Nature-3B

Including nature in decision making of central banks, investment benchmarks & bond issuers

Nature-3B is a consortium of nature finance experts on a mission to develop nature-protecting benchmarks for investors, a nature-protecting bond framework for municipalities and businesses, and nature finance tools for central banks, European supervisory authorities and national competent authorities.


Among the open-access assets Nature-3B is developing are: an EU GDP Nature Dependency dashboard, an asset-level risk database, a nature-related scenarios portal, nature-related stress test models, a portfolio and financial system nature alignment tool, and natural language processing tools for Sustainable Finance Disclosure Regulation biodiversity impact analysis and Taskforce on Nature-related Finance Disclosure reporting.

The consortium began work in 2025 and will complete its mission by the end of 2027.

Spotlight on Nature-3B’s areas of work

Micro- to macro-level economic dependencies and impacts analysis and quantification of implications for stock pricing in the EU
  • Creation of a digital dashboard quantifying the dependency on ecosystem services of each EU member state, and at EU level. It will additionally feature socio-economic data.
  • Expansion of the evidence base on listed equities’ dependencies and impacts on ecosystem services.
  • Development of evidence quantifying the impact on stock prices of listed equities’ dependency on ecosystem services.
  • Development and publication of a methodology enabling listed companies to identify supply chains with high impact and dependency exposure.
  • Development of approaches to automate the assessment of nature-related impacts at the individual company and asset levels.
  • Development of spatial maps that depict EU-specific natural capital depletion hotspots.
Geospatial nature-economy modelling and scenario development to assess nature-related risks, opportunities and impacts and climate links
  • Publication of a white paper detailing insights from user-needs analysis and a model approach to scenario development.
  • Mapping priority locations for the expansion of protected areas in Europe across scenarios and trade-offs.
  • Development of global and sectoral transition pathways to inform transition risks, finance, and transition plans.
  • Publication of a white paper detailing next-generation analytics and scenarios that will inform model architecture and guidance.
  • Development of a scenario portal, which will host data, projections and maps generated by the Nature-3B model ensemble.
  • Development and validation of nature risk, opportunity and impact scenarios, which will be published on the scenario portal.
  • Development of maps and databases identifying potential stranded assets across the agriculture, industry, and manufacturing sectors.
  • Publication of a white paper detailing recommendations on integrating biodiversity and nature scenarios into scenarios developed by the Network of Central Banks and Supervisors for Greening the Financial System.
Macro-financial stability implications of biodiversity loss and transition scenarios for Europe
  • Publication of a white paper detailing recommendations on integrating biodiversity and nature scenarios into scenarios developed by the Network of Central Banks and Supervisors for Greening the Financial System.
    Publication of a technical report detailing the macro-financial relevance of biodiversity loss for Europe, along with the methodology used in analysis and results.
  • Publication of a technical report on a biodiversity risk stress-test for Europe.
  • Publication of a white paper detailing recommendations for financial stability based on the biodiversity risk stress-test insights.
  • Publication of a white paper discussing the results of financial instruments and macroprudential policies to enhance biodiversity risk management in Europe.
Co-design principles and analytics for more comprehensive and robust environmental risk management
  • Publication of two industry classification crosswalks that support tool uptake and address limitations of the ENCORE knowledge base.
  • Development of a dataset detailing the transition costs for a selection of high-risk sectors and high priority countries.
  • Development of a suite of granular opportunities scenarios and a supporting toolkit.
  • Development of a database linking opportunities and economic activities which will populate the back-end of a new opportunity functionality filter on the ENCORE website.
  • Launch the new opportunity filter on the ENCORE website, and provide download functionality for users.

Development of nature-protection tools leveraging the EU Taxonomy on Sustainable Finance
  • Drawing on the Paris-Aligned Benchmarks, development of nature-protecting benchmarks that promote biodiversity harm reduction and issuer accountability for nature-related controversies.
  • Development of nature-protection and restoration benchmarks that promote investment in biodiversity conservation and restoration projects.
  • Assessment of the feasibility of integrating all ‘do no significant harm’ risks from the EU Taxonomy on Sustainable Finance into financing concepts such as green bonds and Sustainable Development Goal-linked bonds.
  • Development of a user-friendly financing contract aligned with the EU Taxonomy on Sustainable Finance, reflecting the ‘do no significant harm’ criteria for sustainable finance.
Recommendations to mobilise finance for nature-protecting bonds to reverse biodiversity loss
  • Development of a nature-protecting bonds protocol designed to standardise the issuance of financial instruments.
  • Development of training tools for stakeholders.
  • Delivering workshops to municipalities, corporates, investors, and benchmark administrators.
  • Development of two financial mechanisms tied to nature outcomes, including a nature-protecting bond.
  • Development of policy recommendations to facilitate and scale investments that support the transition toward a nature-positive economy.
  • Publication of a policy brief on enhancing environmental risk management and financing for biodiversity conservation.

Consortium members

Nature-3B is a consortium of 15 organisations. Find out more about the members below by visiting their websites. As Nature-3B’s mission progresses, each member’s name will link to updates about their work on their project.