later this year | Commenced assessing financing activities and investments | In progress | |
| Ethical Partners Fund Management | Asset manager | 18/10/2022 | Australia | Oceania | ||||||
| Etica Sgr - Responsible Investments | Asset manager | 25/09/2020 | Italy | Europe | Eticas' most significant progress in 2024: 1. Worked with the Italian Sustainable Investment Forum to share knowledge and best practices on biodiversity risks, opportunities and impacts. The outcome of this collaboration was a public paper posted in June entitled "Sustainable Finance and Biodiversity: A Guide for Financial Actors". 2. Collaborated with the CDP Forest Champions programme allowing Etica to contribute to the case studies in the UNFCCC paper "Nature Positive for Climate Action: a compendium of case studies". 3. Joined the PRI Nature Reference Group to raise awareness of nature-related impacts and risks in investments. 4. Carried out advocacy activities with SPOTT and TNFD. 5. Participated as a speaker in 2 major events: 4th Annual Italy Investors Forum; and "Natural" success: from principles to practice for a biodiverse business. Finance for Biodiversity Pledge 2024 Report, pages 3-4a> word in a sentence or other referral word(s) | Engagement activities for 2024 were carried out through: 1. Direct engagement, in the form of a biodiversity campaign. In 2023, Etica didn't use a campaign but a broader dialogue on biodiversity-related issues such as waste and water management, deforestation and climate change. In 2024, Etica started a structured campaign aimed at improving transparency and access to information. We assessed companies on the impact of direct drivers of biodiversity loss, alignment with the TNFD, commitment to defining SBTNs and publication of information in line with GRI indicator 101-5. The campaign addressed 71 questions to 52 companies to improve disclosure. 2. Collaborative engagement involved Etica in 3 main campaigns: (i) PRI Spring campaign aimed at mitigating negative impacts, improving business practices and contributing to the global goal of halting biodiversity loss by 2030. (ii) CDP Forest Champions programme with a focus on deforestation. (iii) Shareholder for Change advocacy with rating agencies to improve transparency and access to information. Finance for Biodiversity Pledge 2024 Report, pages 5-6 a> | We start with the analysis and selection of issuers for the definition of the investible universe. We apply exclusion criteria to rule out issuers with a negative impact on biodiversity through their activities (e.g. oil & gas and coal mining sectors) or with negative controversies. Etica then analyses the potential impact of its portfolio on land use change through the CDP assessment, and on climate change through physical and transition risk analysis. In 2024, this helped us to assess and improve the effectiveness of our selection methodology and stewardship activities. The final stage involves measuring the contribution of Eticas' investments to sustainable development and sharing the results of our dialogue, voting and advocacy activities through the Impact Report and the Stewardship Report. These reports are based on UN SDGs, including those that focus on biodiversity. Finance for Biodiversity Pledge 2024 Report, pages 7-10 a> Impact report 2025, page 5 Stewardship report 2024, pages 6-10-12 | Etica's objectives relate to governance, education and impact and dependency assessment. This means that Etica excludes the most impactful sectors such as oil & gas and coal mining, monitors companies through biodiversity indicators, structured engagement activities and participates in working groups and networks. In addition, by 2026, Etica will introduce a specific biodiversity rating system to help define best-in-class companies via its selection methodology and complete the feasibility analysis for the preparation of a TNFD report on Etica's portfolios, assessing the availability of non-estimated data. Finance for Biodiversity Pledge 2024 Report, pages 11 a> | |
| Eurazeo | Asset manager | 02/05/2024 | France | Europe | |||||
| fama re.capital | (Impact) fund, Asset manager | 05/09/2024 | Brazil | South America | |||||
| Federated Hermes Limited | Asset manager | 09/12/2020 | United Kingdom | Europe | We are extensively involved in industry initiatives relating to nature to help shape best practice. For example, during 2024: - We were involved in several Finance for Biodiversity working groups and co-chaired the Policy Advocacy Working Group. - We co-authored the Guide to Investing in Natural Capital for the One Planet Sovereign Wealth Fund initiative and contributed to the International Advisory Panel on Biodiversity Credits (IAPB) Framework for high-integrity biodiversity credit markets, which was launched at COP16. - We responded to three sector guidance consultations by the Taskforce on Nature-related financial Disclosures (TNFD). These are related to food and agriculture, beverage and apparel, and accessories and footwear. Climate- and Nature-related Financial Disclosures Report 2024, pages 36-38 | We continue to prioritise nature-related issues in our stewardship activities. We encourage companies to address marine and terrestrial biodiversity loss across their value chains, in line with the COP15 mission to halt and reverse biodiversity loss by 2030. Given the high impacts and dependencies of the food system on biodiversity and ecosystem services, the retailing and production of food will remain priority sectors for engagement, as well as other sectors with significant impacts, such as mining, chemicals, apparel and banks. We encourage companies to reduce their impacts on biodiversity across the value chain, following the mitigation hierarchy, and aim for a net-positive impact on biodiversity as best practice. Climate- and Nature-related Financial Disclosures Report 2024, pages 51-54 Annual review 2024, pages 19-22 | We have now expanded how we identify biodiversity-related impacts and dependencies, having purchased datasets which will allow us to conduct proximity analysis to understand how our portfolio holdings' direct assets intersects with biodiversity sensitive areas, how the business activities of the portfolio holdings' impact and dependent on nature using the ENCORE framework, identify water risks (e.g. identify assets that operate in areas of high water stress), and analyses drivers of biodiversity loss for our portfolio holdings. The above analysis will inform our engagement priorities. We also have a more detailed assessment process for assessing a company's exposure to deforestation, using the ForestIQ dataset, looking at commodity-driven deforestation, which we prioritised due to its impacts on both climate change and nature loss. Climate- and Nature-related Financial Disclosures Report 2024, pages 40, 30, 56-62 | In line with the Finance for Biodiversity Nature Target Setting Framework for Asset Managers and Asset Owners, we set a number of initiation targets in our Climate- and Nature-related Financial Disclosures Report. We have now met a number of these commitments. We have developed a clear governance structure for nature. We support colleagues to develop their understanding of how nature-related issues may affect investments. We have incorporated elements of the TNFD framework into our Climate- and Nature-related Financial Disclosures Report and will continue to enhance this over time. Work is ongoing to meet the remaining commitments. Reporting on this progress is included in our 2024 Climate- and Nature-related Financial Disclosures Report. Climate- and Nature-related Financial Disclosures Report 2024, page 24 | Across both our ESG-integrated strategies and those specifically structured to invest in sustainable companies, we assess and manage nature-related risks/opportunities through rigorous analysis and active engagement. Where appropriate, we also allocate capital to companies that are developing solutions to nature-related challenges, thereby supporting the transition to a nature-positive economy. Stewardship report 2025. Pages 31-33 GEMs ESG Materiality, H1 2025, pages 8-9 Federated Hermes Global Equity ESG, pages 8-9 Carrefour Case study |
| Fidelity International | Asset manager | 22/09/2021 | Bermuda | North America | Fidelity International actively engages in a range of nature-related investor initiatives and collaborative engagement programmes. Fidelity is a Finance for Biodiversity pledge signatory and foundation member and actively participates in several of the initiative’s working groups. Fidelity has been a forum member of the Taskforce on Nature-related Financial Disclosures (TNFD) since 2021 and led the feedback on behalf of the Finance for Biodiversity Foundation members to the TNFD during the development of the framework. Finally, Fidelity is also a signatory of Finance Sector Deforestation Action. Fidelity has joined multiple collaborative engagement initiatives including Nature Action 100, the Ceres Valuing Water Finance Initiative and a deforestation-related satellite-based engagement. Furthermore, in partnership with three other investors Fidelity co-sponsored a collaborative project using bioacoustics technology to measure biodiversity impacts. Fidelity International’s Nature Roadmap, pages 21, 26-27 Fidelity’s Climate and Nature Report 2024, pages 7, 20, 57, 80 | To address nature-related risks and opportunities, Fidelity International’s Nature Roadmap promotes robust governance and oversight of nature-related issues where material and highlights our engagement-led approach. This includes our escalation strategy targeting exposed portfolio companies that do not meet expectations. Fidelity’s Voting Principles and Guidelines also sets out our expectations and voting considerations for issuers regarding nature-related risks. We have developed a suite of proprietary tools to integrate sustainability into our fundamental research, including our proprietary ESG ratings and SDG tool. These tools help to integrate considerations of nature impacts and dependencies into our investment decisions and risk management. We also leverage external data (e.g. ENCORE, CDP and Forest 500) to inform research, engagements, voting, and sustainable thematic investment strategies. Alongside bottom-up corporate engagements, we also conduct top-down thematic engagements. Fidelity’s nature-related thematic stewardship strategy is structured around the direct drivers of nature loss identified by the Intergovernmental Science Policy Platform on Biodiversity and Ecosystem Services (IPBES). Key themes include Deforestation, Water Risk and Collaborative Nature engagements. Fidelity’s Climate and Nature Report 2024, pages 43-46,80 Fidelity’s Sustainable Investing Voting Principles and Guidelines, pages 8, 41-45 Fidelity International’s Nature Roadmap, pages 4-5, 21 | In 2023, Fidelity International conducted an initial heatmapping of equity and corporate debt holdings to understand potential exposure to nature-related impacts and dependencies. This exercise highlighted water as a material issue and informed the prioritisation of water as an engagement theme. This analysis was updated in our inaugural 2024 Climate and Nature Report. Furthermore, to understand potential exposure to deforestation risk across our equity and corporate holdings, we conducted an initial deforestation exposure assessment using Forest 500 data. While this analysis isn’t exhaustive, it helps to identify key areas of potential deforestation risk within portfolio holdings. Our analysis of potential exposure to deforestation risks was undertaken on a best-efforts basis, recognising the limitations of data availability and quality at the moment; we expect the accuracy to improve over time as data quality improves. Fidelity’s Climate and Nature Report 2024, pages 77-79, 102-104 Fidelity International’s Nature Roadmap, pages p.11-12, 21, 41, 45, 47-49 | In 2024, Fidelity International committed to become Early Adopters of the TNFD framework. In 2025, we published our inaugural Climate and Nature report covering reporting year 2024, highlighting our integrated approach and fulfilling our commitment to reporting as an Early Adopter. Our Nature Roadmap lays out our engagement-led approach to addressing nature-loss. In 2025, we aim to engage with at least 45 companies across our nature-related thematic engagements, focusing on our material holdings and the key impact drivers of nature loss. Our commitment is subject to company access, holding size and resourcing. Fidelity’s Climate and Nature Report 2024, page 80 Fidelity International’s Nature Roadmap Fidelity’s Sustainable Investing Voting Principles and Guidelines, pages 8, 41-45) | Within Fidelity International’s range of sustainable thematic investment strategies, we offer a selection of capabilities that specifically target nature-related issues and solutions, including Water and Waste, Circular Economy, Climate Solutions and Blue Bonds. For example: Fidelity Funds Sustainable Water and Waste aims to make investments in companies that are involved in the design, manufacture, or sale of products and services used in connection with the water and waste management sector. Fidelity Funds Blue Transition Bond invests in bonds or bonds of issuers that support the transition towards improved ocean and freshwater health. Fidelity Funds - Water & Waste Fund Fidelity Funds - Blue Transition Bond Fund |
| First Sentier Investors | Asset manager | 21/05/2021 | Australia | Oceania | ||||||
| Five Seasons Ventures | (Impact) fund | 18/04/2024 | France | Europe | |||||
| Folium Capital LLC | Asset manager | 09/05/2023 | United States | North America | As a member of the UN PRI we have relayed our biodiversity initiatives. Furthermore, we have set and tracked metrics related to biodiversity and habitat conservation protection areas, riparian buffer zones, threatened species, ecosystem services and conservation practices. We have collaborated and shared this knowledge with the respective financial institutions that have vested interest in our funds and managed accounts. Impact | Biodiversity criteria is covered in our documented ESG Policy. In the real assets we manage, we have identified genetic diversity, the health of bee populations, the use of genetically modified organisms, the removal of alien vegetation, the protection of wetland sites, the prevention of deforestation, and the maintenance of wildlife habitats as notable topics and challenges. We have set the goal and objective to ensure no natural deforestation occurs on properties owned and managed by independent companies while seeking reduction, and where possible elimination, of neonicotinoids. These engagement actions are tracked and monitored annually. Impact | Annually, we look to certify our real assets under third-party certification. These include, depending on the type of real asset, FSC and/or PEFC certification, or GlobalG.A.P. or Lodi Rules. These certifications, to varying degrees, assess biodiversity impacts. The findings from these certification reports with the CAR (Corrective Action Request) guide our decision-making and subsequent actions. Finally, at investment initiation, we look to independently undertake a Phase 1 (Environmental Site Assessment) or equivalent for potential negative externalities. Impact/a> | We have pursued positive biodiversity impacts by engaging our local managers to: - not allow hunting apart from species deemed by a statute as a pest, - not to utilize chemicals in conservation reserve areas, - ensure the enrichment of native species and where possible plant areas for biodiversity corridors, - limit the usage of genetically modified organisms, - take steps to ensure erosion control, - protect pollinators, - look to mitigate natural hazards, - manage water or waste treatment under best practices, - perform soil tests, - integrate where sensible agro-forestry, - map and line contours, and - thin or prune-to-waste to enhance organic matter and where applicable biodiversity benefits. Impact | |
| Folksam | Pension fund | 16/12/2022 | Sweden | Europe | The Folksam Group has set internal targets, which will be described in more detail later. We have also added biodiversity to our internal policies as well as joined Swedish and international engagements on the topic. All of which will be described later. Annual and Sustainability Report 2024 Folksam Mutual Life Insurance, page 70 Annual and Sustainability Report 2024, Folksam Mutual Non-Life Insurance, page 71 Sustainability Report 2024 Annual Report, Responsible Capital Management 2024 | In our groupwide ownership policy we have added references to biodiversity. In our exclusion criteria we also have positive engagement criteria where biodiversity is included. Folksam Group wants the investee companies to actively work to reduce their negative impact on the climate and environment, including their impact on biodiversity. By that we expect that the company has defined its most important climate and environmental goals, strategies and means as well as its organization, and has a list of actions to continuously reduce its negative climate and environmental impact, including its impact on biodiversity. Ownership policy and investment criteria Folksam Sak, page 10 Ownership policy and investment criteria Folksam Life, Page 10 Ownership policy and investment criteria KPA, page 10 | During 2024 we set internal biodiversity goals spanning the entire group. In order to get the best positive outcome, we got support from Stockholm Resilience Center as well as conducted our own analysis based on information from among others WWF. These preparations were done to gain a larger understanding of how and where our investments have significant impact on biodiversity. Annual and Sustainability Report 2024 Folksam Mutual Life Insurance, page 71 Annual and Sustainability Report 2024, Folksam Mutual Non-Life Insurance, page 70 Annual Report, Responsible Capital Management 2024, page 30 Sustainability Report 2024, page 8 | During 2024 the Folksam Group set an internal biodiversity goal. In order to get the best positive outcome, we got support from Stockholm Resilience Center as well as conducted our own analysis based on information from among others WWF. These preparations were done to gain a larger understanding of how and where our investments have significant impact on biodiversity. The target that was adopted is an engagement target that will be carried out during 2025.The goal means that a total of 16 dialogue meetings will be held with the two largest, directly owned companies within eight selected sectors. In this way, the Folksam Group hopes to be able to map how the companies manage the impact of their operations on biodiversity and provide a good basis for us to set new goals for 2026 Annual and Sustainability Report 2024 Folksam Mutual Life Insurance, page 71 Annual and Sustainability Report 2024, Folksam Mutual Non-Life Insurance, page 70 Annual Report, Responsible Capital Management 2024, page 30 Sustainability Report 2024, page 8 | |
| Fondaction | Investment fund | 21/05/2021 | Canada | North America | On COP16 in Cali, Fondaction, in collaboration with CDPQ, Biodiversité Québec and SNAP Québec, unveiled a series of nine Quebec biodiversity indicators. This initiative marks a major step forward in integrating biodiversity into financial decision-making. These indicators provide a concrete assessment of the impact of investment projects on natural environments, considering ecosystem services, habitat loss, pollution, the presence of status species and the destruction of natural carbon sinks. Presentation of biodiversity indicators for investors) Biodiversity indicators for Quebec investors) | On May 23, 2024, we adopted a sustainability policy for investments that was intended to inform our stakeholders about our approach to responsible, sustainable, impact and structuring investment at Fondaction. It sets out the process and mechanisms for identifying, screening and selecting investments. Although exclusions are presented, societal performance thresholds and ESG criteria are internal information only. We produced a document for FfB on June 6, 2024, so that you can consult them and find out what is related to biodiversity in our processes. The document is entitled “Extra-financial analysis process prior to development capital investment decision”. We have submitted this document in response to question 4.2. Engaging with company: In the development capital investment team, a person has been hired to scale up our approach to accompanying portfolio companies. If issues are raised on biodiversity-related topics in the due diligence process for new investments, objectives can be developed for this company and a follow-up carried out. However, this did not happen during the period covered by this report. An active ownership approach has been developed in the investment team but will be rolled out during the next financial year. We don't have publicly available documentation on this subject. Sustainability policy for investments | In the 2024 Positive Transformation Report, published in September 2024, indicators were published in relation to sustainable agri-food (hectares under sustainable agriculture, tons of certified organic food, ft2 of land rehabilitated in our impact investing portfolio - page 50). For the first time, we disclosed metrics related to the investment platforms of our subsidiary Fondaction Asset Management (tons of virgin materials substituted, hectares of protected land, etc. - pages 68 and 69). The 2025 Report is in production and will be published in September 2025. We have the results of these metrics, but they have not yet been made public. 2024 Report on Positive Transformation, pages 50, 68, 69 | We published target initiations in our 2025 Report on Positive Transformation published on September 18, 2025. 2025 Report on Positive Transformation | In May 2024, Fondaction announced a strategic partnership with Dutch bank Triodos and its subsidiary Triodos Investment Management (Triodos IM). Together, we have launched an initiative to address the financing gap for natural capital solutions in developed countries. Specifically, our organizations are working to establish an impact investment fund that will target projects in regenerative agriculture, sustainable forest management, and nature restoration. The fund will be jointly managed by Fondaction Asset Management and Triodos IM. It will focus on financing concrete solutions by mobilizing private capital for projects in regenerative agriculture, sustainable forest management, and nature restoration. This innovative financial solution is currently in the research and development phase. Partnership to Accelerate Positive Change of Finance Uniting efforts to meet natural capital needs |
| Future Food Fund | (Impact) fund | 16/03/2022 | Netherlands | Europe | We have been developing our portfolio company's impact report, which includes our impact on biodiversity. We will share the 2025 version publicly. Future Food Fund & SFDR Impact report 2024 | The companies we invest in must have a positive impact on the Planetary Boundaries; reducing biodiversity loss is one of these. Multiple companies positively reduce biodiversity loss Future Food Fund & SFDR Impact report 2024 | In our impact report, we indicate what companies have a positive impact on biodiversity loss. Additionally for every investment we do an ESG risk assessment to ensure there are no negative impacts on biodiversity loss | We set company-specific KPIs and targets on their overall impact on the Planetary Boundaries. These are mainly "output" focused (as opposed to "outcome" focused) and therefore are often linked to biodiversity loss but do not measure this directly. | We actively originate investments in companies focused on e.g. nature metrics, nature-based solutions etc. For example, we invested in Soilwise, a company that restores degenerated soils. Also we invested in Vitalfluid, a company that replaces harmful pesticides with a non-harmful alternative. |
| Gay-Lussac Gestion | Asset manager | 30/11/2021 | France | Europe | Gay-Lussac Gestion actively participates in collective initiatives on biodiversity, sharing best practices and feedback within sectoral working groups. We collaborate with other financial institutions and organisations to promote the integration of biodiversity into finance and support the transition to a more nature-positive economy, in particular when we discuss directly with the company. Politique ESG 2024 | We regularly engage with the companies in which we invest to raise awareness of biodiversity issues. Our shareholder engagement policy aims to encourage the consideration of biodiversity-related risks and opportunities, notably through voting rights and direct dialogue with company management. Engagement report 2023 | We integrate biodiversity impact analysis into our responsible investment process, using ESG criteria and appropriate assessment tools. We are working to improve the measurement of our portfolios’ biodiversity footprint, relying on recognized frameworks and specialized partnerships. Politique ESG 2024 | Gay-Lussac Gestion is committed to setting progressive targets to reduce the negative impact of its investments on biodiversity and to increase financing for activities with a positive impact. We do not have target for the moment. | Gay-Lussac Gestion actively seeks investment opportunities that contribute to biodiversity preservation. Inspired by initiatives such as France Valley’s biodiversity-focused investments, we aim to support projects that protect natural ecosystems while generating long-term value. In addition to selecting companies with strong ESG performance, we prioritize those whose activities have a measurable positive impact on biodiversity. This approach aligns with our commitment to sustainable finance and reinforces our role in promoting nature-positive investments. | |
| GENF | Asset manager | 26/11/2024 | Germany | Europe | |||||
