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.
The views expressed in this speech are those of the speaker and not the view of the BIS.
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.