Frank Elderson, ECB Executive Board member and Vice-Chair of the Supervisory Board, told the COP17 Finance and Biodiversity Day in Yerevan that the world must move from targets to implementation and treat protecting nature as investment rather than spending. He argued that degraded ecosystems raise firms' costs, reduce productivity and disrupt supply chains, noting that 72% of euro area companies depend on at least one ecosystem service and 75% of euro area corporate lending goes to firms highly dependent on one. Citing this summer's drought, he said major rivers including the Rhine, Loire, Po and Danube fell to exceptionally low levels, forcing critical nuclear plants to shut down and hitting hydropower and supply chains. He noted the Kunming-Montreal framework aims for living in harmony with nature by 2050 but progress has been limited, and that ECB analysis suggests the potential consequences could be much larger.
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EUR/USD
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/23/2026 | 1.12044 |
| Change that session | -0.11% |
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