| GLS Gemeinschaftsbank eG | Private bank | 22/09/2021 | Germany | Europe | Collaboration and knowledge sharing are central to the GLS Bank’s approach to advancing biodiversity protection in the financial sector. As a cooperative and values-based bank, we actively exchange knowledge and practices to strengthen collective impact. In 2025, we collaborate with the Wuppertal Institute on climate, nature and energy on assessing the biodiversity impacts and dependencies in our loan portfolio. In addition, we are an active member of several networks and initiatives that focus on biodiversity and sustainability. These include: - Global Alliance for Banking on Values (GABV) – Biodiversity Working Group - Bundesverband der Deutschen Volksbanken und Raiffeisenbanken (BVR) – Biodiversity Working Group - BÖLW e.V. (German Federation of the Organic Food Industry) - Bündnis für eine enkeltaugliche Landwirtschaft (Alliance for Future-Proof Agriculture) - DGNB – German Sustainable Building Council - Förderverein Ökologischer Landbau Berlin-Brandenburg e.V. (FÖL) - Forum Ökologisch-Soziale Marktwirtschaft e.V. (FÖS) - BNW – Bundesverband Nachhaltige Wirtschaft e.V. (Federal Association for Sustainable Economy) - AFCA – Co-lead in a project addressing environmental crime with a focus on waste management - TNFD Consultation Group Germany (FNG, BAUM) Through these memberships and partnerships, we exchange knowledge, co-develop approaches for biodiversity integration, and contribute to the creation of standards and tools for nature-positive finance. Beyond our network engagement, we advocate for political and systemic change towards a nature-positive economy. We regularly engage in dialogue with policymakers and civil society to support stronger frameworks for biodiversity protection and sustainable finance. Biosphere | Engagement with companies is a key element of the GLS Bank’s approach to driving positive environmental and social transformation. As a values-based cooperative bank, we maintain a close relationship with our clients and investees, enabling constructive dialogue on biodiversity, climate, and sustainability topics. Our lending and investment policies include clear criteria that exclude activities causing significant harm to ecosystems, such as deforestation, unsustainable agriculture, or fossil fuel expansion. In parallel, we actively support and finance companies that promote biodiversity, including those in organic agriculture, renewable energy or sustainable forestry. Through our engagement processes, we discuss nature-related impacts, risks, and opportunities with clients and partners. These dialogues aim to raise awareness of biodiversity dependencies, encourage the adoption of science-based targets, and promote nature-positive business models. Through our impact transparency (“Wirkungstransparenz”) process, we systematically collect and analyse key biodiversity-related data from our clients and financed projects. This includes information on land use, ecological management practices or conservation measures. The collected data allows us to better understand the biodiversity impacts within our portfolio and to use these insights as a foundation for targeted engagement. In our real estate financing, we already integrate sustainability criteria — such as energy efficiency or ecological construction methods— into our loan conditions and pricing models. This approach rewards environmentally responsible projects and incentivizes sustainable building practices. We are currently expanding this model to include more comprehensive biodiversity and nature-related aspects in our credit assessment and pricing processes. Biosphere | Assessing the ecological and social impact of our financial activities is an integral part of the GLS Bank’s sustainability strategy. We apply a two-level approach to evaluate and manage our impact on biodiversity and nature. At the portfolio level, we collaborate with the Wuppertal Institute for Climate, Environment and Energy to assess the overall environmental and biodiversity performance of our financing activities. This collaboration aims to identify nature-related risks, dependencies, and negative as well as positive contributions within our portfolio, and to develop methods for measuring biodiversity impact. At the client level, we implement our impact transparency (“Wirkungstransparenz”) framework, through which we systematically collect and analyse sustainability and biodiversity-related data directly from our clients. This includes indicators such as land use, conservation measures, and ecosystem management practices. These data form the basis for meaningful dialogues with clients about their biodiversity impacts and opportunities for improvement, supporting both awareness and measurable action. In addition, we integrate sustainability and biodiversity criteria into our credit assessment and pricing—especially in the real estate sector, where e.g. ecological construction methods or energy efficiency are already part of our lending conditions. This dual approach enables us to combine portfolio analysis with client-level insights, creating a comprehensive understanding of our nature-related impacts. Looking ahead, the GLS Bank plans to expand its biodiversity impact assessment by refining portfolio-level metrics, deepening cooperation with research institutions, and integrating biodiversity data into strategic decision-making and reporting processes. Biosphere | The GLS Bank is committed to aligning its financial activities with measurable biodiversity objectives. While we have integrated biodiversity considerations into our investment and lending policies, we are now focusing on defining concrete, measurable targets to drive impact. In 2024, we have set ourselves the goal of analysing the biodiversity impact of GLS Bank's core business, and to focus our financing in the food sector so that 30% of financed companies implement outstanding socio-ecological measures in biodiversity, environmental protection, and social affairs. In addition, we aim to finance 10,000 hectares of newly acquired or stockpiled organically farmed land. These targets reflect our commitment to actively reduce negative impacts and promote positive contributions to biodiversity through our financing activities. Going forward, we aim to further develop sector-specific targets to better capture the particular characteristics and impact potentials of different industries. By tailoring our objectives to the specific needs and opportunities of each sector, we will be able to drive more meaningful, measurable, and verifiable biodiversity outcomes. The bank with green DNA | As a values-based cooperative bank, we exclusively finance and invest in enterprises that create positive social and ecological impact — with biodiversity protection being one component of our sustainability strategy. A significant share of our financing is directed towards sectors with direct biodiversity benefits, including organic agriculture, sustainable food production, renewable energy, sustainable forestry, and ecological construction. In 2024, we set a specific target to finance 10,000 hectares of organically farmed land in the food sector and to ensure that 30% of the companies we finance demonstrate outstanding socio-ecological measures in biodiversity, environment, and social affairs. Beyond our core lending business, the GLS Bank manages several impact funds and cooperative investment vehicles that channel capital towards regenerative and nature-friendly projects. We plan to develop a methodology to measure the positive biodiversity impact of our financing. This approach aims to differentiate between activities that merely cause less harm to biodiversity and those that create a genuinely positive contribution to ecosystem health and resilience. Our goal is to build a robust framework that enables us to identify, assess, and report nature-positive outcomes transparently. For example, green roofs on new buildings may improve local ecological value compared to conventional construction — yet the overall project still involves land consumption and soil sealing, and therefore does not represent a net biodiversity gain. Our goal is to develop a framework that enables us to capture such nuances, ensuring that our capital allocation supports true nature-positive outcomes. Biosphere |
| Greenbank | Asset manager | 09/12/2020 | United Kingdom | Europe | Greenbank has been a member of FfB since 2020, collaborating with others in subgroups such as target setting, policy advocacy, and impact assessment. We have previously been members of PBAF, are currently members of GFIN and NA100, and have conducted roundtables bringing together members of private businesses and financial institutions, as well as academics and other key stakeholders, to collaborate on matters such as biodiversity footprinting and positive impact. We also attend nature-related networking events and conferences, host Investor Days and online webinars called Green Shoots, and publish thought pieces on our website. Setting targets Greenbank joins Green Finance Institute Nature Group Reflections Cop15 | As an ethical, sustainable, and impact investor, Greenbank's approach to investment is guided by our eight sustainable development themes as we seek investments that avoid harm and create positive impact on people and/or planet. Our themes are underpinned by 30 criteria and around 300 sub criteria, which includes a number of nature-related criteria. We also have a minimum standards framework which encapsulates thresholds for exclusion across our 8 themes. On engagement, nature is one of our three priority engagement initiatives and has been a topic we have been engaging with companies on directly and collaborative for a number of years now. Greenbank brochure pages 33-34 | As an ethical, sustainable, and impact investor, Greenbank's approach seeks investments that avoid harm and create positive impact on people and/or planet. We naturally do not have exposure to a number of industries typically with the highest nature-related impact e.g. O&G and mining. Nonetheless, as a signatory to the FfB pledge, we are currently assessing our impacts, dependencies, risks and opportunities in line with FfB guidance. This includes mapping our investment universe and its business activities to ENCORE data, supplementing this with additional third party data sets and company analysis. We are committed to disclosing the outputs of this process publicly by 2025-end. Greenbank brochure, pages 33-34 Measuring biodiversity impacts Setting targets | As a signatory to the FfB pledge and its commitments, we have published our initiation targets and are currently assessing our impacts, dependencies, risks and opportunities in line with FfB guidance. This includes mapping our investment universe and its business activities to ENCORE data, supplementing this with additional third party data sets and company analysis. We are committed to disclosing the outputs of this process publicly by 2025-end. Setting targets | We are limited by the need for liquidity and other investment-related necessities as we invest on behalf of a wide number of private clients, charities and trusts. As said previously, our nature as an ethical, sustainable and impact investor means we naturally seek investments that have a positive impact on people and/or planet, but I would not say we are directing capital towards nature-impact products such as nature-based solutions or certain asset classes which typically involve asset ownership, loan agreements, or low liquidity. We are focused on engagement to spur improvement on this matter e.g. via GFIN. Greenbank joins Green Finance Institute Nature Group Natural Capital Finance and Investment Conference Greenbank webinar |
| Gresham House | Investment fund | 09/04/2025 | United Kingdom | Europe | We have brought together all of our major sustainability-related disclosures into a single, comprehensive Sustainable Investment Report, aligned with the International Sustainability Standards Board (ISSB) framework. This report replaces separate publications we have issued in previous years, including our Taskforce on Climate-Related Financial Disclosures (TCFD), and UK Stewardship Code reports. By adopting ISSB as our guiding framework, we are responding to growing calls for consistent, decision useful sustainability information. Our report now fully integrates the TCFD recommendations, and for the first time, includes disclosures aligned with the Taskforce on Nature-related Financial Disclosures (TNFD). ESG/Sustainability/Impact Report 2025 | Gresham Houses' sustainable investment policies outline our principles, expectations, and approach to managing ESG risks and opportunities. These policies apply at both Group and asset-class levels and provide consistent foundation across all investment strategies. There are no specific biodiversity criteria included in the policy, however, nature is included in our ESG risk identification process.with the Taskforce on Nature-related Financial Disclosures (TNFD). Sustainable Investment Policy 2024 | To better understand both the impacts and dependencies of our assets on nature, we have taken our first steps in applying TNFDs LEAP approach: - To locate our interface with nature, geospatial analysis was conducted to determine the proportion of AUM of our UK-based real assets that sit within designated nature sites and where relevant, identifying assets that contain a water body that passes through a designated site. The designated sites used were biological Sites of Special Scientific Interest (SSSI), Special Protection Areas (SPA), Special Areas of Conservation (SAC), Ramsar wetlands. - The ENCORE tool was used to identify the material impacts and dependencies of all of our investment strategies. For some strategies, the actions we take to mitigate and manage these were also integrated into the analysis. ESG/Sustainability/Impact Report 2025 | We have not yet set targets, but we are in the process of developing a group- and asset class-level nature strategy, which will include metrics and targets, which we aim to finalise by the end of 2025 and publish in next year’s sustainable investment report . | Gresham Houses' Sustainable Infrastructure strategy targets investments in platform companies that build new sustainable infrastructure: profitable, real asset-based solutions intended to address key environmental and/or societal challenges. The strategy has a particular focus on six sub-sectors, one of which is regeneration. An investment made under this theme is in Environment Bank, a UK business dedicated to nature recovery. Environment Bank addresses biodiversity loss and ecosystem collapse through privately funded habitat banks, which are one of the best ways to meet BNG (Biodiversity Net Gain) requirements and deliver positive environmental impacts. Gresham House is also committed to certifying all forests held within discretionary managed funds under internationally recognised sustainability standards, including the Forest Stewardship Council (FSCÂ), Programme for the Endorsement of Forest Certification (PEFC) or equivalent local standards. These standards provide globally recognised frameworks for how forests should be managed to preserve biological diversity and benefit the lives of local people and workers, while ensuring continued economic viability. In alignment with these standards, our Forest Charter outlines specific, measurable nature related commitments. Where feasible, we seek to go beyond baseline certification requirements to actively enhance biodiversity and promote nature-positive outcomes across our forestry portfolio. For example, in 2024, we trialled a new form of biodiversity baselining using ecological surveys and the Wallacea Trust methodology to collect a number of metrics which can be remeasured at a later point to see the direct impacts of our management practices on biodiversity. ESG/Sustainability/Impact Report 2025 |
| Groupama Assurances Mutuelles | Asset owner | 17/09/2025 | France | Europe | |||||
| Groupe VYV | Insurer | 22/09/2021 | France | Europe | Groupe VYV and its constituent entities publish the results of their analyses on the biodiversity footprint and dependencies of their investments through regulatory reports such as the Energy-Climate Law and Responsible Investor disclosures. These assessments notably incorporate data from Carbone 4. The group also shares its initiatives aimed at generating a positive impact on biodiversity, such as the creation of a sustainable forest management fund Groupe VYV offers an online awareness program titled "Climate & Biodiversity: Our Health Challenge" This interactive course is designed to help users better understand the connections between ecological crises and human health. Website disclosure ESG/Sustainability/Impact Report Launch of the Brocéliande fund | The Group and its entities, through their partner asset manager, implement an engagement policy that incorporates biodiversity-related criteria. Website disclosure | Groupe VYV and some of its member entities have conducted analyses on the positive and negative impacts of their investments on biodiversity. These assessments include calculating the impact in terms of MSA (Mean Species Abundance), a metric that measures the average abundance of original species in a given ecosystem compared to an undisturbed state. The methodology used is based on the framework developed by Carbone 4 Finance in collaboration with the CDP Biodiversity initiative. ESG/Sustainability/Impact Report ESG/Sustainability/Impact Report | We are working on quantified targets aligned with several of the 23 action-oriented global targets of The Kunming-Montreal Global Biodiversity Framework . | Groupe VYV has co-invested with UMR to create a 30.5 million fund dedicated to promoting the sustainable management of forests in France and across Europe. UMR has also invested in the SWEN Blue Ocean impact fund, which invests directly in companies contributing to the regeneration of ocean biodiversity. Website disclosure Website disclosure |
| Harmonie Mutuelle | Insurer | 22/09/2021 | France | Europe | Through its Biodiversity Strategy and Responsible Investor Report, Harmonie Mutuelle reaffirms that biodiversity preservation is essential for ensuring sustainable health. The company aims to meet regulatory requirements and honor its collaborative commitments by establishing a biodiversity strategy with objectives aligned with the global framework of COP15. To achieve this, our Responsible Investor Report and Biodiversity Strategy outline the measurement methodologies we use, as well as the targets and exclusions we have implemented. Climate and Biodiversity Strategy (from page 15) and Responsible Investor Report (from page 57) | In 2024, Harmonie Mutuelle reinforced its ESG policies by implementing a biodiversity strategy and incorporating new targets and exclusions, following the identification of key themes such as deforestation and pollution. Additionally, we joined several investor coalitions, including Nature Actions 100+ and IIHC, to dialogue with specific issuers within our portfolio and have continued to engage through CDP to request data on deforestation (CDP Forest questionnaire) from relevant companies within our portfolio. Climate and Biodiversity Strategy (from page 59) and Responsible Investor Report (pages 66-67 for dialogue) | Harmonie Mutuelle has implemented a biodiversity strategy set to take effect on January 1, 2025. This strategy initially seeks to assess the impacts and dependencies of its investment portfolio. It also aims to identify key focus areas for its action plan, particularly deforestation and pollution. Climate and Biodiversity Strategy (from page 17) and Responsible Investor Report (pages 60-65 for assessment) | Following the identification of key themes to focus our actions on, we established internal engagement targets (for instance, for issuers whose activity is linked to the production of petrochemical products, PFAS, plastic, etc.). Where relevant, we also introduced new exclusions or reinforced existing ones (for instance, activities related to neonicotinoids or non-certified palm oil). Climate and Biodiversity Strategy, pages 18-24 | |
| Helios | Private bank | 14/12/2022 | France | Europe | ||||||
| HSBC Global Asset Management | Asset manager | 25/09/2020 | United Kingdom | Europe | HSBC Asset Management colleagues, as part of their participation in the Finance for Biodiversity Foundation, have co-authored the guides Unlocking the Climate-Biodiversity Nexus, Nature Target Setting Framework for Asset Managers and Asset Owners and Act now: Guide on Biodiversity Integration. HSBC Asset Management (France) described its approach to collaboration and knowledge sharing in the LEC report, which contains details of the initiatives that global HSBC AM colleagues have participated in. Guides co-authored by HSBC AM colleagues Guides co-authored by HSBC AM colleagues Guides co-authored by HSBC AM colleagues Loi Energie Climat (LEC) report 2025, page 62 | HSBC Asset Management publishes an annual Stewardship Plan which includes ˜Bioeconomy and Natural capital" amongst its key engagement themes, setting out good practices that companies are encouraged to adopt. The UK Stewardship Code report for FY2024 includes a case study of a company engagement where bioeconomy featured as a key theme, and further details on our engagement initiatives. HSBC Asset Management (France) described its approach to engagement in the LEC report. HSBC Asset Management global Stewardship Plan, pages 18 and 19 HSBC Asset Management (UK) Limited Stewardship Code Report for FY2024, pages 28 and 87-90 HSBC Asset Management (France) Loi Energie Climat (LEC) 2025 page 61-62 | As part of the Sustainable Finance Disclosure Regulation (SFDR) of the European Union, HSBC AM entities (Malta, Germany, France and HSBC Investment Funds Limited) use the Corporate Biodiversity Footprint (CBF) from Iceberg Data Lab (IDL), as an approximation to report on Principle Adverse Impact (PAI) 7 "Share of investments in investee companies with sites/operations located in or near to biodiversity-sensitive areas where related-activities negatively affect those areas", at an entity level. HSBC Asset Management (France) performed and disclosed an impact assessment for the first time in its June 2024 LEC report, using the Corporate Biodiversity Footprint (CBF), covering listed equity and corporate fixed income assets held in funds and mandates manufactured by HSBC Asset Management (France) The impact analysis using CBF was completed again in the June 2025 LEC report. For the first time in the 2025 LEC report we also disclosed a dependency analysis using the Dependency score and the Dependency at risk score from Iceberg Data Lab. Entity level SFDR report HSBC Asset Management (France) Loi Energie Climat (LEC) report 2025, pages 65-70 | HSBC Asset Management (France) disclosed a biodiversity strategy and plan in its Loi Energie Climat (LEC) report, using the recommendations of the Finance for Biodiversity Target setting guide for setting initiation targets. The plan included actions on engagement, training, and governance. Regarding engagement, it set a target to engage with at least 50 companies on nature and biodiversity topics in FY2024 and in FY2025. HSBC Asset Management (France) Loi Energie Climat (LEC) report 2025, pages 59-60 | HSBC AM has a joint venture with Pollination “ Climate Asset Management" which pursues nature-based investment strategies. HSBC AM does not invest directly in nature capital. |
| IDIA Capital Investissement | Investment fund | 09/09/2025 | France | Europe | |||||
| Incofin Investment Management CVA | (Impact) fund | 22/09/2021 | Belgium | Europe | ||||||
| Infranity | Asset manager | 25/09/2024 | France | Europe | Infranity signed the Finance for Biodiversity Pledge at the end of 2024. Before that, Infranity has been a member of the CDC Biodiversité club B4B+ and supporter of the development of the GBS. Since the beginning of 2025, Infranity has supported F4B in the target setting focus group on Real Assets which we are co-chairing. Sustainable investment report 2025, pages 12,13, 28 Report on Article 29 of the Energy and Climate Law, pages 27-32 | We have integrated biodiversity in the following policies and processes - Exclusion policy - Sustainable investment policy - Engagement strategy - ESG scoring and ESG due diligence Report on Article 29 of the Energy and Climate Law, pages 20-22 Sustainable investment report 2025, pages 28-31 Exclusion Policy, page 3 Sustainable investment policy, page 5 | In our ESG scoring used in all ESG due diligences and assets reviews, we look at biodiversity systematically to identify potential negative impacts and policies in place as well as dependencies which are part of our sustainability risks assessment. Besides, we are monitoring indicators at asset level which represent pressures on biodiversity such as water emissions, waste generation, GHG emissions, encroachment on biodiversity sensitive areas In 2025, Infranity is consolidating these KPIs at fund and asset manager level, which are used for internal monitoring at this stage. This tracking will determine what is missing and what should potentially be publicly reported in 2026 or onwards. Report on Article 29 of the Energy and Climate Law, page 31 | Initiation targets have been set to progress with respect to the existing work on which we reported in the past years in our Article 29 Report (Article 29 Report is a form of sustainable investment report mandatory under French law which imposes a set structure including a whole section dedicated to biodiversity) In 2025, Infranity is consolidating biodiversity-related metrics at fund and asset manager level. Sustainable investment report 2025, page 45 Report on Article 29 of the Energy and Climate Law, pages 27-31 | |
| Initiative & Finance | Investment fund | 15/04/2025 | France | Europe | |||||
| ITMO Ltd. | Other | 21/11/2023 | United Kingdom | Europe | ||||||
| Jaguar Legacy Fund GP Inc | (Impact) fund | 25/11/2023 | Canada | North America | We have not closed on our fund yet. In the meantime, while fundraising, we develop large-scale land restoration investment opportunities. | All potential investments in our pipeline focus on expanding responsible nature stewardship in climate smart businesses. Our impact metrics focus on carbon removals or avoidance of deforestation, maintaining or restoring species presence and abundance (ecosystem function where possible) and job creation in payments for ecosystem services and agroforestry production and supply chains for women and rural youth. | Once we start operating we can provide information on progress. One potential investment we're developing is to restore up to 30,000 ha of Brazilian Cerrado with native tree and other species. | |||
| Jupiter Asset Management | Asset manager | 21/05/2021 | United Kingdom | Europe | ||||||
| Karner Blue Capital | Asset manager | 25/09/2020 | United States | North America | ||||||
| Kommunal Landspensjonskasse gjensidig forsikringsselskap (KLP) | Pension fund | 30/11/2021 | Norway | Europe | KLP has fulfilled its commitment to collaborate and share knowledge on assessment methodologies, biodiversity-related metrics, targets, and financing approaches for positive impact. In 2024, KLP engaged in investor dialogues and network collaborations, clearly communicated sustainability expectations to companies and authorities, and worked to improve our indicators for company follow-up on biodiversity issues. Furthermore, KLP set nature-related targets, such as halting deforestation and achieving no net loss of nature for identified risk sectors. As the field of biodiversity assessment is still evolving, KLP is in a learning phase, closely monitoring developments and continuously updating and refining its methodologies as the field matures. Annual Report 2024 | This is outlined in the published document: "KLPs expectations for companies with respect to climate change and the natural environment". The document outlines the expectations for companies KLP is invested in terms of impact on nature and nature risk. Covers climate change, land use in particularly vulnerable areas, pollution of freshwater, the spread of alien species and pollution. Explicit expectations of selected high-risk sectors. Also covers our expectations that companies will take account of the social consequences of their impact on nature and ecosystems. KLP Expectations 2023 | To manage nature risk in the investment portfolio, KLP conducts risk assessments according to the do no significant harm principle (DNSH) in all direct investments, lending, long-term bonds and property acquisitions. We are also strengthening our focus on climate and nature solutions, not only to reduce environmental impact, but also to create long-term value. Sustainable investments that integrate climate and nature considerations contribute to a more robust and resilient economy and reduce the transition risk in KLP's portfolio. The criteria for green loans for new buildings have also been tightened up to ensure that they do not contribute to deforestation or ecosystem loss. Annual report 2024, page 139 | KLP has set targets. KLP's nature-related targets include halting deforestation, achieving no net loss of nature, and promoting the sustainable use of marine resources. These targets are currently not science-based, as there is no widely established biodiversity framework. Instead, KLP's targets are informed by the best available data and indicators, particularly from CDP and biodiversity risk metrics provided by MSCI. Annual Report 2024 page 138 | KLP is investing in climate and nature solutions, not only to reduce environmental impact but also to create long-term value. Sustainable investments that integrate climate and nature considerations contribute to a more robust and resilient economy and help reduce transition risks in KLPs portfolio. KLP has a target of investing a net amount of NOK 6 billion annually in climate-friendly investments, and nature-based solutions are included within this target. Annual Report page 139 |
