Nature and biodiversity have been called the “next frontier” for financial risk managers. The conservation of natural habitats had remained in the shadows of climate action, but now the NGFS investigates the connections between biodiversity and financial stability as a separate issue. For this E-axes Forum Digest, Chiara Colesanti Senni (Council on Economic Policies) and Adrian von Jagow (E-axes Forum, WU Vienna) have selected some recent papers on the financial implications of nature decline.