Biodiversity Finance: A Systematic Review and Interpretative Framework for an Emerging Research Frontier
生物多様性ファイナンス：新興研究フロンティアの系統的レビューと解釈的枠組み (AI 翻訳)
Nicola Del Sarto, Maria Cristina Quirici, L. Gai
🤖 gxceed AI 要約
日本語
本論文は、2015年から2026年4月までの309本の査読付き論文を対象に、生物多様性ファイナンスの文献計量学的・解釈的レビューを提供する。5つのクラスター（自然資本評価、生物多様性リスクと資産価格、企業レベルのエクスポージャー、生物多様性開示とガバナンス、保全ファイナンス手段）を特定し、経済的評価から金融志向の研究へと進化していることを示す。さらに、メトリックギャップ、因果的証拠の不足、開示とエコロジカルなエクスポージャーの不一致という3つの障壁を指摘し、生態劣化が財務成果に変換される経路を説明する統合的枠組みを提示する。
English
This paper provides a bibliometric and interpretative review of biodiversity finance based on 309 peer-reviewed articles (2015–April 2026). It identifies five clusters: natural capital valuation, biodiversity risk and asset pricing, firm-level exposure, disclosure and governance, and conservation finance instruments. The field is shifting from valuation toward finance-oriented research on materiality, risk pricing, and capital allocation. Three barriers are highlighted: metric gap, limited causal evidence, and disclosure-ecology misalignment. An integrative framework explains how ecological degradation translates into financial outcomes via physical, transition, and liability channels.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではTNFDへの関心が高く、SSBJも自然関連開示を検討中。本レビューは、生物多様性ファイナンスの研究フロンティアを体系的に整理し、企業開示やリスク評価の実務に示唆を与える。特に、メトリックギャップや開示の信頼性向上に関する知見は、日本の投資家と企業にとって有用である。
In the global GX context
This review contributes to the global discourse on nature-related financial risks and disclosures, aligning with TNFD and ISSB's emerging work on biodiversity. It helps consolidate a fragmented field and provides a framework linking ecological degradation to financial materiality, which is critical for investors, regulators, and companies adopting TNFD recommendations.
👥 読者別の含意
🔬研究者:This review synthesizes the state of biodiversity finance research and identifies key gaps and a research agenda, making it a foundation for further studies on risk pricing, metrics, and disclosure.
🏢実務担当者:Corporate sustainability teams and financial institutions can use this framework to understand how biodiversity risks translate into financial outcomes and to inform their TNFD-aligned disclosure strategies.
🏛政策担当者:Regulators and standard-setters (e.g., TNFD, ISSB, SSBJ) should note the identified barriers and the need for decision-useful metrics and credible disclosure to prevent greenwashing.
📄 Abstract（原文）
The accelerating loss of biodiversity and ecosystem degradation are increasingly recognized as economically material phenomena with implications for financial markets and financial stability. Yet biodiversity finance remains fragmented across environmental economics, sustainable finance, corporate disclosure, risk management, and conservation finance. This paper provides a bibliometric and interpretative review of biodiversity finance based on 309 peer‐reviewed articles published between 2015 and April 2026. Using bibliographic coupling, we identify five interconnected clusters: natural capital valuation, biodiversity risk and asset pricing, firm‐level exposure, biodiversity disclosure and governance, and conservation finance instruments. The analysis shows that the field is evolving from economic valuation and natural capital accounting toward a finance‐oriented research frontier concerned with financial materiality, risk pricing, lending, disclosure, institutional mediation, and capital allocation. We identify three key barriers to consolidation: a persistent metric gap, limited causal evidence on transmission channels, and a misalignment between corporate biodiversity disclosure and actual ecological exposure. Building on these findings, we develop an integrative framework explaining how ecological degradation can translate into financial outcomes through physical, transition, and liability channels. We conclude with a research agenda on risk pricing, decision‐useful metrics, disclosure credibility, instrument additionality, and regulation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1111/joes.70138first seen 2026-07-09 05:48:42
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