Frank Elderson: Nature in decline, economy on the line - the importance of international cooperation for managing nature-related risks
Opening remarks by Mr Frank Elderson, Member of the Executive Board of the European Central Bank and Vice-Chair of the Supervisory Board of the European Central Bank, at the Network for Greening the Financial System (NGFS) Annual Plenary Event panel discussion "Incorporating nature into supervisory practices", Pretoria, 9 March 2026.
We are living in unprecedented, turbulent times.
Almost by the week, we see the proliferation of conflicts, an erosion of the international rule-based order and collapsing international cooperation across several domains.
In the face of multiple challenges, the very urgent often overtakes the vitally important. It is tempting, and quite frankly a natural human reaction, to focus on the most immediately visible issues.
With numerous severe challenges vying for our attention, today's event – where we are welcoming representatives from all six continents to focus on the ongoing climate and nature crises – conveys a powerful and hopeful message. It shows that coming together, cooperating and engaging with one another across borders is possible and indeed imperative in times of profound disruption and volatility.
At a time when some question the value of international cooperation, interest in the coordinated, pragmatic and evidence-based work of the central banks' and supervisors' Network for Greening the Financial System (NGFS) remains high – as your participation shows. This is a testament to the undeniable significance of the climate and nature crises for the economy and for the financial system – and hence our mandates as central bankers and supervisors. The NGFS is well-established as the go-to forum for exchanging good practice, consolidating knowledge and helping supervisors maintain forward momentum.