Biodiversity Loss and Ecosystem Degradation: Implications for Macroeconomics and Financial Stability


Organized by Central Bank of Chile, World Wildlife Fund (WWF) and United Nations Environment Programme Finance Initiative (UNEP FI)

May 26th and 27th, 2022

Virtual Conference, Santiago – Chile (Times are in GMT -4)

Program arranged by:

Elías Albagli
Central Bank of Chile                     


Gonzalo García Trujillo  
Central Bank of Chile                            


Daniela Torres
World Wildlife Fund

Language: All sessions – with a few exceptions – were conducted in English. Simultaneous translation between English and Spanish was provided.

For further information, please contact Gonzalo García-Trujillo at


Complete recording.

Day 1 (Sessions 1 – 3)

Day 2 (Sessions 4 – 7)


Day 1: May 26th

Opening Remarks

Rosanna Costa – Governor, Central Bank of Chile
Maisa Rojas – Minister of the Environment of Chile
Lorenzo Gazmuri – President of ICARE

Session 1: "Introduction to biodiversity and ecosystem services"

Elizabeth Maruma Mrema (keynote speaker) – Executive Secretary, Convention on Biological Diversity, United Nations.
Mathis Wackernagel – Co-creator of the Ecological Footprint and President of Global Footprint Network.
Geoffrey Heal – Waite III Professor of Social Enterprise and Professor of Economics at Columbia Business School.

Stephany Griffith-Jones (moderator) – Board Member of the Central Bank of Chile.

Session 2: "Measuring Biodiversity, Ecosystem Degradation, and Natural Capital"

Pushpam Kumar – Chief Environmental Economist and Senior Economic Advisor, United Nations Environment Programme, North America Office.
Gretchen C. Daily – Co-founder and Faculty Director, Natural Capital Project, Stanford University. Bing Professor of Environmental Science, Department of Biology, Stanford University. Director of the Center for Conservation Biology at Stanford.
Pablo Marquet –Professor and Head, Department of Ecology, Pontificia Universidad Católica de Chile. Vicepresident, Institute of Ecology and Biodiversity, Chile.

Pablo García (moderator) – Board Member of the Central Bank of Chile.

Session 3: Roundtable on key topics of sessions 1 and 2

Marcelo Mena – Director, Climate Action Center, Pontificia Universidad Católica de Valparaíso. Previously, Vice Minister and Minister of Environment of Chile (2014-2018).
Cristina Dorador – Member of the National Constituent Assembly. Associate Professor, Department of Biotechnology, Universidad de Antofagasta.
Rodrigo Arriagada – Head of the Information and Environmental Economic Division, Ministry of the Environment of Chile.
Raffaello Cervigni – Lead Environmental Economist, Environmental Natural Resources Global Practice, World Bank.
Kathy Willis – Principal of St Edmund Hall and Professor of Biodiversity in the Department of Zoology, University of Oxford. Member of the UK Government’s Natural Capital Committee.

John Tobin (moderator) – Professor of Practice of Corporate Sustainability, Dyson School of Applied Economics and Management, Cornell University.

Day 2: May 27th

Session 4: “Macroeconomic impacts of biodiversity loss”

Onil Banerjee – Director, RMGEO Consultants.
Steve Polasky – Regents Professor, Fesler-Lampert Professor of Ecological / Environmental Economics, University of Minnesota. Co-founder of the Natural Capital Project.
Justin Johnson – Assistant Professor, Department of Applied Economics, University of Minnesota. Lead scientist and co-editor, Natural Capital Project.


Alberto Naudon (moderator) – Board Member of the Central Bank

Session 5: “Biodiversity as a financial risk”

Maud Abdelli – Lead, Greening Financial Regulation Initiative, WWF. 
Felipe Arango – Lead, Pilots at Taskforce on Nature-related Financial Disclosures (TNFD).
Jeremy Grantham – Co-Founder and Chairman of the investment management firm GMO, LLC. Co-founder of the Grantham Foundation for the Protection of the Environment, which supports the Grantham Institutes at Imperial College and London School of Economics.

Mauricio Larraín (moderator) – Deputy Cahirman of the Financial Market Commission (CMF)

Session 6: “NGFS-INSPIRE: Biodiversity loss and Financial Stability –An Agenda for Action”

Nick Robins – Professor in Practice - Sustainable Finance, Grantham Research Institute, The London School of Economics and Political Science. Co-chair of NGFS Biodiversity Study Group, and Co-author of main report.
Fabio Natalucci (discussant) – Deputy Director, Monetary and Capital Markets Department, International Monetary Fund (IMF).


Romain Svartzman (moderator) – Research Economist at the Banque de France's Climate Change Center (CCC) and Research Associate at the Institute for Innovation and Public Purpose (IIPP) at University College London.

Session 7: Roundtable on key topics of sessions 4-6

Elías Albagli – Director, Monetary Policy Division, Central Bank of Chile. 
Greg Watson – Principal Specialist, Natural Capital Lab and Biodiversity, Inter-American Development Bank.
Johnny Aguilar Madrigal – Environmental Economist. Central Bank of Costa Rica. 
Elizabeth Aceituno – Sustainable Finance Specialist, WWF. 
Klaus Schmidt-Hebbel – Professor of Economics, Universidad del Desarrollo, Chile. Previously, Chief Economist and Director of the OECD Economics Department in 2008-2009.

Rafael del Villar (moderator) – Director of the Department of Social and Environmental Risk Analysis and Policies, Bank of Mexico.

Closing Remarks

Carolina López – Representative in Chile & Global Training Coordinator, UNEP-FI.
Ricardo Bosshard – Director, WWF Chile.
Elías Albagli – Director of Monetary Policy Division, Central Bank of Chile.