Extinction Governance, Finance and Accounting: Implementing a Species Protection Action Plan for the Financial Markets

611 Pages·2022·12.509 MB·English

by  Jill Atkins, Martina Macpherson

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