| Konsumentkooperationens Pensionsstiftelse - Folksam | Pension fund | 17/01/2025 | Sweden | Europe | Please refer to Folksam Group | ||||
| KPA Pension | Pension fund, Insurer | 16/12/2022 | Sweden | Europe | Please refer to Folksam Group | ||||
| La Banque Postale Group | Public bank | 22/09/2021 | France | Europe | In line with its third statutory objective as a mission-driven company to advance the highest standards and regulatory practices in bancassurance through exemplary action ”La Banque Postale has, for several years, actively collaborated on industry discussions and participated in key initiatives : the Institut de la Finance Durable's working group on natural capital, Roquelaure Business and Biodiversity Initiative by the Ministry of Ecological Transition, Circular Economy and Finance Coalition by Circul'R. CNP Assurances participates in the Institut de la Finance Durable's working group on natural capital, CDC Biodiversite's Club B4B+ Finance, Nature Action 100 coalition, and the drafting of the France Assureurs guide on insurance and biodiversity. LBP AM seeks to actively contribute to the advancement of academic research, enhance environmental transparency among issuers, and support the development of SRI and environmental standards. To this end, LBP AM participates in various collaborative shareholder engagement initiatives, including FAIRR, Club B4B+, CERES, Nature Action 100, and local working groups. Engagement report, page 36-43 Climate and nature report, page 75 Responsible investment report, page 53 | LBP AM's biodiversity policy incorporates engagement initiatives with companies having significant biodiversity impacts. These initiatives include both bilateral and collaborative thematic dialogues on key sensitive issues, as well as exercising voting rights on biodiversity related resolutions at the general meetings of invested companies. The CNP Assurances' shareholder engagement policy is one of the tools in the responsible investment strategy to reduce the negative impact of investments on sustainability factors. CNP Assurances' commitment to shareholding takes the form of through: - voting at general meetings; - dialogue with companies. Biodiversity Policy, page 29-40 Engagement report, page 26-30 Responsible investment report, page 101 | La Banque Postale performed a detailed analysis of its impacts, dependencies, risks, and opportunities related to nature, following the four steps recommended by the LEAP approach (Locate, Evaluate, Assess, Prepare) from the TNFD. This analysis includes all nature-related topics to the greatest extent possible, with a particular focus on impacts on biodiversity. As of December 31, 2023, La Banque Postale's total on-balance-sheet and off-balance-sheet exposure amounts to 333 billion. Of this total, 129.4 billion is covered by the evaluation of impacts, dependencies, risks, and opportunities related to nature, representing 39% of on-balance-sheet and off-balance sheet exposures. These exposures are concentrated in residential and commercial real estate loans, corporate financing, and public sector and social economy financing portfolios. The LBP AM group assesses and monitors, across its assets under management, both the impacts of its investments on biodiversity and their dependencies on various ecosystem services. Biodiversity footprint is measured using the MSA indicator – Mean Species Abundance, and covers 91.86% of AuM, including convertible bonds, corporate bonds, sovereign bonds, and equities. Moreover, the LBP AM group systematically integrates biodiversity considerations into the management of its SRI funds through its proprietary investment rating system, GREaT. CNP Assurances measured the biodiversity footprint of the corporate bonds and equities portfolio for the the fifth consecutive year, expanding the scope from year to year to achieve 99% coverage by 2024 and realized a third measurement of the dependence of the equity and corporate bond portfolio on the loss of of biodiversity. Since 2024, Louvre Banque Privee has been measuring its biodiversity footprint through the the BIA-GBS database, Biodiversity Impact Analytics powered by the Global Biodiversity Score, the result of collaboration between CDC Biodiversite and Carbon4 Finance. It should be noted that, at this stage, Louvre Banque Privee has only deployed this indicator on the investments. This indicator is not included in the reported by management companies for PAI SFDRs, so we do not have this indicator for the therefore we do not have it for UCIs. Climate and nature report, page 48 Responsible investment report, pages 30,31,32,81 CNP Assurances Responsible investment report, page 50 | La Banque Postale performed a detailed analysis of its impacts, dependencies, risks, and opportunities related to nature, following the four steps recommended by the LEAP approach (Locate, Evaluate, Assess, Prepare) from the TNFD. This analysis includes all nature-related topics to the greatest extent possible, with a particular focus on impacts on biodiversity. As of December 31, 2023, La Banque Postale's total on-balance-sheet and off-balance-sheet exposure amounts to 333 billion. Of this total, 129.4 billion is covered by the evaluation of impacts, dependencies, risks, and opportunities related to nature, representing 39% of on-balance-sheet and off-balance sheet exposures. These exposures are concentrated in residential and commercial real estate loans, corporate financing, and public sector and social economy financing portfolios. The LBP AM group assesses and monitors, across its assets under management, both the impacts of its investments on biodiversity and their dependencies on various ecosystem services. Biodiversity footprint is measured using the MSA indicator – Mean Species Abundance, and covers 91.86% of AuM, including convertible bonds, corporate bonds, sovereign bonds, and equities. Moreover, the LBP AM group systematically integrates biodiversity considerations into the management of its SRI funds through its proprietary investment rating system, GREaT. CNP Assurances measured the biodiversity footprint of the corporate bonds and equities portfolio for the fifth consecutive year, expanding the scope from year to year to achieve 99% coverage by 2024 and realized a third measurement of the dependence of the equity and corporate bond portfolio on the loss of of biodiversity. Since 2024, Louvre Banque Privee has been measuring its biodiversity footprint through the the BIA-GBS database, Biodiversity Impact Analytics powered by the Global Biodiversity Score, the result of collaboration between CDC Biodiversite and Carbon4 Finance. It should be noted that, at this stage, Louvre Banque Privee has only deployed this indicator on the investments. This indicator is not included in the reported by management companies for PAI SFDRs, so we do not have this indicator for the therefore we do not have it for UCIs. Annual report, pages 22-25 Biodiversity Policy, page 43, 50-56 Annual report 2023, page 98 Annual report 2024, page 46 | To take concrete action on its greenhouse gas (GHG) emissions, La Banque Postale launched the first edition of its Climate and Biodiversity Impact Fund (formerly the “Carbon Fund “)in 2015. This is an internal mechanism that monetizes La Banque Postale’s carbon footprint in support of its decarbonization efforts. The Nature Impact initiative, launched in May 2023 by WWF France, is the first fund based on Payments for Ecosystem Services (PES) practices that combines biodiversity protection and carbon sequestration. This initiative finances on-the-ground projects dedicated to the preservation, restoration, and sustainable management of high-biodiversity-value forests in mainland France. Annual report, page 53 Biodiversity policy, page 47 |
| La Financière de l'Echiquier | Asset manager | 09/12/2020 | France | Europe | Participation in working groups through the Finance for Biodiversity Foundation "Impact assessment" and "Engagement". Since 2024 La Financière de l'Echiquier is part of LBP AM Group and we worked to converge on methodologies and targets and to implement the Biodiversity policy of the group. ESG/Sustainability/Impact Report, page 18 | We engaged with the biggest contributors to LFDE’s carbon footprint and biodiversity footprint. Since 2024 we also stated to engage through NA 100 initiative. ESG/Sustainability/Impact Report, page 13 | We use the data from BIA-GBS from Carbon4 Finance and CDC biodiversité to measure impact of our funds. ESG/Sustainability/Impact Report, pages 58-61 | We are currently working on the definition of indicators and targets with LBP AM but no target has been set publicly for the time being | The aim of Echiquier Climate & Biodiversity Impact Europe (ECBIE) is to contribute to carbon neutrality and the preservation of biodiversity by supporting listed European companies that offer solutions to meet these challenges, demonstrate best practice or have initiated the transition to more sustainable business models. The construction of the fund is based on the Climate and Biodiversity Maturity (CBM) Score, the result of the expertise of LFDE´s teams and advice provided by I Care. This proprietary methodology measures a company´s maturity in taking account of climate change and biodiversity challenges in its internal activities and practices. ESG/Sustainability/Impact Report, pages 9-11 ; 26-31 |
| La Française Group | Asset manager | 16/03/2022 | France | Europe | Groupe La Française and its asset management arms are active participants in the Finance for Biodiversity Foundation, engaging in collaborative dialogues with other financial institutions to accelerate biodiversity finance. -The group contributes to industry-wide discussions, leveraging research and proprietary frameworks to build capacity across the sector. -We have been active members of the Target setting, engagement and impact assessment working groups during the last 3 years. -In 2024, we were members of the subgroup that created the guidance for nature target setting for asset managers and asset owners. -We are also active members of Nature Action 100 Technical Advisory Group since the beginning of 2024. Nature target setting ESG documents Stewardship Report 2025 | Natural Capital is one of the 4 key themes identified as per our engagement policy. During 2024, about 50% of engagements and dialogues included topics related to Climate Change and Natural Capital. Of these 14 engagements (out of 125 in total) focussed exclusively on Natural Capital topics like pesticides (collaborative engagement with ShareAction), PFAS(collaborative engagement with chemical companies with IIHC), individual engagements on water disclosures, etc. More details can be found in our Stewardship Report. Stewardship Report 2025 | CMAM (ex-LFAM) developed the Natural Capital Triangle, a proprietary methodology that maps: - Dependencies (on 3 ecosystems) - Negative impacts (on 5 drivers of biodiversity loss) - Positive contributions (based on SDG mapping) We have a proprietary natural capital methodology based on the ENCORE database and the ISS SDG methodology to assess the impacts and dependencies of our portfolio companies. Additionally, both ex-CMAM and ex-LFAM used footprinting tools to assess and report group-level impacts on biodiversity loss. More details in our Article 29 reports (both ex-CMAM and ex-LFAM), and our Stewardship Report 2024. Our first combined Article 29 Report is now available on our website. Annual report Website disclosure | We have been assigning and executing targets on biodiversity/natural capital since 2023, as per our Article 29 compliance. In 2023, we published the biodiversity footprint for the financial services arm. For 2024, our objective was to publish a Natural Capital policy and formalised targets. With the merger, these projects have been a bit delayed. In our Article 29 report for 2025, we have set 3 initiation targets for 2025 in line with the FfB guidance for Nature Target Setting. These are: 1) Launch a dedicated biodiversity strategy - achieved in June 2025 2) Publich a Natural Capital Policy - expected in Oct 2025 3) Conduct group wide infromation and training sessions on biodiversity and natural capital - planned for Q4 2025. Annual report 2024 Annual report:Article 29Loi Énergie-Climat | We have launched a Biodiversity fund in June 2025, which uses a proprietary natural capital methodology. Website disclosure Climate and responsible strategy |
| Lazard Frères Gestion | Asset manager | 18/10/2022 | France | Europe | Since 2022, our institution has signed the Finance for Biodiversity Pledge at COP15, affirming its commitment to share knowledge and contribute to dedicated working groups. We actively participate in the TNFD forum (Task-Force on Nature-related Financial Disclosure) and provide our expertise in developing assessment methodologies, biodiversity-related indicators, and financing approaches for positive impact. We organize internal training sessions and disseminate acquired knowledge to guide actions for the preservation and restoration of ecosystems, in line with the objectives of the Global Biodiversity Framework. ESG/Sustainability/Impact Report, pages 2 and 13 | We integrate biodiversity criteria into our internal ESG analysis grids and thematic policies (deforestation, pollution, climate). Our engagement policy includes regular dialogue with companies to reduce their negative impacts and increase positive effects on biodiversity. We monitor the progress of measures implemented by companies, including compensation and achievement of set targets. We also apply exclusion policies to avoid financing activities with high ecosystem risks, while encouraging sustainable practices in key sectors such as agriculture and fisheries. ESG/Sustainability/Impact Report, pages 2, 7, 12 and 13 | We systematically assess the positive and negative impacts of our investments on biodiversity through an internal grid and an analysis of material impacts and dependencies. Managing our biodiversity footprint relies on specific indicators, compared to reference indices, to measure the pressures exerted by our portfolios over time. We cross-check regulatory data, company-published data, and partner-provided data to refine this assessment. This approach enables us to identify the main drivers of biodiversity loss and implement reduction strategies. ESG/Sustainability/Impact Report, page 6 | The preservation of biodiversity is a major global challenge in which all actors in today´s world have a role to play. Under Article 29 of the French Energy-Climate Law, Lazard Frères Gestion has set a series of short-, medium-, and long-term objectives to integrate ecosystem protection into its investment activities and to support companies engaged in the fight against biodiversity loss. Annual report, page 33 | |
| Legal & General Investment Management Limited (LGIM) | Asset manager | 21/05/2021 | United Kingdom | Europe | ||||||
| LGT Private Banking | Private bank | 01/06/2022 | Liechtenstein | Europe | Since November 2024, LGT PB collaborates with a biodiversity data provider to assess clients' and the banks' own portfolios. In 2024 LGT PB continued participating in collaboration platforms like the UNEP FI Biodiversity community and various working groups of the FfB Pledge. | In 2024, LGT PB set the initiation target to publish a biodiversity policy in 2025 and is currently working on developing a statement (not a policy). In addition, we are engaging in the collaborative initiative Nature Action 100. LGT believes that stewardship offers investors a way to positively influence companies' ESG activities and financial valuations. Stewardship also provides a new lens through which to review companies' commitments. LGT engages with companies in different ways, both through collaborative engagements and directly. LGT also employs a recognised provider that engages in an active dialogue on its behalf with selected investee companies. | LGT PB started collaborating with a data provider specialising in biodiversity and nature data in November 2024. The data from this provider enables LGT PB to assess the impact and dependency exposure of its clients portfolios, even though it is limited to listed equities. | The targets set by LGT PB in 2024 are so-called initiation targets, aligned with the target-setting guidance developed by the Finance for Biodiversity Pledge. | LGT Venture Philanthropy's aims at protecting and restoring ecosystems through scalable conservation models involving local communities. The impact includes supporting community-led conservation efforts in East Africa, creating the first mixed-use conservancy in the Maasai Mara, and backing the National Geographic Pristine Seas project to preserve marine life. LGT VP also contributes to climate change mitigation through projects like Ahueni for carbon credit co-development and partnerships with organizations such as the Foundation for Ecological Security in India to enhance local stewardship and sustainable resource management. |
| Lombard Odier Investment Managers | Asset manager | 09/12/2020 | Switzerland | Europe | ||||||
| MAIF | Insurer | 25/01/2024 | France | Europe | In 2024, MAIF took part in the Finance For Biodiversity Foundation's ‘Target Setting’ working group, which aims to develop methodologies for aligning portfolios with the Kunming-Montreal Accord by sector of activity. In 2024 and 2025, MAIF also joined forces with a group of major French institutional investors to create a market initiative dedicated to enhancing the value of biodiversity in financial investment portfolios. This collective initiative marks an important step in the definition of action plans and financial trajectories that integrate biodiversity issues. This ‘Objectif Biodiversité’ initiative will eventually lead to the creation of two investment funds, a listed strategy and an unlisted strategy, both benefiting from the support of investors in the consortium and the backing of a committee of scientific experts. ESG/Sustainability/Impact Report, pages 15 / 93-101 | The investment selection criteria were revised in 2023 and 2024 to better reflect the biodiversity strategy in investment decisions. Biodiversity issues are therefore systematically analysed before any investment is made, whether under direct or delegated management, particularly in sectors where biodiversity is a major concern. In the case of direct investments, the analysis carried out makes it possible to assess both the absence of any significant negative impact and the contribution to the ambitions of the strategy. The analysis grids for investment funds now include a biodiversity section in order to assess whether the proposed investment strategy is compatible with MAIF's ambitions to help halt the loss of biodiversity. Furthermore, Maif sends out an annual sustainability questionnaire to its partners, asking them about their level of integration of biodiversity. Between 2024 and 2026, MAIF has set the objective of engaging in dialogue with 10 issuers in the asset portfolio in sectors where biodiversity is a major issue, as well as with 10 partner management companies. ESG/Sustainability/Impact Report, pages 15 / 93-101 | Every year since 2020, MAIF has carried out two studies to measure the biodiversity footprint of its investments. The study carried out in 2024 continues to show that MAIF's investments exert predominant pressure on land use change and climate change. This data has been invaluable in supporting the main orientations of the biodiversity strategy for investments. It also makes it possible to target more specifically the sectors of activity that have the greatest impact, so that the issuers exerting these pressures adopt action plans to reduce them. ESG/Sustainability/Impact Report, pages 15 / 93-101 | To meet the commitments adopted as part of the biodiversity strategy for investments, MAIF has defined the first targets to be achieved over the period 2024-2026. To achieve these targets, the group is using all the levers of its responsible investment strategy, based on the Exclude - Select - Commit method, and is allocating the necessary human, operational and financial resources. So MAIF sat initiation targets, governance, assessment and training targets. In 2023, when our advisory board adopted our nature strategy, we sat several targets to meet our commitments. Within 12 months we commit to join an initiative, to organize training session for the investments team and for the advisory board. Those targets are published in our article 29 reporting. Furthermore, we adopted qualitative targets to enhance our strategy ESG/Sustainability/Impact Report, pages 15 / 93-101 | MAIF dedicates more than 15% of its investments to the ecological transition. Furthermore, in 2023, MAIF has decided to allocate 290 million euros to positive impact investment funds on nature between 2019 and 2026. For example, in 2023, when the biodiversity strategy was adopted, MAIF undertook to offer its savers a unit of account dedicated to biodiversity as part of its responsible and socially responsible life insurance offer. MAIF Actions Transition Biodiversité aims to support the transition of the economy towards more sustainable models by investing in companies committed to reducing the factors that put pressure on biodiversity, as well as in companies developing solutions to facilitate the ecological and energy transition. Ultimately, the fund aims to enable MAIF clients to give meaning to their savings by investing in committed companies that resonate with their convictions. For MAIF, it is also a question of continuing to direct its investments towards more sustainable companies while reducing its exposure to economic activities that disregard environmental issues. In 2022, MAIF has created "MAIF Forests". All the forests in which the fund invests must be managed in accordance with Forest Stewardship Council (FSC) or Programme for the Endorsement of Forest Certification (PEFC) certification criteria. The fund's management team is committed to making forests more resilient to climate change, measuring and limiting the impact of forestry techniques on biodiversity and promoting the social dimension of the sector. This dedicated funds, initially endowed with €50 million subscribed by MAIF and MAIF VIE, was re-endowed with €20 million in 2024 in order to acquire new forests. By 2024, the fund had already invested in 14 forests in France and Europe, representing 5,457 hectares managed responsibly. This investment reflects our ambition to contribute to the protection of all areas by promoting continuous cover forestry adapted to climate change. ESG/Sustainability/Impact Report pages 96-97 |
| Malakoff Humanis | Asset owner | 26/03/2025 | France | Europe | Malakoff Humanis is part of the initiative "Objectif biodiversité" with ten other asset owners. We collaborated to define an ambitious biodiversity investment strategy and finance the CDP. Malakoff Humanis also worked with Sienna IM on the launch of a new biodiversity fund in private debt. We recently signed the FfB pledge and joined the Foundation. Biodiversity initiative Website disclosure | In 2024, Malakoff Humanis defined its biodiversity strategy: monitoring, adding positive impact, and reducing negative impact on biodiversity. It is the result of a long work on the measure of impacts, pressures, and dependencies of our portfolio. We are currently working on a roadmap which will define our engagement regarding the asset managers as Malakoff Humanis does not directly invest in companies. ESG/Sustainability/Impact Report, page 51 | As explained in 2.3, Malakoff Humanis worked in 2024 on the measure of its portfolio's impact. We also monitored new investments that positively impact biodiversity. The main investment is in the Sienna biodiversity fund, Malakoff Humanis allocated 80 million euros. ESG/Sustainability/Impact Report, pages 46-50 Website disclosure | Malakoff Humanis has not yet defined clear targets but it is a work in progress. We will disclose a biodiversity roadmap in 2025. | Malakoff Humanis invested in an unlisted fund. The fund will finance companies that have biodiversity solutions or that are transitioning to reduce their impacts on biodiversity. Another investment has been made in April 2025, in the "Objectif Biodiversité" fund. We also try to invest in green bonds which can have biodiversity projects. As it is still quite rare, we do not have an exact amount. In 2024/beginning 2025, Malakoff Humanis has allocated 95 million euros in biodiversity funds. Website disclosure Website disclosure |
| Mandarine Gestion | Asset manager | 22/09/2021 | France | Europe | We have elaborated and developed an internal biodiversity tool called the Mandarine Biodiversity Score. We commit to improve and expand it to further AUM as it is currently monitored for the climate fund. Enagement report | We are increasingly engaging with companies on their biodiversity agenda. Engagement report | We are measuring our impact by using ENCORE tool. Engagement report | Still difficult to set target on biodiversity front. Engagement report | |
| Manulife Asset Management | Asset manager | 22/09/2021 | Canada | North America | We collaborate with other investors, standard setters, and policymakers to encourage leading practices in natural capital and biodiversity reporting and management. We participate in collaborative initiatives addressing nature loss, and some examples include the Finance for Biodiversity Pledge and Foundation, PRI Spring, Leading Harvest, Cambridge Institute for Sustainability Leadership (CISL) and the World Business Council for Sustainable Development (WBCSD). Sustainability annual report, pages: 39,40, 55, 57-59,110-114 | Nature considerations are a key part of our stewardship approach, including issuer engagement, proxy voting, and real asset stewardship. We’ve developed internal investment and stewardship guides to inform interactions with companies and have begun to research issuers with high impact and dependencies on nature as potential partners for future engagement. In real assets, we pursue certifications and adherence to third-party standards for sustainably managed forests, farmlands, real estate, and infrastructure, and we provide tools and resources for our third-party property managers to enhance sustainability practices. Sustainability annual report, pages: 39,40, 49-56 | We believe that companies that better manage natural resources and environmental impact from operations can offer investors a better risk/reward profile over the long term as nature-related risks begin to manifest both physically and financially. We consider nature-related risks and opportunities associated with our investments at the due diligence stage. Across asset classes, we leverage our proprietary sustainability research templates, materiality assessment frameworks, and sustainability standards to identify and quantify sustainability risks, including nature. We recently made substantial investments into our ability to better assess nature-related risks and opportunities across our investment platform. These include partnering on the launch of a platform for nature-related spatial data and rolling out the use of the biodiversity assessment tool, among others. Sustainability annual report, pages: 38-42 Natural capital, sustainable investment report Pages: 5-23, 27-29, 35-45 | In line with our commitment to the pledge, we set four targets at the end of 2024 aimed at quantifying the impact of our investments on nature. We aim to meet these targets by the end of 2025 (and the TNFD report by the end of 2026) and will report our progress in subsequent reports. Sustainability annual report, page42 | We aim to help our clients achieve their objectives by delivering biodiversity-focused investment solutions. In our real assets business, we have a dedicated sustainable forest strategy and focus on investing in sustainable agriculture. We also have a client-directed exclusionary framework available for interested clients. Natural capital, sustainable investment report |
