6 October 2026
Today more than 130 businesses and financial institutions, including Aldi Sued, BNP Paribas Asset Management, Danone, Decathlon, Federated Hermes Limited, H&M Group, Legal & General, L’Occitane en Provence, Mahindra Group, Triodos Bank and Rabobank have united ahead of the UN Biodiversity COP17 to call on governments to reform the fiscal and financial incentives that currently distort markets and threaten long-term economic and supply chain security.
The open letter is an invitation to change what existing public finance rewards. Realigning public spending ensures that sustainable, resilient production naturally becomes the most competitive choice for every business, rather than a costly exception.
Currently, at least US$2.6 trillion a year of public spending, close to 2.5 per cent of global GDP, unintentionally rewards practices depleting the soils, water and ecosystems which support global trade.
While 196 countries committed under Target 18 of the Kunming-Montreal Global Biodiversity Framework to identify and reform nature-harmful incentives by 2025 and reduce them by at least US$500bn annually by 2030 – only five per cent have set comprehensive national targets so far.
With COP17 in Yerevan set to be a critical moment for assessing countries’ progress, businesses and financial institutions are coming together around a shared ask: accelerate reform and involve those affected in designing how it works in practice.
Signatories also include Arcadis, Bel Group, Danske Bank, Natura, Nestlé, Ørsted, Storebrand Asset Management and Vattenfall. Together, they represent nearly US$600 billion in combined company revenues and US$4.7 trillion in assets under management, and are ready to bring their experience and insight to that process. Specifically, they are asking governments to:
- Align public policy and spending to reward practices that conserve vital resources, making the resilient choice the most competitive one.
- Establish cross-ministerial national platforms to develop reform plans with business, finance, producers, civil society, local communities, and Indigenous Peoples.
- Design reform plans that are economically effective, socially equitable, and supportive of local communities, farmers, and Indigenous Peoples.
Businesses and finance signatories are taking action to support reform for example by assessing and disclosing how their activities depend on and impact nature, building resource security into their strategies, and offering insights to help policymakers design practical, credible reform plans.
The open letter is coordinated by Business for Nature and the Finance for Biodiversity Foundation. It is being published as governments and businesses gather at the UN Biodiversity COP17 in Yerevan, and ahead of the G20, IMF and World Bank Annual Meetings – providing opportunities for governments to build momentum to accelerate national action.
Eva Zabey, CEO, Business for Nature
“Public money already shapes what our economies produce, whether we directly see it or not. Changing what it rewards is one of the most powerful levers governments have to secure the water, soils and raw materials that businesses, economies and societies depend on. The businesses and financial institutions uniting behind this call are showing they are ready to support change and work with governments to accelerate this positive transition.”
Anita de Horde, Co-Founding Executive Director, Finance for Biodiversity Foundation
“We cannot ask financial institutions to align their activities and investments with nature while public incentives continue to pull capital in the opposite direction. Governments need to reform harmful subsidies and create positive incentives for nature. This is essential to redirect financial flows and enable private finance to invest at scale in the transition.”