Managing Nature Based Risks to the UK Economy and Opportunities for Green Finance

The 65th George Scott Robertson Memorial Lecture took place recently at Riddel Hall, Queen’s University Belfast.

Dr Nicola Ranger of Oxford University delivered the keynote address, sharing her expertise and knowledge on managing nature-based risks, such as flooding, pollution and biodiversity loss, and their impact on the UK and global economy, as well as the opportunities for green finance to secure a prosperous future.

The event, which was supported by the Gibson Trust, is a cornerstone in the Northern Ireland agri-food calendar.

Organised by the Agri-Food & Biosciences Institute (AFBI), Department of Agriculture, Environment & Rural Affairs (DAERA), Institute for Global Food Security (IGFS) at Queen’s University Belfast and the Ulster Famers’ Union (UFU), the annual lecture series was initiated in 1951 to perpetuate the memory of Dr George Scott Robertson who played a prominent role in promoting agricultural progress in Northern Ireland from 1921 to 1948.

As the Director of the Global Finance and Economy Group at the Environmental Change Institute and the Resilient Planet Finance Lab, Dr Ranger shared her insights into the opportunities for green finance to secure resilience, security and prosperity across the UK. Working at the interface between science, risk analytics, finance, economics, and policy, guests at the lecture heard how organisations can factor climate and environmental risks into their decision making and leverage new nature-based investments to ultimately secure revenues, jobs and resilience.

Discussing the links between nature and prosperity, Dr Ranger highlighted that the UK is amongst the most environmentally degraded in the world and that this could translate into years of lost growth for the UK economy. Commenting she said, “the UK faces considerable risks due to nature loss, but with good policy and positive partnerships between government, finance and business we can turn risk into opportunity. The agri-foods sector in particular sits at the nexus of resilience, nature and security; the food security it offers the UK enhances national resilience, yet unsustainable practices can undermine its long-term productivity through its impact on nature. As stewards of land, the sector itself is an important part of the solution, and this offers opportunities both for farmers and for the prosperity and security of the nation as a whole. It was great to see so many in the room this evening and I was inspired by the innovations and dialogue happening in the region. I was delighted to be able to show the impact that mobilising sustainable investment can have on the agri food sector in Northern Ireland.”

Commenting at the event Professor Elizabeth Magowan, Director of Sustainable Agri-Food Sciences in AFBI said, “Each year the lecture welcomes a fantastic key-note speaker and Dr Ranger’s presentation provided thought provoking and invaluable insights for guests to take away and consider within their own areas.  The financial and economic impact of climate change and biodiversity loss is becoming increasingly topical for a wide range of sectors and as such this lecture was, as usual, forward looking in support of NI’s agri-food and environmental goals.”

Dr Ranger’s research is supported by the Natural Environment Research Council Integrating Finance and Biodiversity (IFB) programme in collaboration with Queens University Belfast and research institutions across the UK.

Notes to editors: 

AFBI is an arms-length body of DAERA delivering research and development, diagnostic and analytical testing, emergency response capability and expert scientific advice for DAERA and other government departments, public bodies and commercial companies in Northern Ireland, and further afield.

AFBI’s Vision is “Scientific excellence delivering impactful and sustainable outcomes for society, economy and the natural environment”.

AFBI’s Purpose is to deliver trusted, independent research, statutory & surveillance science, and expert advice that addresses local and global challenges, informs government policy and industry decision making, and underpins a sustainable agri-food industry and the natural and marine environments.

AFBI’s strategic priorities:

• Leading improvements in the agri-food industry to enhance its sustainability;
• Protecting animal, plant and human health;
• Enhancing the natural and marine environment;
• Delivering quality outcomes and impact;
• Enabling world class science through excellence in people, places & technology.

NERC Integrating Finance and Biodiversity Programme: https://infinbio.org/homepage

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