A harmonised way of measuring the financial sector's impacts on biodiversity and biodiversity loss is important to promoting nature-positive work. OP Financial Group published a biodiversity roadmap as part of its sustainability programme in late 2023, and is joining the PBAF to seek impact measurement support for itself and its customers.
"Biodiversity is highly important to the economy, which is why a bank must understand the role of ecosystem services. No precise tools or metrics exist for biodiversity loss prevention, of the kind available for measuring climate emission reduction. As Finland's largest financial services group, we feel responsible for developing such a methodology alongside the PBAF. Our aim is to steer investment and corporate lending onto a path that better supports biodiversity," says Katja Keitaanniemi, CEO of OP Corporate Bank.
As a lender, insurer and investor, and a developer of new sustainable finance products, OP Financial Group is helping stakeholders to make the sustainability transition. The PBAF is an independent global initiative involving over 50 financial institutions from more than 10 countries. Its mission is to develop a standard enabling the assessment of how loans and investments impact and are dependent on biodiversity.