| Mirova | Asset manager | 25/09/2020 | France | Europe | In 2024 Mirova has been: Chairing the positive impact working group of the finance for biodiversity where the group submitted a report (together with UNEP-FI) to COP16 Cali providing a framework for nature positive finance Providing detailed comments on the nature positive initiative (NPI) call for feedback Reviewing the guide to investors on biodiversity of the Agence francaise de gestion on the ‘risks’ section Website disclosure Finance for Nature Positive Consultation on nature metrics Biodiversity and investment guide | As an impact focused investor Mirova embeds biodiversity within its engagement methodology Its 2024 requirements were : Assess and identify the most material biodiversity impacts and dependencies on nature and where they occur in the value chain, at least for high stake industries. -Interpretate and prioritize -Measure, set targets to mitigate biodiversity risks these targets, methodologies, and baselines according to SBTN land and freshwater guidance. -Disclose impact, dependence risks and opportunities related to nature aligned with TNFD disclosures Eventually Take action y by Committing to avoid deforestation or destruction, deploy water risk mitigation plans. Engagement are reported in a listed equity impact report. Engagement principles Engagement report | In our 2024 compliance report LEC29 issued in June Mirova assessed its negative impact thanks to footprint indicator MSA.km² and identified the key drivers of biodiversity loss (p58). The opportunities were reported based on taxonomy (p37) and KPIs indicators (p59) We reported the main physical risk and transition risks qualitatively (p63) and quantitatively in another report on SFDR-PAI KPIs disclosures report of which indicator n°7-8-9 are relevant to pressures on biodiversity. Climate, Nature, and Sustainability Report, page89 Impact/Sustainability report | Mirova has set targets to contribute to the achievement of 6 of the 23 of Kunming-Montreal CBD convention. They include targets #2 on nature restoration #3 on nature conservation #8 on carbon sequestration from NBS #10 on sustainable agri & aquaculture #15 on reducing corporate footprint #19 on mobilizing funding And commit on no significantly harm (DNSH) the 17 others. Mirova for Nature | Mirova has established and manages multiple real asset funds that explicitly incorporate biodiversity within the impact thesis of the funds. These include the Althelia Sustainable Ocean Fund (SOF), the Climate Fund for Nature (CFN), the L’Oreal Fund for Nature Regeneration (LFNR), Orange Nature, the Land degradation Neutrality Fund (LDNF) and the newly-launched Mirova Sustainable Land Fund 2 (MSLF2). Impacts on biodiversity may be both direct and indirect. Portfolio companies within these funds report annually against Key Performance Indicators, including those related to biodiversity. Annual impact reports for SOF and LDNF are disclosed publicly. In order to promote robust monitoring and reporting of biodiversity impacts, Mirova has also developed an internal “Biodiversity Impact Methodology Framework” that includes specific guidance for portfolio companies whose activities have a strong focus on biodiversity. This framework describes our expectations for a project-level biodiversity monitoring programme and is based on leading biodiversity credit methodologies. SOF Impact Report 2023 LDNF Impact Report 2023 |
| Montpensier Finance | Asset manager | 14/12/2022 | France | Europe | ||||||
| Mutuelle Générale de l’Education Nationale (MGEN) | Insurer | 22/09/2021 | France | Europe | During the year 2024, we have participated to different study group within the other entities of our group (Groupe VYV) on biodiversity topics. MGEN publish the results of their analyses on the biodiversity footprint and dependencies of their investments through regulatory reports such as the Energy-Climate Law and Responsible Investor disclosures. These assessments notably incorporate data from Carbone 4. ESG/Sustainability/Impact Report, page 37 | A major part of our asset is delegated to OFI Invest. Through their investment policy, biodiversity criteria are taken into account. Policy and documents | Our new investment policy has engaged to invest around 30 m€ in biodiversity topics. We also track our pressure and impact on biodiversity through the MSA score. The methodology used is based on the framework developed by Carbone 4 Finance in collaboration with the CDP Biodiversity initiative. ESG/Sustainability/Impact Report, page 37 Rapport Article 29 LEC (2023) | Our company is working closely with our group (Groupe VYV) to define targets on positive and negative impact on biodiversity. We are working on quantified targets aligned with several of the 23 action-oriented global targets of The Kunming-Montreal Global Biodiversity Framework. | Our new policy aim to dedicate 30m€ investment pocket on biodiversity topics. |
| naturAlly AG | Other | 21/11/2023 | Liechtenstein | Europe | ||||||
| NatureRe Capital AG | Asset manager | 05/05/2023 | Switzerland | Europe | ||||||
| New Forests Pty Ltd | Asset manager | 25/09/2020 | Australia | Oceania | New Forests plays an active role in national and international collaborative bodies to amplify our effort, voice, and influence the industry. Some of these entities have biodiversity-related working groups that New Forests participates in, for example the Australian Sustainable Finance Institute (ASFI) Nature Advisory Group and the Responsible Investment Association of Australasia (RIAA) Nature Working Group. New Forests is also a member of the TNFD Forum and has contributed to the development of the Nature Positive Initiative draft State of Nature metrics. New Forests also aims to share knowledge on biodiversity through public reporting, including our Sustainability & Impact Report, which contains our TNFD aligned disclosures, and recent paper titled Investing in a Nature Positive Future. ESG/Sustainability/Impact Report, pages 32-33 Nature positive paper | New Forests integrates biodiversity considerations throughout its Sustainability & Impact Policy and Sustainability & Impact Management System, which require the protection of areas with high conservation values and management of rare, threatened, and endangered species. Additionally, New Forests-managed forestry assets are certified under leading standards such as Forest Stewardship Council and the Programme for the Endorsement of Forest Certification, which mandate biodiversity conservation. We engage directly with property managers and portfolio companies to support positive impacts and reduce negative impacts on biodiversity, as relevant and feasible. Through active management, third-party certification, and stakeholder engagement, we aim to support biodiversity outcomes across our investments while contributing to broader sustainability and impact goals. Responsible Investment Policy ESG/Sustainability/Impact Report, pages 54-65 | New Forests assesses nature-related dependencies, impacts, risks, and opportunities through our Sustainability & Impact Management System. We integrate biodiversity considerations into due diligence for all potential acquisitions, identifying significant positive and negative impacts as well as key drivers of biodiversity loss. In addition, we conduct annual assessments across all assets under management to monitor and manage biodiversity-related risks and opportunities over time, aligned with the TNFD LEAP recommendations. This approach helps ensure that biodiversity remains a core part of our investment strategy and supports our broader commitment to driving positive nature outcomes. ESG/Sustainability/Impact Report, pages 30-31, 54-65 | New Forests has begun setting biodiversity-related targets, which are disclosed in our Sustainability and Impact Report. While this reflects an important step forward, we recognise that target-setting remains a work in progress as we continue to refine our approach. We are working towards ensuring that future targets are increasingly grounded in the best available science and aligned with evolving frameworks for biodiversity action. ESG/Sustainability/Impact Report, pages 66-67 | All New Forests assets are nature-based solutions, focused on sustainable land use, forestry, agriculture, carbon and conservation outcomes. In addition, some funds classified as Article 9 under the SFDR are specifically designed to deliver measurable, positive nature-related outcomes, including the protection and restoration of biodiversity. Fund disclosures |
| Newton | Asset manager | 27/03/2023 | United Kingdom | Europe | ||||||
| NextEnergy Captial | Investment fund | 10/11/2023 | United Kingdom | Europe | NextEnergy Capital (NEC) and NextEnergy Solar Fund (NESF) are key partners in a UKRI-funded initiative with the University of York, supporting the development of a pioneering platform to advance biodiversity knowledge in solar finance. Since 2023, this collaboration has enabled the University of York to secure additional funding through to 2026. NEC hosts regular FINE workshops and has published research on biodiversity metrics, shaping investor practices and raising awareness across the solar sector. These efforts have positioned NEC as a thought leader, driving academic collaboration and building investor confidence. With three workshops held and further research underway, NEC continues to lead innovation and promote sector-wide alignment on nature-positive finance. Nature Positive investment opportunities Opportunities for Nature Positive transitions in solar and other renewables Thought Leadership, Educational Series & White Papers | NEC and NESF are embedding biodiversity considerations into its ESG sustainability framework. Through the development of a comprehensive biodiversity position statement and the integration of nature into its overarching sustainability policy, NEC is actively engaging with companies to reduce negative and enhance positive biodiversity impacts. By setting clear expectations on biodiversity performance and disclosures, NEC is encouraging supply chain actors, especially within solar manufacturing and development, to take action on nature. This work forms a key pillar of NEC's responsible investment approach and underpins its efforts to align investees with global nature goals and broader ESG performance improvements. Sustainability Report, page 22 Sustainable investment policy, page 3 Nature position statement | NEC and NESF has undertaken a biodiversity materiality assessment to evaluate the impacts and dependencies of its operations and investments on nature. This has informed the development of a dedicated Nature Strategy, which sets out the firm's approach to identifying, mitigating, and enhancing biodiversity outcomes across its portfolio. By identifying key drivers of biodiversity loss and opportunity, NEC is aligning its financing activities with measurable nature outcomes. The firm is also exploring nature-based solutions to address residual impacts, particularly across solar assets, and aims to embed biodiversity assessment into investment decision-making to ensure a positive approach to nature. Nature Strategy Approach to nature | As an early adopter of the Taskforce on Nature-related Financial Disclosures (TNFD), NESF is working toward formal nature-related disclosures for reporting year 2024, which was published in Q2 2025. In line with TNFD guidance and the latest scientific frameworks, NEC is developing biodiversity targets designed to reduce significant negative impacts while enhancing positive contributions to nature. These targets are being shaped through engagement with academia, peer institutions, and science-based metrics. They will underpin NEC's nature strategy and are intended to guide both asset-level improvements and broader portfolio alignment with global biodiversity goals, such as the Kunming-Montreal Global Biodiversity Framework. NEC's combined ISSB and TNFD report will be published in Q4 2025. Sustainability Report Transparency and reporting ESG/Sustainability/Impact Report | As a specialist solar investment managers leading the transition to clean energy, we recognised early on that when financed, developed, and harnessed correctly, renewable energy can mitigate climate change, minimise nature loss and enhance biodiversity. This dual focus on climate and nature is embedded in our approach, reinforcing our belief that achieving net zero must go hand in hand with nature restoration. Proactively addressing these concerns through a standalone, science-based Nature Strategy, has been a key step in our nature-positive journey. This strategy consolidates and expands our efforts to create additional nature positive outcomes on our solar sites. Now, leveraging our decades of experience, we are also exploring nature-based solutions to integrate natural capital opportunities into solar infrastructure, at scale and with the possibility of offering returns. This strategic approach offers a win-win: delivering environmental benefits while enhancing the long-term resilience and value of our assets for our investors. Nature based solutions: The opportunity for renewable energy investors Nature Restoration Pilot Project |
| Nia Impact Capital | Investment fund | 21/05/2021 | United States | North America | ||||||
| NN Group | Insurer | 18/10/2022 | Netherlands | Europe | To promote best practices on biodiversity, NN Group conducts dialogues with teams to raise awareness and share knowledge on biodiversity among internal stakeholders. We also took part in external working groups, such as those of the FfB Target Setting and Impact Assessment, to contribute to industry frameworks and build internal capacity. We also collaborate on a national level, for example through the development of a joint framework for developing policies that relate to biodiversity loss, which we do through the Convenant Internationaal Maatschappelijk Verantwoord Beleggen (Agreements on International Responsible Business Conduct). Along with several other banks, insurers, asset managers and asset owners, NN Group contributed to Unlocking the Biodiversity-Climate Nexus, a guide for financial institutions on managing the connections between biodiversity and climate in their investments and lending. Focusing on water, we also contributed to a report intended to enhance investors’ understanding of water-related risks; this was an outcome of the BRIDGE project, launched in 2023. Annual report, page 167 | As part of our ‘active ownership’ approach, we have prioritised expanding our engagement initiatives around biodiversity; these include Nature Action 100, which can be considered the biodiversity equivalent of the Climate Action 100+ initiative. We are also participating in the Ceres Valuing Water Finance Initiative to address the growing water-related challenges faced by companies worldwide, such as water quality and quantity, and access to water. In addition to collaborative engagement, most of our engagement on nature is carried out by our external asset managers and engagement service provider on topics such as deforestation, plastics, water and circularity. We are establishing an internal monitoring system to better oversee engagement outcomes and progress in nature-related engagement, which we aim to disclose more details in the next Active Ownership Report, similar to the example we included on climate in our AO Report 2025. Annual report, page 168 | In January 2024 we published our white paper on biodiversity, available on our external website, which details the results of the ENCORE assessment and evaluates the impacts and dependencies on nature of our corporate investment portfolio. Using our financial exposure to each sector and the sector-average materiality from ENCORE, we assessed 167 sub-sectors connected to 11 drivers of biodiversity loss and the 21 ecosystems they depend on. One of the main drawbacks of the ENCORE analysis is the limited granularity for company-level assessment. For example, only one production process can be assigned to a company and the use of sector-average materiality does not differentiate exposure between companies within the same sector, such as the reliance on high-risk commodities. We are currently in the process of refreshing this materiality assessment using the latest ENCORE data, diving deeper into company-specific materiality as well as those from value chain using FfB Multi-Tool study excel. The findings will help inform our portfolio target setting towards end of 2025 and these updates will be published in our next disclosure in 2026. Annual report, page 168 White paper on biodiversity | We are currently setting our first targets to reduce the impact of our proprietary assets on biodiversity loss using industry standards, methodologies, and guidelines from FfB. To support us in this process we use the Nature Target Setting Framework for asset managers and owners released by FfB in July 2024. Our resulting Nature Action Plan for Proprietary Assets outlines the initiatives we will undertake in 2025 to fulfil our initiation targets, or action targets as defined by the FfB guidelines. Metrics are not disclosed, but we will start to establish them once targets are set. These initiatives include: Including nature in our RI governance and education, enhancing our risk management framework for nature, and developing a comprehensive approach to halting and reversing nature loss. Annual report, page 168 Press release | We currently have a climate solutions framework in place, through which we have directed 12.8 billion euros to climate positive impact investments, via green bonds, certified green buildings, renewable energy investments, among others. Some of these green bonds have been assessed as offering biodiversity co-benefits. We plan to further embed nature based solutions in this framework in the coming years. As highlighted on our Climate Action Plan update of 2025, we see potential to play a role in helping to finance or to insure solutions that contribute to removing emissions in the real economy, for example, through nature- or technology-based solutions such as direct air capture and storage. We are closely following developments in this field and are, for example, looking into whether nature-based solutions such as reforestation projects could offer a potential investment opportunity. Climate Action Plan Update 2025, page 16 |
| Nordea Asset Management | Asset manager | 30/11/2021 | Denmark | Europe | We take part in various collaborative engagements which have a topical focus on nature and biodiversity, such as the Investor Initiative on Hazardous Chemicals where we are on the steering committee, the IPDD where we are a founding member and have in the past also been represented on the management committee as well as the Pharmaceutical Supply Chain Initiative where we were also present as an investor member of the PSCI Advisory Board. Furthermore, we aim to highlight specific nature related issues, such as chemical or pharmaceutical pollution, circular economy business models or water scarcity through publications on our websites. Annual Report 2023, page 24 Annual report 2024, page 31 Accelerating Circularity Website disclosure ESG Engagement and Fixed Income Portfolios | We believe that active ownership is a powerful way to protect shareholder value, enhance long-term returns and foster positive change. We are convinced that ensuring good ESG practices in our funds’ holdings is an important part of safeguarding the long-term interests of shareholders and society. Our active ownership efforts include engagement, proxy voting, attending annual general meetings and contributing to the development of industry ESG standards based upon NAMs four focus areas: climate, human rights, good governance and biodiversity. Furthermore, we continuously assess and update our Responsible Investments policy to ensure that our restrictions as well as expectations on ESG matters, including biodiversity, are transparently communicated to clients and other stakeholders. Actively engaged Responsible Investment Policy January 2025, page 23,25 Annual Report 2024, page 22 | In our 2025 Whitepaper on Nature and Biodiversity we present an the second iteration of our impacts and dependencies portfolio assessment using the updated ENCORE methodology. Furthermore, we enriched this assessment using the "Corporate Biodiversity Footprint" provided by Iceberg Data Lab, which is our first disclosure utilizing a biodiversity footprinting tool, providing additional information on key pressures, scope distribution as well as sectoral intensities. Biodiversity Report, pages 9-13 | During 2024 we set a our initiation targets, building upon FfB guidance, to further integrate nature and biodiversity across our organization. Our targets were published in our 2025 Whitepaper on Nature and Biodiversity and focus on: governance, education, policy development as well as impact & dependency assessments. Nature and Biodiversity, page 8 | |
| Nordis Capital | (Impact) fund | 01/06/2022 | Canada | North America | Active participation in Finance Montréal's biodiversity workshop and collaboration events. 2 members of Nordis Capital participated in the 4 different workstreams | We continued to engage with companies on biodiversity and other matters related to planetary boundaries Impact Report 2024, pages 1-23 | We have added numerous measures of alignment in our impact report this year including some biodiversity measures. Impact Report 2024, pages 19-22 | Impact has been low as our AUM are relatively small | |
| NWB Bank | Public bank | 25/09/2020 | Netherlands | Europe | We chair both a working group on biodiversity in the Netherlands under the platform of the Dutch central bank and a working group on Nature under the Dutch association of banks and in both we contribute and facilitate knowledge exchange. Our CEO also chairs the Financial Sector Domain of the Nature Inclusive Collective, a public-private partnership in the Netherlands aiming for a nature-inclusive society in 2050. One of the deliverables for 2025 was a Guide for Nature-Inclusive Financing and Investments, which outlines what role financial institutions can play to enhance biodiversity. It also contains inspiring case studies of nature-inclusive investments that have already been realised. The FfBF Working Model has been included in the Guide. Annual report, page 141 | In our ESG transition plan we have included biodiversity and detailed our approach, we have a number of indicators with which we monitor our client's impact on biodiversity and we talk about biodiversity in our client conversations where relevant. We have also provide sustainability-linked loans with performance criteria intended to improve biodiversity (inter alia). Annual report, page 140 ESG Transition plan, pages 27,32,35,37 Water Bond Report | We conducted research together with Arcadis to explore the impact of our portfolio. ESG Transition plan, page 19 | We set targets to have relevant clients have concrete biodiversity targets and have water related, and biodiversity related targets for different sectors. SG Transition plan, page 18 Annual report 2024, page 142 | By financing the Dutch water authorities we ensure clean water is discharged into Dutch surface water instead of polluted water, more over by financing drinking water companies that use nature as natural water filters we also finance large parts of nature areas. In addition, a number of clients in the social housing sector have been stimulated to invest in biodiversity through sustainability-linked loans. NWB Bank Verstrekt Eerste aan Duurzaamheid Gekoppelde Lening aan Waterschap Zuiderzeeland |
| Oakham Wealth Management Ltd | Asset manager | 01/06/2022 | United Kingdom | Europe | ||||||
| ODDO BHF Asset Management | Asset manager | 21/05/2021 | France | Europe | ||||||
| OIP TRUST | Investment fund | 09/12/2020 | Italy | Europe | ||||||
| OP Asset Management | Asset manager | 29/08/2024 | Finland | Europe | We have joined the Partnership for Biodiversity Accounting Financiald (PBAF) and actively participate in several working groups. (https://www.op.fi/en/op-financial-group/corporate-social-responsibility/commitments-and-principles). In addition we have built internal capacity to improve understanding of the available tools and analysis to manage nature risks. For example, ESG-team has participated in an in-depth training on Nature and Finance. Biodiversity in ESG policies: We have updated our Principles of Responsible Investment and our Climate Policy to integrate nature considerations into our investment activities in the near future. Commitments and principles How the finance sector can use TNFD-LEAP to take action on nature ESG policies | We are at early stages of our work and plan to initiate nature related engagements in 2026. Nature has been part of some of the on-going dialogues with those companies that have heightened nature related risks. Annual Responsible Investment Review, page 30 | We have published our first TNFD-aligned analysis report in early 2025. Climate and Nature Review 2024 | We are at early stages of our work and have carried out initial analysis of our nature risks (both dependencies and impacts), as published in our Climate and Nature Review 2024. We plan to set targets in priority areas of investments as more data becomes available in the near future. | |
| Ossiam | Asset manager | 21/05/2021 | France | Europe | Ossiam actively supports biodiversity through memberships in the EU Finance@Biodiversity Community, UN PRI Collaboration Platform, FAIRR Initiative, and Nature Action 100+. We contribute by joining working groups, signing collective statements, and participating in events. Our key focus is showcasing a systematic responsible investment approach across the pre-investment phase, investment optimization, and engagement campaigns. ESG/Sustainability/Impact Report, page 9 | Ossiam applies a systematic investment approach, integrating biodiversity and related pressures into financial product policies. This includes exclusions of high-impact activities such as protected area exploitation, Arctic drilling, and tar sands oil extraction. Biodiversity footprint also serves as a portfolio weighting and target indicator. Our proxy voting guidelines and engagement policy covers biodiversity, implemented through collaborative initiatives (Nature Action 100+, FAIRR), direct engagement, and proxy voting. We engage over 40 investee companies annually, focusing on industries like Consumer Staples Distribution & Retail, Beverages, and Food Products, with a core objective of promoting biodiversity integration into corporate strategies. Annual report, pages 16-21 | Ossiam piloted a biodiversity impact assessment focused on the “Agriculture and Food” sector, identified as most material to its biodiversity footprint. This initial company-level analysis covered around 15% of AUM. Based on the pilot, Ossiam is expanding the assessment this year to include all equity assets, using the Corporate Biodiversity Footprint (CBF) to report negative impacts. The action plan also includes a biodiversity dependency assessment. Since 2023, Ossiam has conducted annual exposure assessments of investments in biodiversity-sensitive areas. Annual report, page 35 | Ossiam’s ESG governing body has approved initiation targets aligned with the Finance for Biodiversity (FfB) Target Setting Framework for asset managers and asset owners. These targets cover governance, education, and impact and dependency assessments. The disclosure of these targets will be included in Ossiam’s 2025 Loi Énergie-Climat Article 29 report (Rapport Société de Gestion du Portefeuille Ossiam). Annual report | |
