4 December 2014, London – Can London be the Natural Capital of the World?
10 am – 12 noon, 4 December 2014
Katy Clark MP, Chair of the All Party Parliamentary Group on Biodiversity,
Andrew Mitchell, Co-founder and Director of the Natural Capital Declaration
Pavan Sukhdev – lead author of The Economics of Ecosystems and Biodiversity (TEEB) global initiative and Founder-CEO of GIST Advisory
Joe Grice – Executive Director and Chief Economist, Office for National Statistics
Andre Abadie– Global Head of Environment and Sustainability, J.P. Morgan
Olivia Gray – Chief Operating Officer, Capital, Science & Policy Practice, Willis Group
Jon Williams – Partner, Sustainability and Climate Change, PwC
Advancing Natural Capital in Finance
This meeting will highlight the importance of leadership by the financial sector in managing natural capital risk in its future lending and investment policies and explore what actions the UK Government should take to ensure that it both fulfils its pledges outlined below and promotes London as a leader in this emerging new sector.
The Natural Capital Declaration is a global statement that demonstrates the commitment of the financial sector to integrate natural capital criteria into financial products and practices. It seeks to advance the growing number of international initiatives that call upon action in this area: In 2010 the four initial study TEEB reports called for governments to include natural capital values in national accounts. In June 2012, The United Nations Conference on Sustainable Development (UNCSD), “Rio+20 Earth Summit”, highlighted the importance of natural capital accounting and the ecosystem approach. In September 2014 the New York Declaration on Deforestation was launched at the UN Climate Summit and was endorsed by 150 Governments, businesses and civil society organisations. There are increasing calls for divestment from fossil fuels.
The UK Government has already pledged to develop full UK Environmental Accounts by 2020. This work is being led by the Office for National Statistics (ONS) and the Department for Environment, Food and Rural Affairs (Defra) and is supported by the Natural Capital Committee. The incorporation of natural capital into the U.K.’s national accounts will enable a high level picture to be obtained of trends in the state of the nation’s natural assets through time. This in turn will help demonstrate the implications of actions impacting on the natural environment and allow the UK to fulfil its commitments under the 2020 Aichi Biodiversity targets, specifically Target 2 and 4 (see here: http://www.cbd.int/sp/targets).
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