Switched On Beyond Climate: The Rise of Nature Risk
Apr 2, 2026
Alistair Purdie, a senior associate at BloombergNEF specializing in nature and biodiversity, explains why nature risk is now material for finance. He breaks down what nature risk covers and how BloombergNEF’s Nature Risk Management Scores weigh exposure versus company actions. Conversation highlights methodology, sector winners and laggards, regional disclosure gaps, and why local, non-CO2 metrics make nature risk especially tricky.
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Nature Risk Is Dependencies Plus Impacts
- Nature risk covers dependencies on and impacts to living and non-living natural assets, and manifests as physical and transition risks to company cash flows.
- Alistair Purdie explains dependencies (water, pollination, materials) and impacts (regulation, market shifts) that jointly threaten revenues and require management.
Scores Weight Action Over Exposure
- BNEF's Nature Risk Management Scores combine exposure (30%) and company performance/interventions (70%) across water, climate, waste and biodiversity.
- Scores use ~65 Bloomberg fields plus BNEF research to produce 0–10 company ratings emphasizing actions over exposure.
High Scores Are Hard Because Exposure Is Inherent
- Absolute scores are bounded because exposure is inherent to many industries; highest realistic score for large industrial firms is ~7.
- Iberdrola scored ~6 by strong performance across pillars and TnFD reporting, making 6 exceptional in this universe.