Contributor(s): Sylvie Goulard, Frank Elderson, Otávio Damaso, Dr Ma Jun | Panellists discuss the findings of the report of the Joint NGFS-INSPIRE Study Group on Biodiversity and Financial Stability. The report investigates and strengthens the case for action to enable central banks and supervisors to not only understand the issues the planet is facing due to the unparalleled loss of biodiversity, but also to define the actions that must be taken within existing mandates in the collective effort to address this vital challenge. The report sets out how financial risks stemming from biodiversity loss can have implications for financial stability and therefore the core objectives and policy frameworks of central banks and supervisors. The decline of ecosystem services as a result of biodiversity loss poses physical risks for economic and financial actors that depend upon those services.