At the International Biodiversity Conference of the Central Bank of Hungary, the OECD and the European Commission, the results of the joint Biodiversity project of the three parties were presented. The project closing conference also marks the launch of the supervisory-analytic framework created during the project, which serves to assess the financial risks arising from biodiversity loss.
The event was held on June 7, 2024, at the MNB Supervisory Center.
The Conference and the Project behind it
We know that more than half of the world's total GDP depends on nature and its services. Despite this, we are witnessing an unprecedented destruction of our biodiversity and natural treasures. Recognizing the risks inherent in this process, at the initiative of the Central Bank of Hungary (MNB), the European Commission's Directorate-General for Structural Reform Support (DG Reform) launched a pioneering project in September 2022. The implementation of the project was carried out by the Organization for Economic Co-operation and Development (OECD), during which it prepared an analytical framework for the assessment of financial risks arising from the decline of biodiversity. The project also aims to develop the supervisory framework of the MNB. Its implementation was supported by the European Commission (DG REFORM) technical support instrument (TSI) application.
The results of the two-year research methodology project were presented on June 7, 2024, in frames of the International Biodiversity Conference. Speakers at the event included Mr. Dr. Csaba Kandrács, MNB's deputy governor responsible for Financial Institutions Supervision and Consumer Protection; Ms.Judit Rózsa, director of the European Commission's DG REFORM, and Ms. Mathilde Mesnard, deputy director of OECD's Directorate for Environmental Protection. Afterwards, the project leaders from the OECD’s and Commission’s side and the OECD experts conducting the analysis presented the results. Finally, the similar works of the Lithuanian and Georgiancentral banks and the NGFS were discussed at a round table discussion. More than 60 people joined the interactive conference program in person, and more than 120 online.
Press release on the Conference:
MNB Green Programme: financial risks of biodiversity loss can be measured and evaluated
Detailed Agenda of the Conference:
The conference presentations are available at the links below:
- Session I.1 Fatos Koc, Geraldine Ang (OECD)
- Session I.2 Gábor Magyar (Agricultural Ministry)
- Session II. Gürcan Gülersoy, Hugh Miller, Gabriel Santos Carneiro, Riccardo Boffo (OECD)
- Session III.1 Elene Nikuradze (National Bank of Georgia)
- Session III.2 Nora Laurinaityte (INVEGA)
- Session III.3 Marie Gabet (NGFS)