Review of Finance Vol. 30 No. 1 2026

Corporate nature risk perceptions

Snorre Gjerde¹; Zacharias Sautner^2,3,4,5; Alexander F. Wagner^2,3,4,5; Alexis Wegerich¹

¹ Norges Bank Investment Management , Oslo, · ² Department of Finance, University of Zurich , Zurich, · ³ Swiss Finance Institute , Zurich, · ⁴ ECGI , Brussels, · ⁵ CEPR , Paris,

Abstract

We survey portfolio companies of a large asset owner to explore the evolving landscape of nature risks. Nearly half of all companies (48 percent) view nature risks as financially material, and 43 percent of those perceive nature-related physical risks, and 27 percent transition risks, as having financial effects already today. Three-quarters of companies experiencing nature-related investor engagement view these interactions as value-generating. Nonetheless, according to the respondents, investor attention remains limited in key respects: while 40 percent report that investors consider nature risks, fewer than 25 percent believe investors assess how these risks affect cashflows or costs of capital. Half of the respondents believe investors will prioritize climate over nature; however, many think both topics are so intertwined that they cannot be separated. Our findings underscore the growing recognition of nature risks as financially relevant, while also pointing to challenges and opportunities for their integration into financial analysis and investor engagement.

DOI

10.1093/rof/rfaf050

Volume

30

Issue

1

Pages

11-42

Language

en

Sources

openalex crossref

Cite

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