Transformative change in the financial sector: from metrics to meaning

Real change, the researchers argue, does not begin with better measurements, but with different values. “If we want finance to support a sustainable future, we need to rethink what it is for,” says environmental economist Francisco Alpízar, who leads the project together with ecologist Jeanne Nel.

More and more financial institutions see that climate change and biodiversity loss are not distant problems. They are real risks that can affect investments and economic stability. But awareness alone is not enough. As long as short-term profit stays the main goal, new data and reports will not lead to real change.

TRANSPATH shows that finance is not separate from nature, but depends on it. Many investments rely on healthy ecosystems. Think of pollination, fertile soil and clean water. The Dutch Central Bank’s Indebted to Nature report showed, for example, that cocoa production depends strongly on pollinators. If these disappear, it affects harvests, prices and financial returns.

TRANSPATH identifies three important changes. First, financial decisions should take into account that the economy depends on nature. Second, governments and regulators should not only fix problems in markets, but also guide investments towards sustainable activities. Third, companies should look beyond short-term profit and also create value for society and future generations.

The second point is especially important. Many financial institutions now try to reduce risks by spreading their investments. This may protect one company, but it does not solve the problem itself. Harmful activities continue elsewhere. Real change requires clear rules and policies that steer money towards better alternatives.

The third point is about responsibility. When companies focus only on shareholders, others often carry the costs. A more sustainable financial system means taking responsibility and creating value for people, society and the environment.

TRANSPATH also shows that knowledge does not automatically lead to action. “Mapping risks and impacts does not automatically change behaviour,” says Jeanne Nel. This means that we also need to look at rules, habits and incentives that influence decisions.

The project connects big ambitions, such as a nature-positive economy, to practical solutions. It studies how policies and incentives can make sustainable choices easier and more normal.

This becomes clear in food systems. Agriculture depends on nature for soil quality, water and pollination. Research from TRANSPATH shows that farming methods that support biodiversity are not just good for the environment, but also for long-term economic stability. Examples include wider crop rotation and green manuring, which improve soil health and reduce risks.

By combining research with real-world examples, TRANSPATH shows that finance can change. It can move from a system that only measures damage to one that helps restore nature. In this way, the project helps shift the focus from short-term gains to long-term value, for both society and the planet.

Wageningen University & Research brings together knowledge about nature, society and the economy. By combining these different perspectives, researchers can better understand complex problems and develop practical solutions that support real change.

TRANSPATH (2022-2026) brings together economists, governance scholars and natural scientists from Wageningen University & Research, working closely with policymakers, financial institutions and civil society. Funded by the European Union’s Horizon Europe programme (under grant agreement No 101081984), the project is a collaboration between Wageningen University & Research, Helmholtz Centre for Environmental Research, CATIE, University of Ghana, Université de Genève, UCL, World Resources Institute, Pensoft, Sustainabilogy and the Dutch Ministry of Infrastructure and Water Management.

Read the article

Dingkuhn, P., Nel, J. L., Schoenmaker, D., & Alpizar, F. (2026). Pathways toward a nature-positive financial system. Cell Reports Sustainability. https://doi.org/10.1016/j.crsus.2025.100629