The Network for Greening the Financial System (NGFS) and the International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE) have launched a joint Study Group on ‘Biodiversity and Financial Stability’. The objective is respond to the need identified by central banks and supervisors consisted in extending their focus from climate change to the challenges of addressing the implications of broader nature-related risks and the conservation of nature and biodiversity. Doing this will involve understanding the impact of finance on the provision of key ecosystem services as well as the consequences of biodiversity loss for financial stability. To respond to this emerging agenda, the Study Group will conduct a programme of research and dialogue to address these challenges and propose recommendations for action and further inquiry. The goal of the research initiative is to establish an evidence-based approach to how central banks and supervisory authorities could fulfil their mandates in the context of biodiversity loss, with a focus on land-use and deforestation.