| PensionDanmark | Pension fund | 30/11/2021 | Denmark | Europe | PensionDanmark has measured our impact on biodiversity and nature within our real estate portfolio, and on multiple occasions we have shared information about our methodology with both peers and the public, as detailed transparently in our annual report. Furthermore, we have committed to ensuring that our real estate portfolio will be nature-positive, and we have identified biodiversity as material to our business. Annual report, pages 72-76, 58 ESG/Sustainability/Impact Report, pages1-26 From biodiversity commitments to concrete action Addressing biodiversity risk and opportunity | PensionDanmark supports the Kunming-Montreal plan, as referenced in key documents related to the integration of sustainability risks into our portfolios. We have outsourced the majority of our stewardship of our listed portfolio companies to Federated Hermes EOS. Biodiversity and nature are instrumental components of their engagement plan for 2024-2026 with corporates. Furthermore, we engage directly with portfolio companies through NA100 and the UN PRI's SPRING initiative, where we serve as the lead engager for one company. We had more than 100 engagements with companies on nature in 2024 through Federated Hermes EOS, and we supported several nature-related shareholder proposals. Biodiversity Strategy, pages 1-26 Policy on sustainability risks, page 3 EOS Engagement Plan | We have assessed the dependencies and impacts on biodiversity associated with our listed equities and corporate bonds, as well as analysed the extent to which our listed portfolio contributes to deforestation. Our most advanced analysis is found in our assessment of the impact on nature from our real estate portfolio, for both existing properties and new constructions. Furthermore, we report in accordance with the SFDR on PAI 7, 8, and 9, which are related to biodiversity and nature. Annual report, pages 72-76 | For our real estate portfolio, we have developed a strategic roadmap outlining the biodiversity impacts of our existing properties. We are now assessing the biodiversity impacts associated with the supply chain of our activities, and this work is expected to conclude in 2025. We will continue to monitor and assess our biodiversity impact on an ongoing basis. In the listed space, we will continue to assess our portfolio’s impact on deforestation and biodiversity more broadly, and we will keep leveraging stewardship to help mitigate potential adverse impacts Annual report 2024 Biodiversity Strategy | In addition to our investments in nature within our real estate portfolio, we have also funded research aimed at mapping the impact on biodiversity and nature throughout the built environment's value chain. Additionally, together with Ørsted, we have invested in 3D-printed reef structures at the Anholt offshore wind project, which aim to explore how offshore wind can positively impact marine biodiversity. Danish pension funds to develop industry standard for construction sector’s biodiversity impact Experiments with 3D-printed reefs for improved biodiversity at Anholt Offshore Wind Farm |
| PGGM N.V | Asset manager | 18/10/2022 | Netherlands | Europe | PGGM collaborates in multiple investment groups: NA100+, NZEI, VWFI, FfB Foundation working groups (positive impact, target setting, company engagement), FAIRR, engagement group using Satelligence data, CERES, plastics statement, financial investigator, PBAF. Additionally, PGGM chairs a DNB working group related to sustainable investing. Universities: UU and RSM. Consultants: KPMG. NGOs: WWF. Panel discussion 'Biodiversity & Climate' ESG/Sustainability/Impact Report, page 12 Annual report, page 203 PGGM supports call for international treaty to end plastic pollution | In 2024 our engagement program on biodiversity went live. We engaged with multiple companies in the food & materials sector on setting nature & biodiversity targets. Additionally, our voting guidelines were executed. ESG/Sustainability/Impact Report, page 12 Nature and biodiversity Engaging Ahold Delhaize on Regenerative Agriculturee Global voting guidelines, page 32 | In 2024, we've installed minimum sustainability standards for listed companies in high-risk sectors to be in the investable universe on deforestation and water. We have installed a Key Risk Indicator that helps us monitor our exposure to high-risk sectors. This KRI is based on the latest ENCORE data. In private markets, we are progressing on minimum sustainability standards and have integrated biodiversity in the DD process. Nature and Biodiversity Policy, page 6 | In 2024, we have set a portfolio wide positive-impact goal on biodiversity: contributing to nature restoration and halting biodiversity loss. Within this goal we want to focus on the food transition, materials transition and nature restoration. In 2025, we hope to start impact investing on food and materials. Nature restoration will be delayed a bit. Nature and Biodiversity Policy, page 8 | In 2024, we have been working on formalising our impact target and setting three focus areas for impact investments. In 2025, we have shaped the impact investing strategy for food transition and materials transition. We will use the rest of the year to develop a strategy for investing in nature restoration and for further implementation steps. Nature and Biodiversity Policy, page 8 |
| Phoenix Group | Insurer | 22/05/2023 | United Kingdom | Europe | Phoenix Group employees are active on several fronts: 1) FFB target setting working group 2) Make My money Matter deforestation working group 3) Green Finance Institute Insurance sector TNFD working group 4) Climate Financial Risk Forum chair of nature workstream 5) Nature Action 100 participation in 2 nature engagements 6) Representation on ad hoc panel sessions Annual report, pages 78-79 Stewardship Report | There are three main levers that relate to engagement efforts on nature. 1) Direct engagement. Nature framework developed for integrating nature factors into priority climate engagement targets 2) Collaborative engagement. Members of Nature action 100 and involved in 2 nature engagements 3) Engagement with asset management partners. nature integrated within annual ESG questionnaire to assess extent of asset management partners integration of nature into investment decision making, including data capture on their engagement activities on nature Nature is included in our company expectations document that sets out minimum high level practices that have been communicated to counterparties directly and through our asset management partners Stewardship Report 2023 Our Expectations, webpage | In 2024 we built on our TNFD LEAP assessment framework pilot from 2023. This involved developing a nature factor prioritisation method to identify priority impact pressures for initial focus, and this was followed by bottom-up portfolio assessment methodologies for listed equity and listed credit portfolios for both tropical deforestation and water impact pressures. Annual Report 2024, pages 78-79 | Our work to understand portfolio exposures and risk and opportunities related to nature is still in the early stages and so we have not developed portfolio, sectoral or engagement targets to date. We have though set initiation targets in the form of priority ambitions. These aligned with the FFB guidance for setting initiation targets. Annual Report 2024, pages 78-79 | |
| Pictet Group | Asset manager, Private bank | 18/10/2022 | Switzerland | Europe | We collaborate extensively with external stakeholders through Finance for Biodiversity, FAIRR, IIGCC, NA100+, Ceres, and Investor Initiative on Hazardous Chemicals. Among other things, these memberships allow us to sign collective statements, participate in joint engagements with companies and share knowledge on biodiversity. Beyond this, we are also a member of the Mistra FinBio research coalition with the Stockholm Resilience Centre and industry partners, aiming to advance work on financial institutions and biodiversity. We have also created our own biodiversity model and have published it in the Journal of Industrial Ecology as open access. Responsible Investment Report, pages 19-21, 38-40, 59-65 Ownership-Report, pages 24-26 Sustainability Report, pages 32-34, 53-63 ESG/Sustainability/Impact Report, pages19-20, 24-25 Biodiversity impact assessment for finance Corporate impact on biodiversity Biodiversity, why investors should care | We engage with companies on biodiversity loss both bilaterally and through collaborative initiatives ( NA100+, Ceres Valuing Water, FAIRR, FABRIC, VBDO – Plastics, Investor Initiative on Hazardous Chemicals), including five company engagements on which we lead. Investment teams set specific, ideally measurable, and time-bound objectives. When there is little or no progress, we will consider options that include extending the time horizon, escalating the engagement or reassessing the investment case. In parallel, we also exclude activities which we deem to be material and harmful to biodiversity from some or all of our products (e.g. thermal coal, oil & gas, tobacco, palm oil, pesticides, GMOs). ESG/Sustainability/Impact Report, pages 14-18 Responsible investing policy, pages 12-16 Responsible investment report, pages 16-27, 38-40, 50-58 Active ownership report, pages 11-16, 20-25 Sustainability report, pages 24-26 Annual Review, pages 24-25 | We conducted our initial biodiversity impact and dependency assessment in 2024 using our own biodiversity model, which provides an estimate of the potential disappeared fraction of species per dollar of revenue (i.e. the species loss that a company risks causing for every dollar of revenue it generates). The analysis was done on our managed assets (listed equities and corporate fixed income) as of June 2024. We found that the main drivers of biodiversity loss for Pictet are land-use change, water stress, and climate change. On the other hand, water provision and pollution control are our most material dependencies on ecosystem services provided by biodiversity. More details in our Group Sustainability Report. Sustainability Report, pages 32-34 Annual Review, pages 19-20 Biodiversity impact assessment for finance | In 2024, we set our initiation target. Our priority in 2025 will be to complement our impact and dependencies assessment with bottom-up, company-specific datapoints. We will use these to refine the priority list of companies to engage with, also known as our Group Engagement Focus programme. Drivers of focus will include water scarcity, land-use change, and pollution. We will report on an annual basis on the progress on our targets, and set new ones as appropriate. We also participated in the creation of the Finance for Biodiversity target setting guide. Annual Review, pages 19-20 | Pictet has launched several investment strategies focused on environmental solutions, including our ReGeneration strategy (our strategy that is most directly linked to biodiversity), alongside our Environmental Thematic franchise (e.g. Pictet Water, Clean Energy Transition, Timber, Global Environmental Opportunities, Private Equity Environment). As of 31 December 2024, Pictet managed CHF 25.3 billion in environmental strategies. Furthermore, we conduct our own philanthropic work on water and nutrition through the Pictet Group Foundation. Annual Review, page 18 |
| Piraeus Bank S.A. | Private bank | 25/09/2020 | Greece | Europe | ||||||
| PKA A/S | Pension fund | 09/12/2020 | Denmark | Europe | ||||||
| Planet A ventures | (Impact) fund | 16/03/2022 | Germany | Europe | Planet A has developed and published a novel biodiversity assessment methodology that integrates the Biodiversity Footprint for Financial Institutions (BFFI) with Life Cycle Assessment (LCA), specifically tailored for venture capital investments. We were the first VC to map the European nature startup ecosystem and we co-founded the Nature Investor Circle. We actively foster knowledge exchange and ecosystem collaboration on biodiversity measurement approaches. Our internal science team engages with external experts, policymakers, and other stakeholders, sharing our methodologies publicly to improve biodiversity assessment practices across the financial sector. Biodiversity Whitepaper Disclosures pursuant to the sustainable finance disclosure regulation (EU) 2019/2088 | -We systematically integrate biodiversity-related criteria into our investment screening, due diligence, and deal structuring phases, assessing companies for their potential positive or negative impacts on biodiversity using science-based indicators. -Our ESG policy and Sustainability Clauses require portfolio companies to avoid harmful activities in biodiversity-sensitive areas, conduct environmental impact assessments when relevant, and report on these aspects annually. -Throughout the investment lifecycle, we actively engage with founders to identify material biodiversity risks and opportunities and support them in improving their biodiversity performance and disclosure. Planet A Science | -Biodiversity impact assessments are embedded into our investment decision-making through our science-led approach, where our in-house LCA experts evaluate the environmental effects of innovations, particularly addressing key drivers like land use change, climate change, and pollution. -We use the IMPACT World+ methodology to quantify potential biodiversity loss and employ the Potentially Disappeared Fraction of species (PDF) metric to assess species abundance impacts related to financed activities. -Each startup is evaluated on how its operations and scaling trajectories effects the environment, to ensure alignment with set impact KPIs. Impact Report 2024 | -Our investment process includes the setting of impact KPIs for biodiversity, where applicable, based on scientifically validated LCA and biodiversity footprint methodologies, with annual monitoring and reporting against these targets. - We are committed to transparency by publicly sharing the results of our impact assessments and LCAs, ensuring accountability to our investors and stakeholders. -In line with our biodiversity framework, we aim to stay at the forefront of scientific progress, regularly updating our methodologies and targets to reflect the latest research and best practices in biodiversity science. | |
| Pymwymic Investment Management B.V. | Investment fund | 21/05/2021 | Netherlands | Europe | Annually, we share an impact report displaying how we approach investing in sustainable agriculture & healthy food. We openly share our approach and stimulate others to copy. Impact Report 2024 | We have developed a tailor-made process to ensure an investment opportunity is not only evaluated and managed on its capacity to bring healthy financial returns, but also creates positive environmental and social impact, and avoid sustainability risks. Each year the process is reviewed and improved based on market standards as well as practical day-to-day working experience, resulting in a range of impact tools across the investment process. Sustainability Approach | We are SFDR Article 9 fund and assess "DNSH" on an annual basis. Sustainability Approach | We do this on portfolio level, on an annual basis. Annual report 2024 | We invest in a regenerative food system to restore biodiversity. Impact Report 2024 Sustainability Approach |
| Raiffeisen Kapitalanlage-Gesellschaft m.b.H. | Asset manager | 11/10/2023 | Germany | Europe | By signing the Finance for Biodiversity Pledge we address biodiversity and natural capital in greater depth within a holistic sustainability framework, aligning with responsible behavior as financial market participant. Disclosing four initiation targets for 2025 was a crucial first step towards fulfilment of the Pledge commitments, supporting the call set by GBF targets 14 and 15. Within the initiation target "collaborating and sharing knowledge" Raiffeisen KAG has committed to develop and implement an in-house training to ensure the targeted and efficient knowledge building within the fund management organisation in order to increase awareness and competences in relation to the consideration of biodiversity and natural capital. Besides, the biodiversity and natural capital working group has been strengthened in terms of personnel. As Finance for Biodiversity Foundation member, Raiffeisen KAG is represented in 4 of the 5 working groups, actively supporting the collaboration and knowledge sharing within the industry. Our journey towards embracing biodiversity and nature positivity will continue with updating our biodiversity policy and disclosing intern targets. ESG/Sustainability/Impact Report, pages 10 - 13 Annual Report, page 337 | The initiation target nr. 2 on "engagement with companies" stipulates the inclusion of biodiversity in the annual engagement process with regard to principal adverse impacts on sustainability factors, with the aim of increasing transparency and raising awareness among companies to consider biodiversity and natural capital in their organisational activities. In addition, Raiffeisen KAG is supporting various collaborative engagement initiatives focusing on biodiversity and nature (PRI Spring, Nature 100, FABRIC), holding lead engagement positions as well. The engagement report focusing on stewardship activities within the financial year 2024 is avaiable at the homepage. ESG/Sustainability/Impact Report, pages 10 & 11 For the engagement report 2024 see this link | In our initiation target nr. 3 for impact assessment we commit to carry out a materiality assessment in 2025 to account for the impacts and dependencies of our portfolio in connection with biodiversity and natural capital. ESG/Sustainability/Impact Report, pages 10 & 11 | Raiffeisen KAG published a publicly available position paper on biodiversity in October 2024. Disclosing four initiation targets for 2025 was a crucial step towards fulfilment of the Pledge commitments, supporting the call set by GBF targets 14 and 15. We committed to report on the progress within our initiation targets by year end 2025 and to adopt and disclose a biodiversity policy. Our initiation target nr. 4 on target setting and disclosure entails the development and disclosure of interim targets that enable the implementation of relevant key performance figures to track the main drivers of biodiversity loss. ESG/Sustainability/Impact Report, pages 10 & 11 | Raiffeisen KAG initiated the Raiffeisen Fund Forest project together with Wald4Leben. By November of 2024, the reforestation programme through this collaboration (the so- called Raiffeisen-Fonds-Wald) consisted of more than 16,500 trees in a reforested area of approx. 60,000 square meters. In certain districts of the Waldviertel, Weinviertel, and Muehlviertel in Austria, bark beetles have destroyed more than 50 percent of the forest area; entire forests needed to be felled. Many hundreds of hectares of forest have disappeared in these areas as a result and cannot be replanted by the forest owners themselves due to the lack of acceptable returns and the great amount of time required to do so. Therefore, Raiffeisen KAG is lending a hand and supporting the Waldviertel-based start-up Wald4Leben in reforesting the previously cleared areas as mixed-species forests. Wald4Leben ensures that the new forest is suited to the climate, and that the newly planted tree species (such as oak, Norway maple, wild cherry, larch, silver fir, Douglas fir, common beech, and lime trees) can also grow well and flourish in warmer, drier conditions. Natural mixed forests are not only home to a great variety of tree species, shrubs, herbs, ferns, mosses, mushrooms, and lichens, but also provide a habitat for many kinds of animals, insects, and micro-organisms. They ensure biodiversity. Raiffeisen Fund Forest grows and grows More than 6000 trees for the Raiffeisen Fund Forest |
| Regia Capital | Asset manager | 14/01/2025 | Brazil | South America | Régia Capital is a signatory of the main global investor coalitions dedicated to tackling deforestation and biodiversity loss, such as the Finance Sector Deforestation Action Initiative, Investor Policy Dialogue on Deforestation, PRI Spring, and FAIRR. Through these initiatives, we actively participate in discussion forums aimed at sharing knowledge on practices related to deforestation risk mitigation and the development of projects that contribute to nature conservation and restoration. In 2024, we took part in several sustainability events, with special emphasis on COP16 in Cali, Colombia, where we participated in six panels featuring key discussions on the importance of the financial sector in advancing the Kunming-Montreal Global Biodiversity Framework. We addressed topics such as the TNFD recommendations, tools for socio-environmental analysis and monitoring, and financial innovations like urban biodiversity credits. Stewardship Report Antideforestation Policy | We have updated our Anti-Deforestation Policy, which details our approach to addressing deforestation, conversion, and human rights abuses associated with agricultural and forestry commodities (cattle, soy, palm oil, timber, pulp and paper). Given the complexity of achieving a deforestation-free portfolio, active engagement with investee companies is a central part of our strategy. Through our geospatial social and environmental analysis process, we are able to identify, prior to investment, whether a company is exposed to deforestation risks, therefore to biodiversity risks. When doubts remain after this assessment, our team engages directly with the issuer to review policies and practices in place to mitigate such risks. If the company cannot provide adequate justifications or present compensations, we choose not to invest. Beyond these cases, in many of the initiatives we are part of, collaborative engagement is promoted as a way to coordinate efforts. Whether leading, co-leading, or supporting, we actively participate in several collective engagements with companies from different sectors that are either at risk of exposure to deforestation or have the potential to drive meaningful change across value chains. Stewardship Report Antideforestation Policy | We are committed to annually publishing an integrated report that follows the recommendations of both the Taskforce on Climate-related Financial Disclosures (TCFD) and the Taskforce on Nature-related Financial Disclosures (TNFD). We have also taken part in pilot projects dedicated to implementing the TNFD’s LEAP approach, in partnership with key organizations such as Global Canopy, Frontierra, and Nature Finance. Régia’s first integrated report will be published in October 2025. Stewardship Report Antideforestation Policy | Our Deforestation Policy outlines our approach to addressing deforestation, conversion, and human rights abuses associated with agricultural and forestry commodities (cattle, soy, palm oil, timber, pulp and paper) across our investment and loan portfolios by 2025. We prohibit investments in companies directly or indirectly linked to illegal deforestation, and for companies associated with high-risk agricultural and forestry commodities, we have established December 31, 2020, as the cut-off date for zero deforestation and conversion. After 2025, we will only finance or invest in companies exposed to deforestation risks that are committed to transitioning to a deforestation- and conversion-free supply chain. In parallel, we are working to scale up investments in nature-based solutions, and we are a signatory of the IFACC Initiative, which collectively aims to mobilize US$10 billion by 2030 for transition finance in beef, soy, and other agricultural production without further deforestation or conversion of native vegetation. We are also members of the Brazil Restoration & Bioeconomy Finance Coalition (BRB FC), which aims to mobilize capital to accelerate forest restoration and foster the growth of Brazil’s bioeconomy. Stewardship Report Antideforestation Policy ESG Initiatives | At the end of 2024, we launched the FIDC Petrobras Bioeconomia, a bioeconomy fund structured as a blended finance vehicle that combines catalytic capital provided by Petrobras with commercial capital to reduce risks and attract private investors. Its capitalization was structured on a 50–50 basis between Petrobras and Régia, signaling joint ownership and alignment of interests between public catalytic finance and private market discipline. This balanced structure not only mitigates risks for incoming investors but also strengthens the fund’s credibility as a platform to crowd in additional capital. The fund’s performance fee is adjusted by an environmental and social multiplier based on the Impact Score, which incentivizes measurable positive outcomes. The fund’s investment thesis focuses on promoting the bioeconomy as a driver of sustainable development. It prioritizes projects in critical landscapes for climate action and biodiversity conservation, considering factors such as deforestation pressure, human intervention, job creation in low-HDI regions, and potential for additionality. The fund puts Régia’s transition finance approach into practice by channeling blended capital toward companies with credible, time-bound sustainability plans. By de-risking projects, the fund supports assets that meet clear eligibility criteria while advancing measurable environmental and social outcomes. Each investment is required to track at least six KPIs defined in the fund’s investment policy. In addition, the transaction is closely aligned with the Brazilian Government’s Ecological Transformation Plan, which sets out six thematic pillars to guide sustainable development. A dedicated bioeconomy chapter outlines concrete actions to foster innovation, conservation, and inclusive growth in Brazil’s natural capital sectors. ESG Initiatives Petrobras' Agency Fund regulation |
| Resona Asset Management Co., Ltd. | Asset manager | 21/05/2021 | Japan | Asia | We participate in some nature-related initiatives such as UN PRI Collaboration Platform, FAIRR Initiative, and TNFD forum, etc., and contribute to the accumulation of knowledge. Also, we collaborate with others by signing collective statements. In 2024, we signed on two of the statements, PRI Spring and 2024 Global Investor Statement to Governments on the Climate Crisis, and show our attitude that we take the issue of natural capital loss as our materiality and that we are committed to working with various stakeholders to address the issue. Other than the above, we engage with public authority in the way that our Chief Sustainability Officer, Mr. Minoru Matsubara, serves as a member of some of the nature-related committees organized by the Japanese government. He also speaks at various nature-related events (for both financial institutions and other companies) sometimes. Sustainability Report 2024/2025, pages 18 - 19 , 22 - 38, etc Climate and Nature Report 2024/2025, pages 11, 31-34, etc | We have established "Our Policy on Nature" in 2023 and indicate our attitude to support our investee companies in their effort to address the loss of natural capital through stewardship activities (engagements and proxy voting). Based on this policy, we engage with companies on biodiversity in several ways, primarily through collaborative engagement, bilateral dialogue, and proxy voting, among others. We actively participate in nature-related collaborative engagements, such as NA100, to conduct effective and efficient discussions. In some instances, we take on the role of lead investor to contribute to deepening the debate. In addition to this, we are running two in-house nature-related engagement projects, where we are addressing sustainable palm oil procurement and sustainable paper and wood-products sourcing. Also, we have an escalation policy of considering voting against the election of the representative director if the company has not made progress on topics of material issues, including nature and biodiversity, which we had set and engaged on. Furthermore, we also state in our voting policy that we may support relevant nature-related shareholder proposals. Sustainability Report 2024/2025, pages 18 - 19 , 22 - 40, etc Criteria for exercising voting rights (JP) | In our "Policy on Nature", we indicate our attitude that we evaluate the dependencies and impacts on natural capital and assess the associated risks and opportunities in our portfolio. Based on this policy, we have evaluated dependencies and impacts on natural capital and assessed the associated risks and opportunities in our portfolio by using ENCORE and have disclosed the results in our Climate/Nature-related Financial Disclosure Report (TCFD/TNFD report). We have been implementing various nature-related initiatives, including collaborative engagements, in-house engagements, and proxy voting. To further advance the management of material nature-related risks and opportunities and reduce negative and increase positive impacts on nature, we consider adding or improving such initiatives by utilizing these analysis results. Climate and Nature Report 2024/2025, pages 12 - 41, etc | We are running two in-house nature-related engagement projects, focusing on sustainable palm oil procurement and sustainable paper and wood products sourcing. We have set time-bound targets and milestones to achieve them for these engagement projects. Also, we have set the Percentage of targeted companies achieving all the milestones we have set for the engagement projects as KPIs for the projects and measure their progress. The progress of these KPIs is disclosed in our Climate/Nature-related Financial Disclosure Report (TCFD/TNFD report), which is published once a year. Furthermore, we have an escalation policy of considering voting against the election of the representative director if the company has not made progress on topics of material issues, including nature and biodiversity, which we had set and engaged on. This escalation policy can be applied to the targeted companies that don't reach the milestones in an appropriate period. Climate and Nature Report 2024/2025, pages 32 - 34, 50 - 52, etc Sustainability Report 2024/2025, pages 18 - 19 , 22 - 40, etc Criteria for exercising voting rights (JP) | In "Our Policy on Nature", we indicate our attitude that we consider developing financial products which mitigate negative impacts and generate positive impacts on natural capital alongside a financial return. Based on this policy, we have an impact fund, "Global Impact Investment Fund (Climate Change)", which invests in the companies that can provide innovative solutions to material social and environmental issues (including climate change and nature loss), as we think such companies can grasp business opportunities through such solutions over the long term. Impact Report 2024 |
