13 See: https://www.ngfs.net/en/communique‐de‐presse/ngfs‐and‐inspire‐launch‐joint‐research‐project‐ biodiversity‐and‐financial‐stability  4  that are less exposed to environmental risks and mobilising the financial sector. “No action” is not an option. They also have to take into account the impact that these structural changes will have on price stability. Energy and food prices, for example, can be heavily impacted by climate change and biodiversity loss, both inland and in coastal regions. Should we choose a holistic or a sequential approach? Some challenge the order of priorities, by arguing that climate change is already complex enough. They do not want to include biodiversity or health issues, as they fear that this will be seen as mission creep or that it would overload their staff. These serious concerns are understandable. Nevertheless, as we just stressed, connections exist between climate change/loss of biodiversity and health, which can encourage synergies. Furthermore, the pandemic has created a sense of urgency on health‐related risks.
Some technologies may not materialise quickly enough to prevent uncontrollable and irreversible environmental changes from happening, and solutions that do not rely strictly on technology may also be needed. Focusing only on the climate challenge, for instance, reducing energy demand is critical to achieving ambitious mitigation. Therefore, even though technological innovation is crucial given the magnitude of the task upon us, we will also need to learn frugality (for instance by limiting superfluous or conspicuous consumption), as Pope Francis' Encyclical recommand us for example, or – if you prefer – a form of self‐restraint, as emphasised by Professor Dasgupta in his review on the Economics of Biodiversity. Moreover, while technological innovations will still be crucial to decrease our use of energy and resources, they may not always lead to more production and growth. Widespread use of electric bikes for urban transportation, for example, could reduce our dependency on individual cars in urban areas, but by the same token it could also dampen growth prospects in the automobile sector. Likewise, technology makes it possible to organise various meetings online rather than have participants travel thousands of kilometres, but a diffusion of such norms could also translate into less growth. My point here is not be exhaustive, but rather to show that framing the debate in simplistic ways (e.g.