Biodiversity Finance: Measuring and Managing Biodiversity in Corporations and Financial Markets

Sunday, March 31, 2024

Since 2010, the United Nation’s “Year of Biodiversity”, a variety of initiatives and studies, such as The Economics of Ecosystems and Biodiversity (TEEB) (UNEP, 2010), the IPBES[1] and the SEEA EA[2] have sought to value natural capital, biodiversity and ecosystem services.

Recently, the emergence of sustainable finance and corporate reporting regulations (EU taxonomy[3], SFRD[4], CSRD[5] to name a few) has increased the pressure on industry and the financial sector alike to link those measures to their operations and fulfill reporting requirements. As such, biodiversity finance —the incorporation of biodiversity consideration in financial decision making—is becoming as significant as climate finance for managers, financial analysts, and investors alike.   

In industrial ecology, several methodological approaches have been developed over the last decade to address this topic (e.g., Liu & Bakshi, 2019). However, evidence suggests that implications from those measures are not yet sufficiently actionable for decision-makers (Ingram et al, 2022). Research on the benefits and risks for companies from ecosystem services are often conceptual or descriptive (e.g.,  Bhattacharyya & Yang, 2019; Boiral, 2016; Silva et al., 2019; Skouloudis et al., 2019; Winn & Pogutz, 2013). In the financial sector, in particular, there is a lack of reliable and comprehensive data and research on capturing firm-specific biodiversity risks. This lack is noteworthy against the backdrop of multiple investor-led groups, which have identified biodiversity loss as an important risk factor for investment purposes (CDC Biodiversité, 2019; WEF & PWC, 2010; WWF & AXA, 2019). In parallel, financial instruments and markets for biodiversity restoration are emerging, whereas there is evidence that their benefits are often overestimated and not always supported by scientific data, eventually leading to biased decision-making.

This special issue of the Journal of Industrial Ecology seeks to catalyze, compile and disseminate cutting edge research on biodiversity and ecosystem service loss and gain and restoration considerations in the context of managerial and financial decision making. The special issue aims to highlight current work in measuring and managing biodiversity and ecosystem services in corporations and financial markets.

Articles develop, apply, and discuss the impact of companies on biodiversity or ecosystem service (loss and gain), as well as the consequences for companies. One key question in this regard is: To what extent are instruments and tools in the established industrial ecology domain suitable for measuring and managing biodiversity loss/gain at this level?

We also seek papers that analyze the implications of biodiversity and ecosystem service (loss and gain) in financial markets. Key questions to be addressed are: what are the effects of biodiversity risks on financial investments? How could financial markets responsibly contribute to biodiversity restoration?

Submissions are welcome on (but not exclusive to) the following topics:

  • IE instruments and tools for measuring and managing biodiversity and ecosystem service (loss and gain)
  • Analyses of the interlinkage between biodiversity risk and financial risk
  • Innovative financing solutions in the biodiversity and ecosystem services context
  • Adequacy of corporate reporting on biodiversity and/or ecosystem services
  • Development and/or critical assessment of biodiversity/ecosystem services-related measures
  • Effects of biodiversity/ecosystem service loss/gain and/or risk on firm performance and/or capital markets

While we strongly encourage quantitative research, we also accept qualitative and conceptional pieces. Please ensure there is a strong link in all submissions to previous and current industrial ecology research.


  • Submission opens June 1st 2023
  • Original deadline for submission October 15th 2023
  • Extended deadline for submission March 31st 2024
  • Publication target: October 2024
Special Issue Editorial Team:

Enrico Benetto, Luxembourg Institute of Science and Technology (LIST), Luxembourg

Timo Busch, University of Hamburg, Germany

Valerie Hickey, The World Bank, United States

Francesca Verones, Norwegian University of Science and Technology (NTNU), Norway

How to Submit

Manuscripts should be original, previously unpublished, in English, and between 3,500 and 6,000 words in length excluding references and tables. Submission implies that the manuscript has not been submitted for publication elsewhere and that it will not be submitted elsewhere while the review process is underway. Papers should be submitted electronically via ScholarOne at, indicating that they are intended for the special issue on “biodiversity.” Details about the preparation of the manuscript can be obtained from the Journal’s home page or from the editor. Use of the author checklist ( will speed the review and publication of your paper! All submissions will be peer-reviewed in a single blind process using at least two reviewers.

In case of any questions, please contact any of the guest editors:  Enrico Benetto (, Timo Busch (; Valerie Hickey (, Francesca Verones (


Bhattacharyya, A., & Yang, H. (2019). Biodiversity disclosure in Australia: effect of GRI and institutional factors. Australasian Journal of Environmental Management, 12(12), 1–23.

Boiral, O. (2016). Accounting for the Unaccountable: Biodiversity Reporting and Impression Management. Journal of Business Ethics, 135(4), 751–768.

CDC Biodiversité. (2019). Common ground in biodiversity footprint methodologies for the financial sector.

Ingram, J.C.; Bagstad, K.J.; Vardon, M.; Rhodes, C.R.; Posner, S.; Casey, C.F.; Glynn, P.D.; Shapiro, C.D. Opportunities for businesses to use and support development of SEEA-aligned natural capital accounts. Ecosyst. Serv. 2022, 55,

Liu, X.; Bakshi, B.R. Ecosystem Services in Life Cycle Assessment while Encouraging Techno-Ecological Synergies. J. Ind. Ecol. 1000 2019, 23, 347-360.

Popescu, V. D., Munshaw, R. G., Shackelford, N., Pouzols, F. M., Dubman, E., Gibeau, P., Horne, M., Moilanen, A., & Palen, W. J. (2020). Quantifying biodiversity trade-offs in the face of widespread renewable and unconventional energy development. natureresearch.

Silva, G. C., Regan, E. C., Pollard, E. H. B., & Addison, P. F. E. (2019). The evolution of corporate no net loss and net positive impact biodiversity commitments: Understanding appetite and addressing challenges. Business Strategy and the Environment, 28(7), 1481–1495.

Skouloudis, A., Malesios, C., & Dimitrakopoulos, P. G. (2019). Corporate biodiversity accounting and reporting in mega-diverse countries: An examination of indicators disclosed in sustainability reports. Ecological Indicators, 98, 888–901.

UNEP. (2010). Mainstreaming the economics of nature: A synthesis of the approach, conclusions and recommendations of TEEB (The economics of ecosystems & biodiversity). Geneva.

WEF, & PWC. (2010). Biodiversity and business risk.

Winn, M. I., & Pogutz, S. (2013). Business, Ecosystems, and Biodiversity. Organization & Environment, 26(2), 203–229.

WWF, & AXA. (2019). Into the Wild: Integrating nature into investment strategies.