| Rivage Investment | Asset manager | 04/05/2023 | France | Europe | At the end of the previous financial year (in April 2023), Rivage Investment established a partnership with Carbone 4, the Long Term Infrastructure Investor Association and representatives of the French scientific community to develop a new robust methodology for assessing the negative and positive impacts of infrastructure projects on ecosystems. This methodology is currently under development and will aim to provide a quantitative measure of mitigation and compensation actions for the pressures exerted by infrastructure assets on biodiversity, in conjunction with Carbone 4 (Biodiversity Impact Assessment for Real Assets or “BIARA”) Rapport Article 29 de la Loi Energie-Climat 2024, page 41 | Investment opportunities are currently subject to prior specific controls, in order to determine whether any physical assets are (or will be) built in the vicinity of protected areas. Projects with a documented potential impact on protected areas, as defined by the 2009/147/EC Birds Directive or the 92/43/EEC Habitats Directive, are subject to further prior controls, in order to assess whether relevant actions have been (or will be) implemented to mitigate their impact on fauna and flora. In this context, if a project is identified as being located near or within a protected area, we systematically engage with the borrower and ask them to provide an Environmental Impact Assessment with mitigation measures. Sustainability Policy, page 24 | As mentioned above, today, all investment opportunities specific to infrastructure debt funds are subject to specific due diligence to determine whether physical assets are (or will be) built near protected areas. This check is carried out on the Altitude platform (Axa Climate), which indicates protected area networks and the presence of protected species with an accuracy of 1 and 10 kilometers. Any investment with a potential impact on a protected area under Directive 2009/147/EC (the “Birds Directive”) or Directive 92/43/EEC (the “Habitats Directive”) is subject to additional prior review to assess the implementation of relevant measures to mitigate the impact on endangered species of fauna and flora. Rapport Article 29 de la Loi Energie-Climat, 2024, page 34 | The Company is currently assessing the relevance of key biodiversity indicators in the context of infrastructure asset financing. Rivage seeks to understand which consolidated indicators would be pertinent at the level of assets and portfolios, in order to set quantitative targets and establish an associated trajectory to ensure alignment of the investment policy with the long-term biodiversity objectives, in accordance with Article L533-22-1 of the French Monetary and Financial Code. Sustainability Policy, page 24 | Rivage Investment has financed, from its own funds, a project that has been awarded the “low-carbon label” certification, which provides a framework for recognizing GHG emissions captured and sequestered through projects located in France. The emissions recognized in this way can be attributed to a company financing the project and wishing to offset its emissions on a voluntary basis. This project financed by Rivage Investment has notably enabled the reforestation of more than 14 hectares of former agricultural land in the Auvergne-Rhône-Alpes region. Rapport Article 29 de la Loi Energie-Climat, 2024, page 33 |
| Robeco | Asset manager | 25/09/2020 | Netherlands | Europe | Continued to work with industry peers to advance collaborative stewardship on nature and assessment methodologies. Examples include Robeco's role in FfB Nature Target Setting framework guidance, partnership with WWF Netherlands and involvement in Nature Action 100. Annual Report, pages 101, 103 & 104 Measuring Nature with the Robeco Biodiversity Traffic Light | Our nature engagements focus on companies in sectors that have a considerable negative impact on biodiversity. In 2024 we engaged explicitly on the topic of biodiversity loss with more than 30 companies as part of different engagement programs. We also discussed biodiversity with 50 other companies, even though the topic was not one of the main focuses of our engagements with those firms. Biodiversity-related considerations are also included in our voting guidelines and exclusion policy. Annual Report, page 103 | We have analyzed our exposure to nature risks and impacts using the recommendations from the Task Force on Nature-related Financial Disclosures (TNFD) and the requirements set out in the European Sustainability Reporting Standards. As a first step, we assessed how much of our total client assets at the end of 2024 was invested in sectors with a high impact and dependency on nature. According to our analysis, 31% of our total client assets are invested in sectors with a high dependency and/or impact on nature, and are therefore potentially exposed to nature-related physical and/or transition risks. Annual Report, page 101 | We will disclose these targets before the end of 2025. In 2021, we signed the Financial Sector Commitment on Eliminating Commodity-Driven Deforestation, as part of which we committed to use our best efforts to work toward eliminating the agricultural deforestation risks the companies we invest in through our stewardship work. In 2024 we became one of the early adopters of the TNFD Framework, and we expect companies to use it in their disclosures, as we do ourselves. Annual Report, page 102 | The transition to a nature-positive economy requires companies to align their business models with global biodiversity goals and reduce their pressure on the drivers of nature loss. Robeco's Biodiversity Traffic Light provides a framework for assessing how well companies are progressing on this transition. By identifying leaders and laggards, the tool can help investors allocate capital toward companies that are making meaningful progress in mitigating their impacts on nature. We also have a dedicated Biodiversity Equities fund. It targets long-term capital growth by investing in companies that provide innovative biodiversity solutions and transition leaders poised to benefit from the shift to a biodiversity-positive world. The portfolio is benchmarked against the MSCI World Index TRN and is classified under Article 9 of the EU Sustainable Finance Disclosure Regulation, underscoring its commitment to sustainable investment. Measuring Nature with the Robeco Biodiversity Traffic Light, pages 14 & 18 |
| Schroders | Asset manager | 26/07/2022 | United Kingdom | Europe | We have developed our own proprietary tool, NatCapEx, to quantify nature-related impacts and have used this to assess our holdings. We have published a report which outlines the methodology and have also included the findings in our inaugural Nature Report. We also outline our forward-looking intentions in our Nature Report within the Metrics and Targets section. Nature Report 2024, page 14 Natural Capital Biodiversity Primer Part 2 | We have published a Nature & Biodiversity Position Statement which outlines our commitments. It covers the investments we manage and our own operations with regards to nature and biodiversity. We outline our short and mid-term expectations of companies regarding Natural Capital and Biodiversity within our Engagement Blueprint and engage in line with these expectations. We report yearly on our engagement activity in our Active Ownership report. Group Nature and Biodiversity Position Statement Schroders Engagement Blueprint Schroders 2024 Active Ownership Report | We have undertaken a comprehensive assessment of our investments nature-related impacts across public and private assets and have disclosed these within our inaugural Nature Report. Schroders Nature Report 2024, page 11 | Considering the early stages of nature assessment, we consider it too early to set portfolio level targets on addressing nature-related risks and opportunities. Over the course of 2025, our focus will remain on meeting our existing commitments, including our commitment to use best efforts to eliminate commodity-driven deforestation, and on further deepening our insights and abilities to act on material risks to our clients portfolios. Our deforestation commitment was made in 2021 during COP26 as part of the Finance Sector Deforestation Action initiative. Schroders Nature Report 2024, pages 30 & 43 | At Schroders, we view the nature investment spectrum through three areas: companies minimising externalities by actively managing their impact on nature, companies enabling a nature positive transition by providing products or services that reduce or reverse harm, and nature-based solutions that protect or restore ecosystems. In relation to the latter, we are currently focused on developing a new carbon impact strategy, through our BlueOrchard business. The strategy embraces climate action, biodiversity and local communities™ resilience in emerging and frontier markets by financing reforestation and agroforestry projects. The objective is to generate high-quality carbon removal credits for investors and high-integrity buyers, supported by a junior capital tranche from leading development finance institutions and a dedicated technical assistance facility, making the strategy highly innovative in a still nascent voluntary carbon market. Schroders Nature Report 2024, page 26 |
| SCOR SE | Insurer | 09/12/2020 | France | Europe | SCOR actively collaborates and shares knowledge through the working groups and its publications. Sustainable Business Report 2024, pages 33 - 40 From global to local: enhancing ESG data on water - Recommendations in support of responsible investment Universal Registration Document 2024, section 6 | SCOR engages some investees about biodiversity issues. Sustainable Business Report 2024, pages 20 - 23 Universal Registration Document 2024, section 6 | SCOR explores its portfolio risk, dependencies, impacts and has started to measure its biodiversity footprint. Sustainable Business Report 2024, pages 33 – 35 & 47 | SCOR has set a target regarding deforestation. Combining the Art and Science of Risk to Protect Societies, pages 12 & 13 | SCOR seeks actively to invest in some funds dedicated to Nature-based solutions through funds. |
| SEB Investment Management | Asset manager | 10/11/2023 | Sweden | Europe | SEB Asset Management actively collaborates and shares knowledge through partnerships such as UN PRI, FAIRR, and the Investor Policy Dialogue on Deforestation. We engage in joint publications, working groups, and statements ahead of global events like COP16. Our active ownership strategy includes over 1,000 company dialogues annually, with biodiversity among our 12 prioritised engagement themes. We share insights via our Sustainability Review and website, promoting transparency on biodiversity-related methodologies and financing strategies. Sustainability Review, pages 31 - 33 Sustainability Policy 2025, pages 7 & 8 | SEB Asset Management integrates biodiversity criteria into ESG policies and prioritises biodiversity among 12 key engagement themes. Through active ownership, we conduct in-house and collaborative engagements, targeting sectors like forestry, agriculture, and food supply chain. We encourage companies to disclose dependencies and impacts, implement deforestation policies, and adopt circular business models. Our proprietary ESG analysis incorporates biodiversity metrics and informs exclusion, integration, and engagement strategies. These actions are detailed in our Sustainability Policy and annually reported in our Sustainability Review. Sustainability Policy 2025, pages 7 & 8 Sustainability Review, pages 31 - 33 | SEB Asset Management assesses biodiversity-related impacts by integrating ENCORE data to identify portfolio exposure to nature-related risks. We engage companies in high-impact sectors (e.g., agriculture, forestry) on deforestation, biodiversity metrics, and TNFD-aligned disclosures. Our proprietary sustainability model, SIMS-S, incorporates biodiversity dependencies, and we exclude companies with verified breaches in biodiversity norms or negative impacts on threatened species. We also monitor the adoption of deforestation policies and track progress toward nature-positive targets in line with the Finance for Biodiversity Pledge. Sustainability Policy 2025, pages 7 & 8 Sustainability Review, pages 31 - 33 | SEB Asset Management has set and discloses biodiversity targets aligned with the best available science. As part of our Finance for Biodiversity Pledge, we commit to achieving 100% deforestation policy adoption and time-bound targets in high-risk sectors by 2030. We also aim for 20% of portfolio companies to adopt Science Based Targets for Nature (SBTN) by 2030. Biodiversity-related risks and opportunities are integrated using our SIMS-S model, and engagements focus on TNFD-aligned disclosures, biodiversity dependencies, and setting net-zero deforestation goals. These targets are transparently reported in our Sustainability Policy and Sustainability Review. Sustainability Policy 2025, pages 7 & 8 Sustainability Review, pages 10 & 11 | SEB Asset Management directs capital toward nature-impact products and investments. A few examples are: -Microfinance funds supporting low-income entrepreneurs in developing regions. While primarily aimed at poverty reduction, these also encourage more sustainable agricultural and land-use practices. -Private equity investments with a focus on circular-economy business models, illustrated by Biototal Group, which refines industrial by-products into resources for agriculture. This reduces reliance on virgin materials and contributes to healthier ecosystems. -Biodiversity integration, including newly set biodiversity targets and ongoing efforts to monitor and mitigate nature-related impacts across portfolios. SEB AM's overarching approach is to embed biodiversity considerations in investment decisions, exclusions, and active ownership. This includes engaging companies on deforestation policies, water stewardship, and preserving ecosystems. Sustainability Review, pages 14, 20 & 31 |
| SEKERBANK T.A.S | Private bank | 01/12/2023 | Turkey | Asia | ||||||
| Serena | (Impact) fund, Investment fund | 14/01/2024 | France | Europe | |||||
| SG IS (Europe) | Asset manager | 26/07/2022 | Luxembourg | Europe | After announcing our initiation targets (published in our Climate & Biodiversity report (2024), page 32, please see the link below), we worked on our biodiversity approach and monitoring targets during 2025. To do this, we exchanged best practice with our peers (also members of the FfB Foundation) and presented this approach to FfB to gather your opinion. In order to take advantage of the Société Générale Group's expertise, this year we also worked with internal specialists from our Group on positive impact investing. A project is currently under development Please see our Climate & Biodiversity Report that will be published by the end of the year. In the meantime, please refer to the report published by our French entity (SG IS France), with whom we work together and share the same expertise. Climate & Biodiversity Report (fiscal year 2023), Pages 41, 42 & 47 Energy-Climate Law Report France (fiscal year 2024), Pages 41, 42 & 47 | We include biodiversity as a top priority in terms of dialogue with companies. This year, 75% of our dialogues included questions relating to biodiversity. To operationalize our commitment, we have joined Nature Action 100 as a member in September 2024. We have integrated three group as collaborative investors to engage with Amazon, General Mills and Roche. In addition, we pursue our commitment with FAIRR by participating in the collaborative engagement called “Biodiversity: Waste & Pollution” which targets pork and chicken producers. We are currently at Phase 3 of this engagement. Finally, we are continually involved in the Non-Disclosure Campaign of CDP by addressing directly several letters to companies on issues related to water and forest. We share the same report on Engagement with SG IS France, Pages 4, 6 & 7 Energy-Climate Law Report France (fiscal year 2024), Page 50 | We assessed impacts on biodiversity for all our Socially Responsible Investment (SRI) funds through our partnership with Carbon4 & CDC Biodiversité. We assessed impacts on biodiversity for all our Socially Responsible Investment (SRI) funds through our partnership with Carbon4 & CDC Biodiversité. They have developed together a tool called Biodiversity Impact Analytics powered by the Global Biodiversity Score™ (BIA-GBS) which allows to measure the biodiversity impact of companies in our funds (please see the link of the methodology) Please see our Climate & Biodiversity Report that will be published by the end of the year. In the meantime, please refer to the report published by our French entity (SG IS France), with whom we work together and share the same expertise. Link for our (old) Report (fiscal year 2023) Energy-Climate Law Report France (fiscal year 2024), Pages 44 - 46 | In 2024, we communicated our initiation targets focused on governance, training, and a summary of our impacts related to biodiversity. Regarding training and governance targets, in 2024 we can say that we have achieved our target as all our portfolio managers were trained on biodiversity issues: via “Fresque de la biodiversité” (The Biodiversity Collage, please refer to the link), which is a collaborative workshop and a specific training session on impact assessment by Carbone 4 specialists In 2025, we have communicated on our monitoring targets in our Energy-Climate Law report (French regulated report), by associating each action to COP15 targets. Please see our Climate & Biodiversity Report that will be published by the end of the year. In the meantime, please refer to the report published by our French entity (SG IS France), with whom we work together and share the same expertise. Link for our (old) Report (fiscal year 2023) Energy-Climate Law Report France (fiscal year 2024), Pages 41 & 42 | Yes, we made donations for: -Coral Gardeners (for SG IS Europe) – which is a non-profit organization that plants corals to restore degraded reefs in French Polynesia. -Office National des Forêts (ONF – for SG IS France) which is the French public institution in charge of the management of public forests. For ONF, it is not a donation but a partnership. Since 2023 we have contributed to the reforestation of more than 15,000 trees thanks to this partnership. In the meantime, we are also working on developing dedicated nature fund, supported by our Group’s engagement. Please see our Climate & Biodiversity Report that will be published by the end of the year. In the meantime, please refer to the report published by our French entity (SG IS France), with whom we work together and share the same expertise. Link for our (old) Report (fiscal year 2023) Energy-Climate Law Report France (fiscal year 2024), Page 51 |
| SG IS (France) | Asset manager | 26/07/2022 | France | Europe | After announcing our initiation targets (published in our Energy-Climate Law 2024 report, pages 39-40, please see the link below), we worked on our biodiversity approach and monitoring targets during 2025. To do this, we exchanged best practice with our peers (also members of the FfB Foundation) and presented this approach to FfB to gather your opinion. In order to take advantage of the Société Générale Group's expertise, this year we also worked with internal specialists from our Group on positive impact investing. A project is currently under development. Energy-Climate Law Report (fiscal year 2024), pages 41, 42 & 47 Energy-Climate Law Report (fiscal year 2023) | We include biodiversity as a top priority in terms of dialogue with companies. This year 75% of our dialogues included questions relating to biodiversity. To operationalize our commitment, we have joined Nature Action 100 as a member in September 2024. We have integrated three group as collaborative investors to engage with Amazon, General Mills and Roche. In addition, we pursue our commitment with FAIRR by participating in the collaborative engagement called “Biodiversity: Waste & Pollution” which targets pork and chicken producers. We are currently at Phase 3 of this engagement. Finally, we are continually involved in the Non-Disclosure Campaign of CDP by addressing directly several letters to companies on issues related to water and forest. Voting and Engagement report, Pages 4, 6 & 7 Energy-Climate Law Report (fiscal year 2024), Page 50 | We assessed impacts on biodiversity for all our Socially Responsible Investment (SRI) funds through our partnership with Carbon4 & CDC Biodiversité. They have developed together a tool called Biodiversity Impact Analytics powered by the Global Biodiversity Score™ (BIA-GBS) which allows to measure the biodiversity impact of companies in our funds (please see the link of the methodology https://www.carbon4finance.com/product/biodiversity-impacts Energy-Climate Law Report (fiscal year 2024), Pages 44 - 46 | In 2024, we communicated our initiation targets focused on governance, training, and a summary of our impacts related to biodiversity. Regarding training and governance targets, in 2024 we can say that we have achieved our target as all our portfolio managers were trained on biodiversity issues: via “Fresque de la biodiversité” (The Biodiversity Collage, please see the link : https://www.fresquedelabiodiversite.org/en.html which is a collaborative workshop and a specific training session on impact assessment by Carbone 4 specialists. In 2025, we have communicated on our monitoring targets in our Energy-Climate Law report (French regulated report), by associating each action to COP15 targets. Energy-Climate Law Report (fiscal year 2024), Pages 41 & 42 Energy-Climate Law Report (fiscal year 2023), Pages 39 & 40 | Yes, we made donations for: -Coral Gardeners (for SG IS Europe) – which is a non-profit organization that plants corals to restore degraded reefs in French Polynesia. -Office National des Forêts (ONF – for SG IS France) which is the French public institution in charge of the management of public forests. For ONF, it is not a donation but a partnership. Since 2023 we have contributed to the reforestation of more than 15,000 trees thanks to this partnership. In the meantime, we are also working on developing dedicated nature fund, supported by our Group’s engagement. Energy-Climate Law Report (fiscal year 2024), Page 51 |
| Sienna Private Credit | Asset manager | 18/04/2023 | France | Europe | Sienna AM France has chosen biodiversity as a key focus area for its ESG strategy and published its first biodiversity policy end of 2023. Sienna as a Group recognizes the crucial importance of biodiversity for long-term economic and environmental stability and is committed to the protection of biodiversity and its integration into its activities and investment decisions. An updated version of the biodiversity policy was published in April 2025 at the Group's level. Annual Report 2024 Biodiversity policy 2025 | Sienna AM France started by taking biodiversity into account in its internal definition of a sustainable investment through the PAI indicator "Activities negatively affecting biodiversity sensitive areas". This indicator is also followed annually for the financed companies through the ESG questionnaire. This questionnaire was updated in 2024 to cover more biodiversity related checks: biodiversity footprint assessment, impacts and dependencies assessment. In 2024, Sienna AM France calculated its counterparties' biodiversity footprint proxies for the first time with the support of Iceberg Data Lab (IDL). This approach provided an initial estimate of the pressure exerted on biodiversity by the various funds managed by Sienna AM France. Biodiversity policy 2025 | Biodiversity issues are integrated into the extra-financial analysis conducted for assets (companies or projects) intended to enter the portfolios through: - In-depth analysis of controversies to identify those related to biodiversity issues. This assessment contributes to a better understanding of risks and a more responsible selection of assets within the portfolios. - Potential impacts on sensitive biodiversity areas are also considered through the ESG due diligence questionnaire. This analysis helps identify and assess the risks associated with the activities of companies and projects. As previously mentioned, the Biodiversity policy was updated in April 2025. Biodiversity policy 2025 | Sienna IM directly contributes to the following targets of the Kunming-Montreal Agreement: - Minimization of climate change impacts - Integration of biodiversity issues into investment decision-making processes - Monitoring and publication of risks, dependencies, and impacts on nature by economic actors - Mobilization of financial resources - Knowledge sharing Sienna AM France did not set targets yet, but it calculated its counterparties' biodiversity footprint proxies for the first time with the support of Iceberg Data Lab (IDL). This approach provided an initial estimate of the pressure exerted on biodiversity by the various funds managed by Sienna AM France. Biodiversity policy 2025 | Sienna AM France launched a dedicated private debt fund for biodiversity in 2024 - Sienna Biodiversity Private Credit Fund - which aims to preserve and/or restore biodiversity in Europe by investing in companies offering solutions to enhance biodiversity, in companies implementing a transition in favor of biodiversity, and in companies demonstrating best sectoral practices in terms of biodiversity preservation. In this context, Sienna IM and Habitat (a Canadian company specializing in environmental solutions) signed a partnership agreement aimed at integrating biodiversity through an analysis focused on biodiversity. Biodiversity KPIs are defined for each financed company/project for an annual monitoring. Press Release: Sienna IM crée le premier fonds de dette privée à impact dédié à la biodiversité en Europe, lancé grâce au soutien de Malakoff Humanis et de la France Mutualiste |
