For instance: -  How could we design scenarios that account for what IPBES experts are telling us, for instance with regards to the different values of nature, the rights of indigenous people and the need to think comprehensively about economic, social and environmental inequalities? -  How much can the global economy grow while accounting for all planetary boundaries? And how to distribute this “remaining growth  8  Page 9 sur 12 potential” between rich and developing countries, as a fair transition is key? -  What could be the impacts of lower growth rates or potential no growth on global value chains, on employment, on different economic sectors that could win or lose from the transition? -  Which assumptions do we make about demographic trends? I actually greatly appreciated that in his review Professor Dasgupta mentioned demography. I am aware that this is a delicate issue but it has several ecological and macroeconomic implications and we should be able to assess them. -  How should we tackle climate change and biodiversity, taking into account the complexity of each of both issues but also their interaction? If you think that this is too political for central bankers, let me strongly oppose this view: what would be too political is to deny all the evidence gathered by natural and social scientists for the past decades. Just one year ago, before the war, it would have been unlikely to think about potential energy constraints linked with a hybrid war.
At the Banque de France, we published a study called “A “Silent Spring” for the Financial System?”,xix which explored the dependencies and impacts of the French financial system on biodiversity.xx Importantly, the study was interdisciplinary and involved several researchers and experts from various institutions.xxi As I will discuss later, I believe that this interdisciplinary approach is essential to address the challenges of the Anthropocene. These different studies enable us to understand that nature-related financial risks can be split between physical and transition risks, much like climate-related financial risks. Physical risks stem from the dependency of economic activities on ecosystem services and their vulnerability in the case of disruption. For instance, the loss of pollination could affect agricultural output and lead to food shortages or higher consumer prices, while new pandemics could disrupt entire value chains. Transition risks result from the negative impacts of some economic activities on biodiversity, which makes them vulnerable to transition policies. For instance, it is hoped that the COP15 that will take place in December in Montreal will lead to an international agreement to protect 30% of land and sea areas by 2030. Regional and national policies are also expected: the EU Green Deal contains several goals related to biodiversity, such as the need to increase organic farming practices from 9% to 25% cultivated areas. All these policies could have profound implications for different sectors (agriculture, industry, real estate, and so on), and it is important to assess the potential impacts for financial institutions and the financial system as a whole.