Many financing decisions continue to exacerbate global biodiversity loss, despite a growing understanding of the economic and financial risks of biodiversity loss. Applying Coase's financial decision-making theory based on cost, revenues, and risks, the article analyzes literature and current developments of biodiversity finance and green finance to evaluate why financial decision-making is incentivized to ignore biodiversity risks and mostly fails to maximize biodiversity conservation or nature-positive finance. Based on the identified gaps, the article develops four principles to integrate biodiversity into financial decision-making: (1) regulation must set limits on nature's exploitation, as finance only values limited aspects of nature as “bankable,” while the destruction of other parts are without negative or positive value to the investor; (2) biodiversity-related financial risk evaluation needs focus on local risks due to the local nature of biodiversity impacts and dependencies (in comparison, e.g., to climate finance's global risks); (3) scale biodiversity finance utilizing its secondary benefits, particularly in conjunction with climate finance; (4) biodiversity finance development needs to be co-led and championed by financial decision-makers.

中文翻译：

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将生物多样性纳入财务决策：挑战和四项原则

尽管人们越来越了解生物多样性丧失的经济和金融风险，但许多融资决定继续加剧全球生物多样性丧失。应用科斯基于成本、收入和风险的金融决策理论，本文分析了生物多样性金融和绿色金融的文献和当前发展，以评估为什么金融决策被激励忽视生物多样性风险并且大多未能最大限度地保护生物多样性或自然积极的金融。基于已查明的差距，本文制定了将生物多样性纳入金融决策的四项原则：(1) 监管必须对自然的利用设定限制，因为金融只将自然的有限方面视为“可融资，” 而其他部分的销毁对投资者没有负面或正面价值；(2) 由于生物多样性影响和依赖的地方性（与气候融资的全球风险相比），生物多样性相关的金融风险评估需要关注地方风险；(3) 利用其次级效益扩大生物多样性融资规模，特别是与气候融资相结合；(4) 生物多样性金融的发展需要金融决策者的共同领导和支持。