Natural Capital, Biodiversity and the Economy and its Relation to the Financial System

From 20-22 June 2023, AMRO, together with staff from WWF Indonesia supported by WWF Greening Financial Regulation Initiative and WWF Singapore, organised a 3-day workshop in Jakarta, aimed at enhancing awareness of the importance of nature-related risks and their impact on financial stability.

The Workshop was attended by staff from Bank Indonesia, Otoritas Jasa Keuangan (OJK – the Financial Services Authority of Indonesia) and the Indonesian Ministry of Finance. It included presentations and insights from AMRO, LSE Grantham Research Institute on Climate Change and the Environment, The International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE), S&P Global, RMI, 1in1000, Robeco, OJK and WWF.





All times in Jakarta time (GMT +7)

8:30 AM – 8:45 AM


8:45 AM – 8:50 AM

Keynote speech from WWF

  • Aditya Bayunanda, CEO WWF Indonesia

8:50 AM – 8:55 AM

Welcome Remarks from ASEAN+3 Macroeconomic Research Office (AMRO)

  • Aziz Durrani, AMRO

8:55 AM – 9:00 AM

Opening Remarks from Bank Indonesia

9:00 AM – 9:10 AM

Opening Quiz:

  1. Which word/expression represents biodiversity in your opinion?
  2. Why is biodiversity important in your opinion?
  3. Which word/expression represents natural capital in your opinion?

Facilitated by:

  • Rizkia Sari Yudawinata

9:10 AM – 10:40 AM

Understanding the importance of biodiversity 

  • Defining biodiversity, biodiversity loss, biodiversity related risk, a nature-positive, natural capital, biosphere, ecosystem services.
  • Mapping nature-related impacts and dependencies to key sectors
  • Threats to biodiversity and the driver of its loss
  • 2022 WWF ZSL Living Planet Report: the urgency in addressing nature-related risk
  • Main global framework and legislation on biodiversity


  • Pina Saphira, WWF Singapore

10:40 AM – 11:45 AM

Movie Trailer Screening

“Our Planet: Too Big to Fail” (45 mins)

To ask participants to reflect on what was taken from the movie trailer.

Facilitated by:

Rizkia Sari Yudawinata

11:45 AM – 1:15 PM

Lunch break

1:15 PM – 2:45 PM

Biodiversity, the economy and financial stability 

  • Macroeconomic consequences of biodiversity loss
  • Increasing efforts by central banks and supervisors to understand the implications for both financial institutions and for the system as a whole
  • Linkages between biodiversity loss and climate change
  • Options and recommendations for central banks and financial supervisors in addressing biodiversity loss (NGFS Final Report of the NGFS-INSPIRE Study Group on Biodiversity and Financial Stability


  • Dr. Simon Dikau, (INSPIRE)
  • Thuaja Thessa K Vasudhevan (INSPIRE)

2:45 PM – 3:00 PM

Coffee break

3:00 PM – 4:30 PM

Central banking and supervisory approaches and initiatives in biodiversity 

  • Insights from nature impact and dependencies studies by central banks and financial supervisors (Malaysia, Brazil, The Netherlands, France)
  • Case studies from the WWF’s Nature’s Next Stewards report
  • Central banking, financial regulatory and supervisory approaches, initiative and potential instruments in biodiversity (based on SUSREG)
  • Potential policy implications and considerations for Indonesia


  • Thulaja Thessa K Vasudhevan, INSPIRE
  • Adam Ng, WWF

4:30 PM – 4:45 PM

Wrap Up


All times in Jakarta time (GMT +7)

8:30 AM – 9:30 AM

How are financial sector incorporating biodiversity into their policies and activities?

  • Indonesia related regulation on biodiversity and finance
  • Key relevant sectors covered under OJK green taxonomy 1.0 recognition and inclusion of biodiversity (HCV/HCS)
  • SUSBA highlights (Indonesia vs peer countries) Business case in managing biodiversity/nature-related risks (peer countries vs Indonesia)


  • Rizkia Sari Yudawinata, WWF Indonesia
  • Oki Hadian, WWF Indonesia

9:30 AM – 11:00 AM

Biodiversity metrics and risk analysis tools

  • Nature profile based on existing datasets and nature stress
  • What are the challenges of measuring biodiversity?
  • What databases are used to identify the risks of biodiversity loss?
  • Understand biodiversity risk exposure, ENCORE tools
  • Integrated Biodiversity Assessment Tools,  (IBAT)Biodiversity Footprint for Financial Institutions, (BFF) Screening and prioritisation – location specific, WWF Biodiversity Risk Filter Tools
  • Indonesia Biodiversity Index
  • Demo of the tools


  • Pina Saphira, WWF Singapore
  • Siti Rizkiah, WWF Malaysia

11:00 AM – 12:30 PM

Opportunities for Fls to drive nature-resilience

  • Nature financing vs financing nature
  • Mitigation hierachy
  • Nature-based solutions
  • Business case:
  • IndoBamboo Project, DFCD: The Dutch Fund for Climate and Development (financing structure, approach, key success factors and other lessons learned)


  • Stuart Beavis, WWF Hong Kong

12:30 PM – 2:00 PM

Lunch break

2:00 PM – 3:00 PM

Responsible Investment: nature-related integration in investment decision making processes

  • Practicing responsible investment
  • Stepping Up on Biodiversity: What the Kunming Montreal Global Biodiversity Framework means for responsible investors
  • Central bank as growing active investors.
  • How natural capital is being valued in sovereign debt markets


  • Laura Bosch Ferrete, Robeco

3:00 PM – 3:15 PM

Coffee break

3:15 PM – 4:15 PM

Nature Risk Data: Current state and challenges

  • Nature Risk Profile
  • Data provider perspective: challenges in collecting and presenting data, creating proxies
  • How can central banks and financial sector use these data

New nature-related/biodiversity risk stress testing methodology


  • Vivian Zheng, S&P
  • Jakub Cervenka, (1in1000)(Virtually)

Facilitated by: Aziz Durrani

4:15 PM – 5:00 PM

Panel Discussion – Central banks next steps in managing biodiversity risks

  • Building blocks for central banks to develop nature scenarios
  • Models and scenario methodology
  • NGFS Scenario
  • Nature and financial institutions in Africa: A first assessment of opportunities and risks
  • Biodiversity and Ecosystem Services Scenarios Modelling Initiative
  • Open Q&A on the expected challenges faced by regulators


  • Dr. Simon Dikau, INSPIRE
  • Aziz Durrani, AMRO

Facilitated by: Adam Ng (WWF)