| Siparex Group | Asset manager | 05/06/2025 | France | Europe | |||||
| SLM Partners | (Impact) fund | 01/06/2022 | United Kingdom | Europe | Our latest impact report was a key milestone for its improved accuracy and transparency. It sets out the investor's 'theory of change' for each land use system we invests in, detailing the challenges and opportunities for each. The report includes SLM Partners' first integration of the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), adding seven core and sector-specific TNFD metrics to its quantitative reporting, selected through a materiality and feasibility assessment. To improve the accuracy of its reporting in line with the TNFD, SLM Partners used data from sources new to the investor, such as IBAT Key Biodiversity Areas and the WWF physical water risk database. The coverage of its carbon accounting increased from 21% in 2022 to 100% of all assets owned for longer than nine months. ESG/Sustainability/Impact Report, pages 33 - 56 | SLM Partners was founded in 2009, with the mission to address climate- and nature-related issues in land management by scaling up regenerative farming and forestry systems. Our understanding and assessment of climate- and nature-related issues is continuously evolving. We leverage academic research, interviews with experts, practitioners, and policy markers, historical datasets on weather, extreme events, water stress and soil health from local authorities, governmental bodies, NGOs and consultants. We also commission proprietary research where needed. The white papers we publish regularly on our website showcase the extensive research we conduct on climate- and nature-related issues. Our firm-level sustainability policy directly addresses Nature Loss as a key risk that SLM Partners' assets are exposed and that our theory of change for each investment strategy we implement directly addresses. Sustainability & Policy Report, page 9 Impact Report 2023, pages 22 - 29 Investing in Continuous-Cover Forestry in Europe Investing in Regenerative Agriculture | Across all our investments, SLM Partners takes actions for nature-positive outcomes, including: (i) Setting land aside for biodiversity; (ii) Reducing chemical inputs; (iii) Adopting a resource efficient nutrient management plan; (iv) Introducing cover crops and diverse crop rotations; (v) Adopting holistic planned grazing management on grassland; (vi) Avoiding clear-felling and promoting natural regeneration on forestland; (vii) Building biodiversity islands, such as hedgerows, pollinator strips, floating islands and nature corridors. The implementation of these actions will vary depending on the challenges and opportunities specific to each property. For all properties, assessing our progressive towards these nature-positive outcomes while also providing transparency on possible negative outcomes is key. This is support by our detailed impact reporting work which requires extensive data collection from activities taking place in the farms and forests that we manage. Our impact report present several important biodiversity metrics related to both positive and negative outcomes. Where possible, we also hire local ecologists to assist our local operators in designing and implementing nature-positive interventions. These ecologists can also help monitor progress and outcomes over time. Sustainability & Policy Report Impact Report 2023 | SLM Partners designs nature-specific targets at the strategy level. This can include % of land dedicated to biodiversity, or % of productive land that will adopt a specific nature-friendly management practice. Furthermore, each strategy is rooted in a detailed theory of change that incorporates impacts related to climate, nature, soil, water and society. These theories of change are detailed in our impact report. Impact Report 2023 | SLM Partners currently manages over $760m in assets invested in agriculture and forestry. Across all of our assets, our mission is to help scale up regenerative farming and forestry systems. As we scale, SLM Partners expands its reach; implementing proven, but not yet mainstream, regenerative management practices across more land. In 2024, we expanded our reach through new investments across all of our three geographies (Europe, Australia and USA), investing in row crops, permanent crops, grasslands and forestry systems. Impact Report 2023 |
| Société Générale Assurances | Insurer | 16/03/2022 | France | Europe | Biodiversity is formally taken into account to guide the selection or maintenance of securities in the portfolio via specific exclusion rules. In 2024, Societe Generale Assurances continued its action in favour of biodiversity by investing more than 140 million euros directly or via funds in companies offering solutions for the protection of biodiversity. Societe Generale Assurances is participating, alongside 10 major French institutional investors, in the creation of a fund dedicated to biodiversity that will invest in companies in transition to a sustainable business model from a biodiversity point of view, and in companies developing innovative solutions for the preservation of nature and ecosystems. Finally, the company is active in dedicated working groups and professional associations. Dedicated biodiversity fund (french only press releases): Press Release: Investisseurs Institutionnels Francais Lancent une Initiative Place pour Constituer des Fonds Invest Press Release: Fonds Objectif Biodiversite les Investisseurs Institutionnels Selectionnent Mirova pour Gerer-Fonds Press Release: Initiative Objectif Biodiversite Investisseurs Institutionnels Selectionnent Starquest Montefiore ESG/Sustainability/Impact Report, pages 24, 31-33) | Engaging companies is an integral part of Societe Generale Assurances' sustainable finance strategy. Societe Generale Assurances carries out its engagement and influence activity through Amundi, its main asset manager. The preservation of natural capital is one of the 5 major themes of Amundi's commitment. In 2024, the different types of direct engagement made it possible to deal with 2384 subjects with 265 companies. 51% of these interviews focused on environmental issues (transition to a low-carbon economy, protection of natural capital and biodiversity), 24% on social issues, and 25% on governance issues (including the commitment made as part of the voting campaign). ESG/Sustainability/Impact Report, pages 24 & 25 Engagement report (french only) | Société Générale Assurances does a yearly assessment of its extrafinancial risks and impacts, with a specific focus on nature risks. Moreover the company assess yearly the impact (MSAppb*) and dependency to ecosystemic services of its investment portfolio. Cf. ESG reports ESG/Sustainability/Impact Report, pages 31 - 33 | Societe Generale Assurances understand the importance of, and analyse exposure to, nature related impacts, dependencies, risks, and opportunities. ESG is fully integrated into Societe Generale Assurances' strategy. The company implements a dedicated governance to integrate ESG into decision-making and operational processes. Societe Generale Assurances has set targets and dedicated sectoral policies on palm oil, land use and biodiversity (cf. ESG report page 26). Work is still in progress in order to define other specific and comprehensive objectives related to biodiversity comparable to the objectives the company has taken on thermal coal, Oil & Gaz, carbon footprint and climate related investments (it is proving complicated to define such an objective on the basis of the MSAppb*). ESG/Sustainability/Impact Report, pages 24 - 26, 31 - 33 | In 2024, Societe Generale Assurances continued its action in favour of biodiversity by investing more than 140 million euros directly or via funds in companies offering solutions for the protection of biodiversity. Societe Generale Assurances is participating, alongside 10 major French institutional investors, in the creation of a fund dedicated to biodiversity that will invest in companies in transition to a sustainable business model from a biodiversity point of view, and in companies developing innovative solutions for the preservation of nature and ecosystems. Dedicated biodiversity fund (french only press releases): Press release: Investisseurs Institutionnels Francais Lancent une Initiative Place pour Constituer des Fonds Invest Press Release: Fonds Objectif Biodiversite les Investisseurs Institutionnels Selectionnent Mirova pour Gerer-Fonds Press Release: Initiative Objectif Biodiversite Investisseurs Institutionnels Selectionnent Starquest Montefiore ESG/Sustainability/Impact Report, page 24 |
| Stichting Pensioenfonds ABP | Pension fund | 22/05/2023 | Netherlands | Europe | ||||||
| Stichting Pensioenfonds Rail & Openbaar Vervoer | Pension fund | 11/10/2023 | Netherlands | Europe | In our biodiversity policy we have a KPI that aims at collaboration and sharing knowledge. In 2023 we have published a case study about the importance of biodiversity from a pension fund perspective. In 2024 we have published a tool for portfoliomanagers, analysts and engagers that they can use to acquire knowledge knowledge about Nature exposure of companies (to consider in investment decisions). We share our experiences actively with other financial institutions by participating in panel discussions and attending events (as speaker). Policy Document Biodiversity 2023, page 4 On the way to Biodiversity Bridging the Gap Between Nature and Social Aspects | We have a biodiversity policy (including KPI). In 2025 a new version of this policy will be worked out where we move towards more quantitative (monitoring) targets. In line with the pledge. We report on a quarterly basis on our engagements in a quarterly ESG report (including engagements on nature related topics). Also, we participate in Nature Action 100 Policy Document Biodiversity 2023 ESG/Sustainability/Impact Report, Page 6 shows engagements per SDG (including nature related SDGs) Appendix 1.1, starting page 7 | We do an analysis of our portfolio exposures on biodiversity on an annual basis based on Encore data. With this we identify impacts and dependancies of our portfolio. On the way to Biodiversity, page 28 | In our Biodiversity policy a KPI is defined. We report on this KPI in our annual ESG report. In 2025 the policy will be updated and we will move towards more quantitative (monitoring) targets. Policy Document Biodiversity 2023, page 4 Annual Report, page 15 | |
| STOA Infra & Energy | (Impact) fund | 22/09/2021 | France | Europe | ||||||
| Storebrand Asset Management | Asset manager | 21/05/2021 | Norway | Europe | Storebrand AM has advanced its work on nature since we made the commitment. We have established a standalone Nature Policy in 2022 and published our first integrated TCFD TNFD report October 2024 where we describe progress and status on our work towards the Pledge commitment and nature. Storebrand’s Policy on Nature Climate and Nature Report 2024 Progress on Nature and Climate | SAM engages both with companies and policymakers on nature through collaborative initiatives. SAM has the following priority engagement themes for 2024-2026: deforestation, sustainable seafood and extractives in biodiversity sensitive areas. To achieve our goals, we collaborate with other investors through global initiatives and platforms where we play a leading role. Finance for Biodiversity (FfB) ), Finance Sector Deforestation Action (FSDA), Institutional Investor Group on Climate Change (IGCC), Investor Policy Dialogue on Deforestation (IPDD), Nature Action 100 (NA 100) ,Principles for Responsible Investment Spring Initiative (PRI SPRING) and Investor Initiative on Hazardous Chemicals (IIHC). In addition, we exercise voting rights on nature, which is embedded in voting policy. Engagement Themes 2024-2026: Nature Climate and Nature Report 2024, page 25 Climate and Nature Report 2024, page 25 | We have assessed our impact and dependencies on nature - at sector level by using ENCORE, - started initial mapping of locations of our assets in high biodiversity and ecologically sensitive areas in line with LEAP approach including oil and gas drilling in the Arctic, extractives in tropical regions, companies involved in deep sea mining, mining operations that conduct direct marine or riverine tailings disposal - mapped companies with exposure to commodity-driven deforestation. - Companies with high water risk Climate and Nature Report 2024, pages 12 - 25 | We have updated our climate targets for 2030 and have also SBTi targets for climate. Our progress on the following targets can be found in the TNFD report + Nature Policy. - Initiation target: Governance section of TNFD report: we have established a governance structure for nature and a strategy and reporting framework to management/board. - Engagement target: Storebrand engages both with companies and policymakers on nature through collaborative initiatives. In addition, SAM has the following priority engagement themes for 2024-2026: deforestation, sustainable seafood and extractives in biodiversity sensitive areas. - Portfolio target: Deforestation target: Eliminate commodity driven deforestation from our portfolios by 2025. Annual risk assessments have been undertaken since 2021 to determine the engagement universe and exclusion. - Divestment target: Storebrand has in addition to its norm-based divestment criteria, introduced activity- based divestment criteria on nature. Storebrand has divested from companies with severe environmental damage either due to breach of norms, location or activities that harm nature. Climate and Nature Report 2024, page 8 Storebrand Policy on Nature, page 8 Progress on Nature and Climate, page 3 | Storebrand has financing target: 20% of total AuM invested in solutions by 2030 which includes all material SDGs. As there has been difficult to identify “solutions” at listed level, most current relevant investments relates to climate mitigation or adaption. Our Solutions Climate and Nature Report 2024, page 12 |
| Swedbank Robur | Asset manager | 09/12/2020 | Sweden | Europe | We have taken active part in the FfB Engagement with Companies WG. We are a founding participant to the NA100. Lead investor for the engagement with H&M in FABRIC. We also back other collaborative initiatives like the call for a precautionary pause to Deep Sea Mining, members of FAIRR and CERES, and participate in ChemSec Investor Initiative on Hazardous Chemicals, and we endorse PRI Sring. We also collaborate with our peers outside of formal initiatives and engage in dialogue directly with company management regarding nature-related aspects. Corporate Governance & Engagement Report 2024, pages 18 & 19 Climate & Nature report 2023, pages 18 - 20 Swedbank Robur’s Nature Strategy, all pages Swedbank Robur’s Nature impact assessment, all pages Swedbank Robur’s Expectation Biodiversity and natural capital management, all pages | Since we committed to FfBP in 2020, we have develop our policy, performed a nature impact assessment, adopted a dedicated nature strategy, set targets and established a governance framework for nature monitoring. We have launched a thematic engagement program on the topic and entered several collaborative engagement initiatives to put this commitment into practice. Swedbank Robur’s Nature Strategy, all pages | In the third quarter, we carried out a nature impact assessment, which was published at the end of the year. The main goal was to identify our exposure to industries with a significant impact on biodiversity, focusing on assets under management in listed equities and corporate bonds within our managed funds. The assessment concentrated on the ten primary and eleven secondary sectors. The second aim of the impact assessment was to rank drivers of biodiversity loss based on their relevance to Swedbank Robur’s investments. This was done to decide which specific issues to monitor in our investment processes and what topics to prioritise in company engagement. Based on our sector exposure, we identified five key impact drivers of nature loss to be the most material in Swedbank Robur’s funds. The impact assessment is publicly available on our website. As a second step, we will evaluate how our investments depend on nature and ecosystem services. We did some work in the last quarter 2024 using data from the ENCORE tool. We will continue this second step of our nature assessment in 2025 and seek to explain connections between nature-related risks, financial returns and long-term value creation, in our funds. Swedbank Robur Nature impact assessment Swedbank Robur Climate & Nature report 2024 | Since we committed to FfBP in 2020, we adopted our first Nature strategy, including initiation targets, in 2022. The strategy and the targets were revised in 2024 based on the findings in our nature impact assessment. The assessment outcome formed both the foundation for strategy updates, and as compass for a selection of key indicators to monitor and set targets on. The monitoring targets are new elements in our nature strategy. As a result, the strategy rests on an informed and robust foundation, with targets that directly address the identified drivers of nature loss linked to our investments. Each target is supported by indicators for ongoing monitoring, as well as defined topics for company engagement. Swedbank Robur’s Nature Strategy, all pages | |
| SWEN Capital Partners | Asset manager | 14/12/2022 | France | Europe | SWEN Capital Partner´s methodology to assess and measure biodiversity impacts In 2023, SWEN Capital Partners published its Nature Policy, marking its commitment to contribute to the objectives of the Convention on Biological Diversity. In particular, it set 2030 objectives in line with 10 targets of the Kunming-Montreal Agreement, thus aligning its commitments to contribute to mitigating pressures on biodiversity and to the conservation and restoration of ecosystems. Since 2021, SWEN CP has been modelling the ecosystem service dependencies and biodiversity impacts of its investments using the ENCORE model. SWEN CP carried out for the second time in 2024 a study estimating the biodiversity footprint of its investments as of 12/31/2023, using the GBS (Global Biodiversity Score) metric developed by CDC Biodiversité. SWEN CP has developed the "Significant Contribution to Biodiversity" (SCB), a methodology that identifies an activity's contribution to biodiversity by qualifying the avoided impacts of IPBES pressures on biodiversity. This methodology will be applied in 2025 on pilot funds. SWEN CP also develops a range of impact strategies aimed at contributing positively to environmental issues including ecosystem restoration (Blue Ocean, SWIFT, TERRA in 2025) Annual report, pages 47 & 56 | In 2023, SWEN Capital Partners published its Nature Policy, marking its commitment to contribute to the objectives of the Convention on Biological Diversity. In particular, it set 2030 objectives in line with 10 targets of the Kunming-Montreal Agreement, thus aligning its commitments to contribute to mitigating pressures on biodiversity and to the conservation and restoration of ecosystems. Nature Policy, page 14 | Since 2021, SWEN CP has been modelling the ecosystem service dependencies and biodiversity impacts of its investments using the ENCORE model. SWEN CP carried out for the second time in 2024 a study estimating the biodiversity footprint of its investments as of 12/31/2023, using the GBS (Global Biodiversity Score) metric developed by CDC Biodiversité. Annual report, pages 47 - 56 | SWEN CP pledge to contribute to the targets set for 2050 and to those set for 2030 under the Kunming-Montreal Global Biodiversity Framework Nature Policy, pages 14 - 16 | The Blue Ocean Impact Strategy, launched in 2021, funds innovative startups dedicated to regenerating ocean health. These solutions address three existential threats to the oceans: overfishing, ocean pollution, and climate change. Also, SWEN CP has just launched in 2025 a new impact strategy, TERRA, dedicated to the regeneration of soils. Blue Ocean 2024 Impact Report |
| Swiss Life Asset Managers France | Asset manager | 21/12/2022 | France | Europe | ||||||
| Sycomore Asset Management | Asset manager | 21/05/2021 | France | Europe | Sycomore AM was among the first founders of the Net Environmental Contribution (NEC), a multi-issue environmental metric integrating biodiversity. Sycomore has continued supporting the development of the metric since 2015. Sycomore AM was also part of the invesors that issued a call for expression of interest in 2021 that led to the development of the Corporate Biodiversity Footprint (CBF) by I Care and Iceberg Datalab. During 2024, Sycomore AM continued to use the NEC and started the deployment of its 1.1 version. The team also participated in a number of events and working groups on biodiversity-related issues. Sycomore is also early-adopter of the TNFD. Sustainability and Shareholder Engagement Report, pages 22 - 26 Mission-driven company report, page 6 | Environment is one pilar of our internal ESG analysis model called SPICE and biodiversity is included. We complement the NEC score with qualitative assessment of companies. Engagement is also a key element of Sycomore's approach to responsible investment. We aim at helping companies improve how they manage their impacts and dependencies on natural capital, with a focus on transitioning companies. We participate in several collaborative engagement initiatives linked to the environment. Sustainability and Shareholder Engagement Report, pages 12. 36 & 37 ESG Integration Policy, pages 12 & 15 | Sycomore AM is supporting the development of the Net Environmental Contribution (NEC). The NEC measures the extent to which a business activity contributes to the ecological transition. In addition to funds reporting, each year, Sycomore publishes details regarding the NEC of its AUM: global NEC, breakdown by weight in AUM . Sustainability and Shareholder Engagement Report, pages 23 & 24 Europe Eco Solution Fund Annual report, page 14 | Sycomore AM discloses annually the Net Environmental Contribution (NEC) score of all its AUM in addition to data in funds reporting. In 2022, Sycomore had defined a NEC target for 2030 as part of the Natural Capital Strategy which is to reach +20%. The achievement of the target is largely influenced by the distribution of AUM. Note that Sycomore AM is currently reviewing its Natural Capital Strategy and its current targets. Sustainability and Shareholder Engagement Report, pages 23 & 24 Europe Eco Solution Fund Annual report, page 14 | Our Eco Solutions equity funds (Europe and Global), our Environ. Euro IG Corporate Bond fund and several mandates of clients have a minimum Net Environmental Contribution (NEC) threshold integrated in the investment process and most of our multi-thematics SRI funds have an optional NEC threshold as part of the responsible investment criteria. Sycomore AM also decided since 2022 to partner with 1% for the planet for its Eco Solutions funds which resulted in 2024 in a 56 000€ contribution to 2 non-profits organisations: Pro Silva France (forest) and Bloom Association (ocean). Mission-driven company report, pages 17 & 26 Sustainability and Shareholder Engagement Report, pages 16 & 42 Europe Eco Solution Fund Annual report, pages 5 & 14 Mission-driven company report, pages 17 & 26 |
| Team ABC Ventures | (Impact) fund | 11/04/2023 | Ireland | Europe | Continued commitment to share knowledge on biodiversity and nature positive finance. | Continued commitment to share knowledge on biodiversity and nature positive policy | Continued commitment to share knowledge on biodiversity and nature positive investment | Continued commitment to share knowledge on science based targets | ||
| The Nest | Other | 30/06/2025 | Belgium | Europe | |||||
| Tribe Impact Capital | (Impact) fund | 14/12/2022 | United Kingdom | Europe | We collaborate with industry peers, Non Governmental Organisations (NGOs), government bodies, and other stakeholders to develop shared approaches for financing biodiversity. This includes participating in initiatives like the Finance for Biodiversity Pledge as well as collaborating with other fund managers. We also engage with nature-dependant, and nature-impacting companies in our portfolios to support their transition in adopting climate and biodiversity management plans such as Science Based Targets Network as these frameworks are unveiled. ESG/Sustainability/Impact Report, pages 17 & 18 | We assess the biodiversity impacts and dependencies of our investment portfolio at the aggregated level. This includes understanding how these activities contribute to deforestation, habitat destruction, pollution, and extinction risk. Currently we assess this through natural capital dependencies and impacts, revenue alignment with environmental objectives, exposure to positive environmental opportunities and risks. ESG/Sustainability/Impact Report, page 18 | We actively seek opportunities to finance projects and companies that contribute to biodiversity conservation, restoration, and sustainable land use practices. This includes funding nature-based solutions, such as reforestation, sustainable agriculture, and marine conservation efforts. We support the issuance of green and blue bonds that are specifically linked to biodiversity objectives, and encourage our clients to issue bonds that contribute to biodiversity protection. ESG/Sustainability/Impact Report, page 18 | We qualitatively screen for exposure to high biodiversity risk activities, such as primary rainforest loss through palm oil, soy, or beef production, and known polluting industries such as petrochemicals. We aim to maintain a low and managed exposure to drivers of natural capital degradation. Tribe screens for exposure to Climate Action 100+ and Nature Action 100 companies as part of our risk management process. Our exposure to these companies is lower than the chosen benchmark. We flag, investigate, and action exposure as it appears with our third-party fund managers and with the management teams of the direct stocks we invest in if they are included on these lists. ESG/Sustainability/Impact Report, page 18 | We continue to seek and champion novel financial instruments such as green bonds, blue bonds, and other nature-based solutions and services in order to generate positive outcomes for biodiversity. ESG/Sustainability/Impact Report, page 18 |
