Extinction Governance, Finance and Accounting: Implementing a Species Protection Action Plan for the Financial Markets PDF
Preview Extinction Governance, Finance and Accounting: Implementing a Species Protection Action Plan for the Financial Markets
EXTINCTION GOVERNANCE, FINANCE AND ACCOUNTING The planet is currently experiencing a mass extinction event, with human and business activity being the root cause of species loss and habitat destruction. Industries, companies, banks, investors, accountants and auditors have all played their role. This book explores how they can also provide a solution. The book presents plans, metrics, frameworks, mechanisms and financial in- novations that can be, and are being, implemented through the financial markets in order to save and protect species, enhance biodiversity and, at the same time, preserve the financial markets and the business world. This biodiversity handbook addresses the intersection between species ex- tinction and the global capitalist system. With contributions from leading non- governmental organisations such as the Capitals Coalition, Business for Nature, the Ecojustice Foundation, ShareAction and the Endangered Wildlife Trust, plus senior researchers in the field, as well as industry experts from Moody’s, EOS at Hermes Federated Investment Management, BlueBay Asset Management, ODDO BHF Asset Management and OSSIAM ( to mention just a few), this book is at the forefront of addressing the crucially important topics of extinction ac- counting, finance and governance. Drawing on leading research, the book is written in an accessible style and is relevant to researchers and students in the fields of sustainability, governance, accounting, finance, corporate social responsibility and corporate governance. It is essential reading for investors, responsible investors, bankers, business leaders and policy makers in the field of sustainable financial markets. Given the inter- disciplinary nature of this book, it is useful to conservationists, ecologists and others involved in species and biodiversity protection. Jill Atkins holds a Chair in Financial Management at Sheffield University Man- agement School, UK, and is a visiting professor of Accounting at the University of the Witwatersrand, South Africa. Martina Macpherson is Head of ESG Strategy and GMC Member at ODDO BHF Asset Management, President of NSFM NextGen and Visiting Fellow at Henley Business School, UK. EXTINCTION GOVERNANCE, FINANCE AND ACCOUNTING Implementing a Species Protection Action Plan for the Financial Markets Edited by Jill Atkins and Martina Macpherson Cover image: © Jill Atkins First published 2022 by Routledge 4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 605 Third Avenue, New York, NY 10158 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2022 selection and editorial matter, Jill Atkins and Martina Macpherson individual chapters, the contributors The right of Jill Atkins and Martina Macpherson to be identified as the authors of the editorial material, and of the authors for their individual chapters, has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. British Library C ataloguing-i n-P ublication Data A catalogue record for this book is available from the British Library Library of Congress C ataloging-i n-P ublication Data Names: Atkins, Jill (Research director) editor. | Macpherson, Martina, editor. Title: Extinction governance, finance, and accounting: implementing a species protection action plan for the financial markets / edited by Jill Atkins and Martina Macpherson. Description: New York, NY: Routledge, 2022. | Includes bibliographical references and index. Subjects: LCSH: Biodiversity conservation—Economic aspects. | Habitat conservation—Economic aspects. | Extinction (Biology) | Capitalism—Environmental aspects. | Social responsibility of business. Classification: LCC QH75 .E97 2022 (print) | LCC QH75 (ebook) | DDC 333.95/16—dc23/eng/20220119 LC record available at https://lccn.loc.gov/2021051958 LC ebook record available at https://lccn.loc.gov/2021051959 ISBN: 978- 0- 367- 49297- 7 ( hbk) ISBN: 978- 0- 367- 49298- 4 ( pbk) ISBN: 978- 1- 003- 04555- 7 ( ebk) DOI: 10.4324/ 9781003045557 Typeset in Bembo by codeMantra To our children and their future: Aedan, Euan & Zoe CONTENTS Notes on Contributors xii Foreword xxii Preamble xxv Introduction: Why Are Species Extinction and Biodiversity Collapse Relevant to the Financial Markets, Accounting and Governance? 1 Jill Atkins and Martina Macpherson PART I Defining Extinction Governance, Extinction Accounting and Extinction Finance 11 1 Extinction Accounting, Finance and Engagement: Implementing a Species Protection Action Plan for the Financial Markets 13 Jill Atkins and Martina Macpherson 2 Extinction Governance: Establishing a Framework for Extinction Accounting, Accountability and Finance 56 Mervyn E. King, Jill Atkins and Warren Maroun viii Contents PART II The Urgent State of Nature: Addressing Extinction and Biodiversity Decline 79 3 Business, Extinction and the Future of Species: Moving from Good Intention to Action against Species Extinction 81 Mxolisi Sibanda 4 Business for Nature: How Businesses Can Save Species and Preserve Biodiversity 89 Eva Zabey and Carmen Thissen 5 Heal Rewilding: A Landowning Model for Species Recovery 103 Jan Stannard, Hannah Needham and Shân M. Millie 6 Oil Palm Industry and Biodiversity Loss: Enhancing Governance through the Sustainability Policy Transparency Toolkit ( SPOTT) 115 Gunnar Rimmel and Maizatulakma Abdullah 7 Cultural and Religious Aspects of Extinction Governance in the Middle East: Accounting for Camels in the Israeli Context 139 Mira Lieberman 8 Middle Eastern Extinctions: Building a Religious Motivation for Species Protection 168 Tariq Almontaser, Jill Atkins, Ali Elfadli, Abdullah Eskandrany, Abeer Hassan, Omar Mowafi, Simon Norton and Mohamed Saeudy 9 The Need for Good Governance in Securing Environmental Justice 203 Steve Trent 10 A Regenerative Approach to Biodiversity and Species Extinction Accounting 217 Peta Milan Contents ix PART III Extinction Finance: How Financial Market Mechanisms Can Save Species 227 11 ‘ Extinction Bonds’ Addressing Biodiversity Issues through Sustainable Finance 229 Martina Macpherson and Christoph Biehl 12 From Active to Passive: Establishing a Framework for a Biodiversity Index Solution 282 Erica Zanella and Thomas Montagnon 13 Biodiversity and Sustainability Ratings: From Data to Assessments 297 Anna Zubets-Anderson and Marie Lehmann 14 Assessing Financial Exposure to Biodiversity Risks through Corporate Facility Mapping 308 Léonie Chatain, Nathalie Borgeaud and Natalie Ambrosio Preudhomme 15 How to Improve Biodiversity- Related Information 318 Andrea Gasperini and Sonia Artuso 16 Green Bonds from an Integrated Thinking Perspective 348 Wayne van Zijl, Dannielle Cerbone and Warren Maroun 17 The Wildlife Conservation Bond: Exploring New Market Mechanisms for Protecting Endangered Species 361 Nnamdi Okolo 18 Exploring a Mechanism with Emancipatory Potential for ‘ Business and Biodiversity’ in China: ‘A nt Forest’ 372 Longxiang Zhao 19 The Investors’ Policy Dialogue on Deforestation ( IPDD) Case Study: A Collaborative Engagement Initiative with Governments to Mitigate Investment Impacts Resulting from Deforestation 392 My- Linh Ngo, Magdalena Kettis, Emine Isciel and Daniela Carreira
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