Nature’s Return Embedding environmental goals at the heart of economic and financial decision-making A Finance Watch report #EUGreenDeal #Biodiversity May 2020 “The economy is a wholly owned subsidiary of the environment, not the reverse.” – Herman E. Daly Authors: Ludovic Suttor-Sorel, Nicolas Hercelin Contributors: Thierry Philipponnat, Nina Lazic, Louis Fonteneau Editor: Greg Ford Acknowledgements: We are grateful to the members of Finance Watch for their feedback. Many thanks also to Chris Williams (NEF), Mirjam Wolfrum (CDP Europe) and Nicolas Solonakis (Université Bordeaux Montaigne), for their feedback and input. Photo credits: Cover photo by Ruslan Ivantsov, Adobe Stock; Chapter 1: Photo by Dikaseva, Unsplash; Chapter 2: Photo by Jakub Gorajek, Unsplash; Chapter 3: Photo by Hoach Le Dinh, Unsplash; Chapter 4: Photo by Tom Barrett, Unsplash Graphics and typesetting by Mathilde Philipponnat and Kamila Rokošová © Finance Watch 2020 The contents of this report may be freely used or reproduced without permission provided the original meaning and context are not altered in any way. Where third party copyright has been acknowledged, permission must be sought from the third party directly. For enquiries relating to this report, please email
[email protected] Finance Watch has received funding from the European Union to implement its work programme. There is no implied endorsement by the EU or the European Commission of Finance Watch's work, which remains the sole responsibility of Finance Watch. Table of contents Executive summary 4 Recommendations 7 Mapping 9 Introduction 10 Chapter 1 – An Unsustainable Economy 11 I. What are we talking about? 14 II. Our economies rely on - and deplete - the natural world 14 III.