| Triodos Bank | Private bank | 25/09/2020 | Netherlands | Europe | In 2024, Triodos Bank supported the development of the Nature Target Setting Framework through the Finance for Biodiversity Foundation and adopted biodiversity targets aligned with the Kunming-Montreal Global Biodiversity Framework. Triodos Bank also contributed to policy advocacy, including an investor statement on responsible nickel sourcing and a public stance against deep-sea mining. These efforts reflect Triodos Bank's commitment to systemic change, transparency, and capacity building through active partnerships and knowledge exchange. We also share knowledge through writing and publishing publications on nature and biodiversity-related topics. Annual report 2024, page 224 Deep-sea mining should be a no-go for the financial sector Investor statement on nickel mining Biodiversity page Whitepaper Nature-based Solutions | Biodiversity criteria have been integrated into our ESG policies. Such as our Minimum Standards: We address deforestation, biodiversity, fisheries and aquaculture, factory farming and animal welfare, genetic engineering, natural resource and mining, climate change and energy, hazardous substances, and water. In our due diligence policies: This policy includes standards related to biodiversity and ecosystems, covering minimum standards, principle adverse impact (PAI) indicators, investments in companies producing chemicals, GHG emissions and more. We apply relevant principles from various standards, codes and conventions in our due diligence process, particularly for assessing land-use impacts on biodiversity. Annual report 2024, page 269 | At Triodos Bank we haves assessed our financing activities for significant positive and negative impacts on biodiversity and drivers of it through the CSRD double materiality assessment process and in line with the ESRS E4 Biodiversity and ecosystems standards. We focus on three material topics: financing Nature-based Solutions and managing our carbon and land use footprints that impact biodiversity. Here, we detail our strategies and performance in these areas, demonstrating our commitment to protecting and restoring natural ecosystems. In addition we performed a biodiversity footprint analysis to inform our biodiversity targets. Annual report 2024, page 219 Biodiversity Targets | In 2024, we announced our commitment to provide at least EUR 500 million in investments, loans and contributions to the Nature-based Solutions sector between 2020 and the end of 2030 as part of our biodiversity targets. Our biodiversity targets are aligned to the targets of the Kunming-Montreal Global Biodiversity Framework (GBF). Particularly, the target of increasing biodiversity funding (target 19 of the GBF) and assessing, disclosing and reducing biodiversity-related risks and negative impacts (target 15 of the GBF). Please also refer to the table on p. 225 of our Annual Report for the full scope of targets set. The table demonstrates the targets on biodiversity that we have adopted to support our biodiversity and ecosystems policies and address our material related impacts, dependencies, risks and opportunities. Annual report 2024, page 224 Triodos Bank commits to financing EUR 500 million in nature-based solutions | We set a EUR 500 million targets for financing Nature-based Solutions and we have made progress on financing different types of NbS projects and companies over the years. Annual report 2024, page 224 Triodos Bank commits to financing EUR 500 million in nature-based solutions |
| Triple Jump | Asset manager | 25/09/2020 | Netherlands | Europe | ||||||
| UBP Asset Management | Asset manager | 14/12/2022 | Switzerland | Europe | ||||||
| UFF African Agri Investments | Asset manager | 25/09/2020 | Netherlands | Europe | ||||||
| UniCredit | Private bank | 14/12/2022 | Italy | Europe | UniCredit’s commitment to addressing biodiversity related issues is steadily taking shape. Our principles are formalized in our Statement on Natural Capital and Biodiversity, published in 2024. UniCredit is the first Italian bank to have signed up to the Finance for Biodiversity Pledge (FfBP). We are members of the Working Group on Nature within the United Nations Environment Programme Finance Initiative (UNEP FI), related to Principles for Responsible Banking (PRB). We are following and participating in discussions at European level on regulatory frameworks (e.g. on deforestation, agriculture). We are members of the IIF Sustainable Finance Nature Expert, a platform to address evolving nature related issues and to support advocacy efforts related to nature initiatives. During 2024 we also adhered to the TNFD Forum. Following our strengthened engagement with NGOs and civil society at large, we have dedicated initiatives with the most significant organizations to assess any gaps identified by them in our ESG strategic positioning and to highlight the Group’s improvements in areas of sustainability, focusing on material topics such as Biodiversity, Net Zero and policy updates. To make good on our commitment, in 2024 we repeated our ESG Day. The one-day event saw more than 13,000 participants, joined either online from all the countries or in-person at our offices in Milan. At its core, the event was an opportunity to stimulate stakeholder dialogue while continuing to raise awareness of climate change, social inequalities, biodiversity, as well as our own role in fostering the necessary change in mindset. Annual report 2024, pages 272 - 274 Statement on Natural Capital and Biodiversity TCFD Report 2023, page 20 | UniCredit’s willingness to protect ecosystems is evidenced in and on its Statement on Natural Capital and biodiversity and on its Commitment on rainforests. The objective of our Commitment on Rainforest is to ensure that our activity does not favor deforestation or forest degradation, unless appropriately mitigated. Furthermore, within our sectorial policies, particular attention on habitat & biodiversity loss is take in into consideration for potential environmental impacts based on internationally recognized standards (e.g. Mining Industry, Oil& gas sector, Civil Nuclear policy, Water Infrastructures). The Group is evaluating a possible set-up of internal guidelines on nature related practices. Annual report 2024, pages 272 & 273 ESG Sustainability Policies and Ratings | In 2024 the Bank has defined an assessment to identify which industries are most exposed to nature-related risks in terms of impact on natural capital and dependency from ecosystems services. To have a comprehensive overview on the Nature-related assessment, the outcomes of Impact and Dependency analysis have been aggregated at the industry level to create a portfolio heatmap. To determine the extent to which the Bank’s credit counterparties are exposed to Climate and Environmental risks, the C&E questionnaire is used and includes a consist of qualitative and quantitative current and forward-looking key indicators (including also on beyond climate factors). With regards to the nature-related factors the Group will evaluate to selectively adjust the C&E Questionnaire to include a more comprehensive assessment of the clients’ nature-related factors Annual report 2024, pages 271 Statement on Natural Capital and Biodiversity, pages 7 & 8 | UniCredit set the following ambitions: - Since it is fundamental for us to disseminate awareness on biodiversity, we are working on an Internal training path which will be available for all the employees in 2025; - External training for our clients on biodiversity through the Skills for Transition training program; - Business opportunities will be evaluated to support our clients in the green transition. We will set up specific working groups to start evaluating business opportunities; - Evaluation of internal guidelines on nature related topics. Annual report 2024, pages 272 - 274 | We will set up specific working groups to start evaluating business opportunities connected to nature. Annual report 2024, pages 272 |
| Universities Superannuation Scheme Limited (USS) | Asset owner, Pension fund | 10/10/2024 | United Kingdom | Europe | |||||
| Van Lanschot Kempen | Wealth manager | 30/11/2021 | Netherlands | Europe | ||||||
| Vancity Investment Management | Asset manager | 25/09/2020 | Canada | North America | A core pillar of our ESG approach is our active involvement in investor-focused collaborative groups. These groups provide our team with valuable opportunities to deepen their understanding of complex topics, integrating these insights into our ESG due diligence process and engagement strategies. Key nature and climate collaborative group memberships include the Finance for Biodiversity Foundation (FfB), Investor Environmental Health Network (IEHN), FAIRR Initiative, Carbon Disclosure Project (CDP), Ceres Land Use and Climate Working Group, Nature Action 100, Climate Action 100+, Climate Engagement Canada (CEC), and the Valuing Water Finance Initiative (VWFI). Additionally, as a founding investor signatory of the World Benchmarking Alliance (WBA) Collective Impact Coalition on nature, we further demonstrate our commitment to driving collective progress in biodiversity protection. Through these initiatives, we actively participate in knowledge-sharing forums, exchanging insights with investor peers and a diverse range of stakeholders to foster collaboration and action VCIM Biodiversity Report, pages 2 & 3 | We are dedicated to engaging with companies to reduce negative impacts and enhance positive contributions to biodiversity. Our approach involves direct dialogue with companies on biodiversity-related issues and active participation in collaborative engagement initiatives to drive meaningful change. Like many other investors, we are working to identify and mitigate the long-term biodiversity-associated risks facing our portfolio companies. The first, and most important step for a company to take to mitigate these risks is to conduct thorough due diligence to determine where its impacts on biodiversity lie and where it is directly dependent on the health of ecosystems for long-term business viability. With this in mind, we have begun the process of engaging with companies in higher-risk sectors to complete a biodiversity impact and dependencies assessment. Our biodiversity engagement efforts to date have primarily targeted sectors with significant biodiversity dependencies, such as food production, commodity-driven industries, and retail. Our engagements so far have focused on encouraging companies to: Identify their biodiversity impacts and dependencies, assess and measure these factors, and implement strategies to mitigate risks and enhance positive outcomes. With the completion of this inaugural report, we plan to leverage the findings from our portfolio impact assessments over the next year to refine and structure our biodiversity engagement strategy. Our focus will be on material companies currently underperforming in their biodiversity efforts, ensuring targeted actions to drive meaningful improvements. VCIM Biodiversity Report, pages 4 - 7 Shareholders Engagement Report | As a first step for understanding the exposure of our portfolios to nature impacts, we performed an assessment of our exposure to sectors with the highest potential to have a material impact on nature. Using the MSCI Nature and Biodiversity Portfolio Analysis Tool, we've conducted a comprehensive portfolio-level analysis across all of our equity investments. For each portfolio we've identified the portfolio's interface with sensitive locations, evaluated the portfolio's dependencies and impacts on nature using key metrics, and assessed nature related risks and opportunities within the portfolio. In our 2025 reporting period, we will define key performance indicators (KPIs) for these most relevant drivers to assess company performance within the priority sectors. We'll track these KPIs using MSCI data and use the insights gained to guide our engagement with companies. These KPIs will serve as the foundation for setting our future nature-related targets VCIM Biodiversity Report, pages 8 - 29 | We have taken the first step toward setting our nature-related targets by establishing initiation targets. These initiation targets are designed to deepen our internal understanding of nature-related impacts, dependencies, risks, and opportunities. In our 2026 biodiversity reporting, we will outline our portfolio monitoring targets and our progress toward setting our portfolio targets. Moving forward, we will provide annual updates on our progress toward achieving our targets. Initiation targets: By December 31, 2025, we commit to the phased adoption of TNFD recommendations, including embedding the insights into the governance, strategy, and risk management of Vancity Investment Management. In 2025, we'll focus on creating a clear governance structure relating to the management of nature-related dependencies, impacts, risks, and opportunities. We'll also update our ESG Policy to clearly describe our investment team's role in assessing and managing nature-related dependencies, impacts, risks, and opportunities. By December 31, 2025, all members of our investment management team will have completed compulsory training on the relation between nature loss and investment. VCIM Biodiversity Report, page 30 | Within our Global Equity Impact Fund, one of our impact themes is Sustainable Production and Consumption which focuses on businesses providing solutions that reduce waste, reuse and extend resource lifespans, and improve resource efficiency. This theme is linked to protecting biodiversity. For example, we invest in companies supporting the Circular Economy such as Winmark (please see Impact Report for case study). VCIM Impact Report, pages 12 - 14 |
| Varma Mutual Pension Insurance Company | Pension fund | 14/12/2022 | Finland | Europe | We have participated in events in Finland where we have shared information about considering biodiversity in investment activities. In addition to the Finance for Biodiversity Pledge, we are also involved in the Nature Action 100 collaboration initiative. Over the years, we have also published articles on the topic both in Finland and internationally. In 2024, we participated in the creation of the Finnish financial sector's joint Nature Commitment together with other Finnish investors. We have also had direct discussions about biodiversity with Finnish companies. In 2024, we conducted a second biodiversity survey of risk industries as part of an analysis of the impacts of our investments and a risk assessment. The survey looked into the portfolio companies’ attitudes and preparedness for risks linked to biodiversity loss. Additionally, we report on our biodiversity-related risks in accordance with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD). ESG/Sustainability/Impact Report , pages 12 - 16 | Our environmental policy, published in 2024, helps us carry out systematic biodiversity assessments covering the entire investment portfolio. This includes target setting and reporting. Active monitoring and policy updates based on the development of global anti-biodiversity-loss measures are also essential. These actions help promote the protection of biodiversity and reduce the related risks to finances and business operations. We recommend that companies report transparently on the current and future impacts of biodiversity loss on the company’s operations and growth potential. We encourage our investee companies to manage risks and create policies for taking biodiversity into account. We communicate with risk-industry companies and encourage them to report transparently on the biodiversity impacts and risks of their operations. We participate in international investors’ initiatives and pledges that engage in mitigating biodiversity loss, including the Nature Action 100 initiative. In Nature Action 100, investors focus on mobilising especially companies deemed to be systemically important to the goal of reversing biodiversity loss. ESG/Sustainability/Impact Report , pages 12 - 16 Environmental Policy | In 2024, we conducted a second biodiversity survey of risk industries as part of an analysis of the impacts of our investments and a risk assessment. The survey looked into the portfolio companies' attitudes and preparedness for risks linked to biodiversity loss. In addition, we reported our share of investment exposed to biodiversity loss in listed equity investmets and share of high-risk sector buisness operations in areas exposed to biodiversity loss of listed equity investments in 2024. ESG/Sustainability/Impact Report , pages 12 - 16 | In 2022, we published a Biodiversity Roadmap, with the purpose of creating a framework for responsible investment requirements, policies and goals to prevent biodiversity loss. Our target was to ensure that the biodiversity and climate targets carry equal weight and that together they promote our environmental sustainability. In addition, we have created a climate allocation, which includes investments in companies whose business benefits from actions to mitigate climate change, whose operations do not cause significant greenhouse gas emissions, who have a clear strategic and science-based target of reducing greenhouse gas emissions, whose operations offer carbon sinks, or which meet different criteria related to natural capital. The goal of the climate allocation is to achieve a climate allocation of the portfolio of 50% by 2027 ESG/Sustainability/Impact Report , pages 11 & 12 | We have created a climate allocation, which includes investments in companies whose business benefits from actions to mitigate climate change, whose operations do not cause significant greenhouse gas emissions, who have a clear strategic and science-based target of reducing greenhouse gas emissions, whose operations offer carbon sinks, or which meet different criteria related to natural capital. The goal of the climate allocation is to achieve a climate allocation of the portfolio of 50% by 2027. The climate allocation, which covers all asset classes, accounted for 39.3 per cent of all of Varma’s investments at the end of 2024. ESG/Sustainability/Impact Report , pages 11 |
| VBV - Vorsorgekasse AG | Other | 08/05/2023 | Austria | Europe | Since signing the pledge, we have actively participated in most working group meetings, particularly in the Target Setting and Impact Assessment groups. In 2024, we contributed to the revision of the foundation’s target-setting framework. In 2025, we strengthened our engagement by assigning an employee to the 'Sovereign Debt' subgroup, helping draft biodiversity assessment guidelines for government bonds. Additionally, in 2024, the entire Asset Management team attended a training session on biodiversity and biodiversity loss, delivered by a university professor. The annual in-house fair featured biodiversity as a key topic to raise awareness among all employees, not just those in asset management. Den Grundstein legen: Biodiversität in der VBV - Vorsorgekasse AG, page 6 | At VBV - Vorsorgekasse, biodiversity is incorporated into the catalogue of sustainable investment criteria, thereby shaping the selection of assets within our investment universe. As an asset owner, VBV - Vorsorgekasse does not invest directly in individual securities but selects investment funds. Accordingly, our engagement activities focus on dialogue with fund managers. For example, each year we distribute a climate engagement questionnaire, with biodiversity being a key topic for several years. As the results from the current engagement round are not yet available, we refer to the findings published in last year’s report. Moreover, we request that our investment managers keep us informed of their ongoing engagement efforts, ensuring continuous alignment with our sustainability objectives. Klimabericht der VBV - Vorsorgekasse, pages 17, 18 | VBV-Vorsorgekasse has conducted its first biodiversity assessment of its equity and corporate bond holdings as of 31 December 2024. In line with the Finance for Biodiversity Pledge, the analysis focused on sectors that mainly contribute to the key drivers of biodiversity loss — such as land use change, water use, pollution, and climate change. Results show that only about 10% of VBV’s portfolio is invested in these high-priority sectors, compared with 19% in the global benchmark. For companies in these high-impact sectors, we also assessed whether they have a biodiversity policy in place or a policy addressing their most significant driver of biodiversity loss. While data limitations currently prevent a full biodiversity footprint calculation, VBV continues to refine its methodology for future reporting. Biodiversitätsevaluierung der VBV-Vorsorgekasse’, our biodiversity portfolio assessment as of 31/12/2024 | In alignment with the Finance for Biodiversity Foundation framework, VBV established initiation targets in 2024. Den Grundstein legen: Biodiversität in der VBV - Vorsorgekasse AG, page 6 | While we are not currently invested in dedicated nature-positive products, we are steadily increasing our exposure to green investments. Each year, we report on our investments in green loans, green bonds, and green buildings. Although most green bonds do not yet explicitly target biodiversity, there is a growing convergence - particularly as nature loss emerges as a material financial risk. Green bonds are increasingly recognised as a key financing tool to support the transition toward a nature-positive economy. As of the end of 2024, the volume of green loans amounts to EUR 274 million, representing 3.9% of the total investment portfolio. As of December 31, 2024, the VBV bond portfolio includes green bonds totalling EUR 723 million. This represents approximately 17.9% of the total volume invested in bonds and 10.22% of the overall investment portfolio. The share of green bonds within the respective investment funds ranges from 1.64% to 69.9%. As of the end of 2024, green buildings account for 54.27% of our real estate funds, representing 3.54% of the overall portfolio. We have not published the 2024 report, here the 2023 report. Klimabericht VBV - Vorsorgekasse, page 5 |
| Velliv, Pension & Livsforsikring A/S | Pension fund | 26/07/2022 | Denmark | Europe | ||||||
| Vert Asset Management | Asset manager | 21/05/2021 | United States | North America | ||||||
| VP Capital | Other | 11/10/2023 | Belgium | Europe | Actively participating in the Partnership Biodiversity Accounting Financials (PBAF), the positive impact working group and target setting working groups of FfBF. We did a biodiversity footprinting exercise with Pre consulting, the result of one of the deep dives (on our agricultural company) was shared in one of the PBAF meetings. Biodiversity is one of they key focus impact themes of our investment and philantropic strategy (alongside climate and social equality). We disclose insight and calls to actions on biodiversity on LinkedIn and on our website. We share knowledge about impact investing in five domains: agri-food, built environment, clean technology, energy transition, and textiles. We share knowledge on biodiversity, climate, and social equality and these are key topics of engagement across the entire portfolio. We publicly shared our Pledge targets on LinkedIn which will be published in our 2024 Impact Report (alongside the results of our Biodiversity Footrpinting for Financial Institutions) in June 2025. Progress Report, page 86 Impact Strategy COP16: A wake-up call to urgent action for biodiversity restoration VP-Capital sets initiation biodiversity targets , From the global climate crises to the Doughnut model: How we formed our Impact-First Strategy Investing with purpose: How VP Capital’s six solutions drive sustainable impact | We have annually engaged with our entire portfolio on ESG and impact. In 2024 we have finetuned our ESG assessments toward three topics: biodiversity, climate and social equality. For these three topics we have developed BCS maturity ladders. For biodiversity, these maturity ladders look at: biodiversity impacts (insight out), nature risks (outside in) and governance. Every investment is asked questions on where they are on these topics. e.g. do they have insights in their impact, did they do a biodiversity footprint, did they set targets etc. the results of this engagement cycle, as well as the BCS scales itself will be published in our 2024 impact report (due June 2025). The results of our annual engagement with the portfolio over 2023 are already publicly available. Here, biodiversity is incorporated in the broader ESG questionnaire. ESG/Sustainability/Impact Report VP Capital, pages 16 - 36 ESG/Sustainability/Impact Report Holtara, pages 59 - 139 | We have done a biodiversity footprinting exercise (BFFI methodology) with Pre during 2024. Approach to the footprint calculation: - The Biodiversity Footprinting for Financial Institutions (BFFI) methodology was applied for the Hotspot Assessment of VP Capital’s portfolio at end of 2023 - Financial input data from VP Capital was used to estimate the environmental inputs and outputs of the investments in the portfolio using the open-source database Exiobase v3 - The biodiversity footprint was calculated with factors from the scientific impact assessment methodology ReCiPe2016 Endpoint - Results are expressed in PDF = Potentially Disappeared Fraction of species lost, i.e., % of species lost due to human/economic activities. Total biodiversity footprint of VP Capital’s portfolio by end of 2023 was calculated at 26.470 PDF.ha.yr. Results will be publicly disclosed in our upcoming impact report in June 2025. We also did two biodiversity footprinting deep dives (based on LCA data) on our textile company and on our agricultural company. Results will be publicly disclosed in our upcoming impact report in June 2025). A biodiversity dependency analysis will be done in Q2 2025. VP-Capital sets initiation biodiversity targets | Our five biodiversity targets Governance: Before the end of 2025, we'll disclose a clear governance structure for nature that integrates board oversight and management responsibilities with the existing governance structure for broader ESG issues. Strategy: Before the end of 2025, we’ll evaluate our portfolio's first maturity level in biodiversity integration. This qualitative assessment will provide insights into how our investments integrate biodiversity impacts, dependencies and governance into their operations. To achieve this, we'll use our internally developed Biodiversity Climate and Social Equality (BCS) maturity ladder as part of our annual sustainability engagement process. Strategy: Before the end of 2025, we’ll assess the quantitative positive and negative biodiversity impacts of our investments. Positive impact will be assessed based on a set of predefined quantitative impact metrics that are linked to our defined solutions, and negative impact metrics are based on the Principal Adverse Impact indicators (PAI indicators). Assessment: Before the end of 2025, we’ll conduct an impact and dependencies assessment of our investment portfolio. This will be publicly disclosed. Capacity building: Before the end of 2025, all investment committee members and supervisory board members will have completed training on the relationship between nature loss and investment as well as on the potential positive impact of investing in nature. VP-Capital sets initiation biodiversity targets | Philanthropic donations directed specifically to biodiversity: Systemic Change (e.g. Bloom, Fern, Regeneration Academy, Fresh Ventures, Eat more Trees (documentary on agroforestry), Pioneers of our Time. We also have specified investment theses on biodiversity that are based on reducing drivers of biodiversity loss (as defined by IPBES). This includes: regenerative, biobased, toxicity-free free etc About us page ESG/Sustainability/Impact Report, pages 34 - 36 Webpage: Solutions |
| Yapı ve Kredi Bankası A.Ş. | Private bank | 11/10/2023 | Turkey | Asia | ||||||
| Yotta Capital | Asset manager | 24/03/2025 | France | Europe | |||||
| Zencap Asset Management | Asset manager | 11/10/2023 | France | Europe | We are part of several working groups related to biodiversity-related metrics and assessment methodologies : the FfB Impact Assessment Working Group as well as France Invest's working group on Biodiversity. ESG/Sustainability/Impact Report, page 41 | Biodiversity criteria are taken into account at every stages of the financing process. We also set biodiversity impact reduction targets for borrowers, where deemed relevant, through Sustainability linked bonds/loans (SLB/SLL) mechanisms. ESG/Sustainability/Impact Report, pages 88-92 Biodiversity Policy | - Indicators of negative impacts and monitoring of changes in environmental practices, directly or indirectly linked to biodiversity, via the annual ESG questionnaire. - Biodiversity dependencies and impacts at investment portfolio level. - NEC and CBF indicators for the financing concerned. - Results linked to targets set for the financing concerned. ESG/Sustainability/Impact Report, pages 88-92 | We have not yet set biodiversity targets, but plan to do so in the coming periods. |
Signatory CEO statements
