We can take advantage of emerging geospatial tools to monitor assets in real time, such as to track the degradation of carbon sinks or high conservation value lands. The NGFS Taskforce that I mentioned earlier will include guidance for future deep dives into nature-related metrics, data, and scenario development. Fourth, reliable, consistent, and comparable nature-related disclosures. Standards will help to guide companies in creating much-needed transition plans for nature. Key stakeholders like the International Sustainability Standards Board, the Task Force for Nature-Related Financial Disclosures, and jurisdictional standard setters must work closely together. Along with the climate crisis, the nature crisis is the existential challenge of our times. We cannot focus on one and hope the other will take care of itself. We need to address them both in a holistic manner. This is the growing conviction of the NGFS and the financial industry. With the nature crisis, the financial sector must now translate that conviction into determined action, as it has begun to do with the climate crisis. A good  3/4  BIS - Central bankers' speeches  way to start would be to harness the power of finance to help implement the post-2020 Global Biodiversity Framework. Thank you. 4/4  BIS - Central bankers' speeches
These differences in strategies are reflected in different action plans, some aimed at growth in loans or commissions, others at streamlining costs through various means, including digitalisation or externalisation. The options are varied and should be adapted to the actual circumstances of each bank. Conclusions In conclusion, my address has focused on the importance of reflecting on the banking business model as a cornerstone for being able to achieve a sustainable level of profitability over time. I have stressed certain elements central to this reflection, such as detailed knowledge of the reality of the business, a price-setting policy that reflects the risk and cost of each product, a strategy geared to strengthening capital and reducing non-productive assets, sound governance and an individualised and tailor-made strategic approach. 7/8  Banks are preparing for the future and the new times ahead, although nobody knows for sure what this will be like. What is clear is that only banks that are proactive and better prepared from the strategic standpoint will be capable of exerting influence over their profitability and sustainability over time. Thank you for your attention. 8/8