Over half of global gross domestic product is dependent on nature, yet the past decades have seen unprecedented damage to ecosystems and declines in biodiversity due to adverse human activities. Financial institutions (FIs) can play an important role in securing a nature-positive future. Decisions by FIs over capital allocation and risk pricing influence structural shifts in the real economy that have profound impacts on nature. Today, opportunities to align nature and capital in ways that benefit people, nature and FIs are missed because these impacts are not accounted for. Our aim is to contribute the foundational networks, upskilling of researchers and robust, standardised methods and tools needed to integrate biodiversity and nature into financial decision making. Our focus is the scenarios used by FIs to influence risk pricing and investment decisions, alongside the relevant and suitable data and tools needed for scenario analysis, such as asset-level data and tools to assess nature-related financial risks. A further novel aspect of our proposal is the on integrated nature-climate scenarios. Scenarios and analytics for use by FIs must consider biodiversity and climate in an integrated way. Biodiversity and climate are often treated in siloes, driving potential systemic risks. Important interactions and feedbacks are not accounted for, leading to underestimation of risks and critical tipping points. An important innovation in our proposal is to bring together the IPBES, IPCC and FI scenarios communities, leaders of whom are partners to this project, to address this gap. Integrating nature and climate requires new science; our proposal is to develop the networks and co-design and pilot the frameworks to achieve this - i.e. the foundational common framework and language needed to close the gap. This will create the foundation to Phase 2 that will generate the new datasets and toolkits needed. Here we particularly target scenarios and analytics for use by Central Banks and Supervisors (CB&Ss). This is because CB&Ss are important catalysts of wider action by FIs. Supervisory expectations and regulations, e.g. disclosure, capital requirements and stress-testing, set the rules by which FIs operate, while monetary policies shape the playing field, together having a major influence on global capital flows and so nature. In developing this proposal, we have consulted with the leading CB&Ss and policy makers (e.g. Defra, HMT) that are shaping this agenda and leading work on scenarios, all of whom have agreed to join the project as project partners. This includes the European Central Bank, the Banque de France, De Nederlandsche Bank, the Network of Central Banks and Supervisors (CB&Ss) for Greening the Financial System (NGFS), and the Task Force on Nature-Related Financial Disclosures (TNFD). Phase 1 of the project will deliver several important building blocks. Firstly, it will establish and operationalise the multi-disciplinary nature-climate-finance network. Secondly, it will co-develop the framework and guidance to generate the nature-climate scenarios and analytics, alongside syntheses of evidence and gap analyses. Finally, it will deliver a demonstrator application to a CB&S use case in stress testing nature-related risks. We will capture lessons learnt through this project to inform Phase 2, as well as share them to inform the development of the wider NERC Nature Positive Futures (NPF) programme. Our goal is that the network and the analytical framework developed will ultimately catalyse shifts in financial flows that reduce systemic risks and are aligned with a nature-positive future. Through consultations, we have understood the key milestones and actors to achieve this and shaped the project accordingly. We will work closely with our project partners, and link to UKCGFI, to ensure our outputs feed into the key processes, as well as collaborate with and support the wider NPF programme goals.

With increasing recognition of the importance of insects, there are growing concerns that insect biodiversity has declined globally, with serious consequences for ecosystem function and services. Yet, gaps in knowledge limit progress in understanding the magnitude and direction of change. Information about insect trends is fragmented, and time-series data are restricted and unrepresentative, both taxonomically and spatially. Moreover, causal links between insect trends and anthropogenic pressures are not well-established. It is, therefore, difficult to evaluate stories about "insectageddon", to understand the ecosystem consequences, to devise mitigation strategies, or predict future trends. To address the shortfalls, we will bring together diverse sources of information, such as meta-analyses, correlative relationships and expert judgement. GLiTRS will collate these diverse lines of evidence on how insect biodiversity has changed in response to anthropogenic pressures, how responses vary according to functional traits, over space, and across biodiversity metrics (e.g. species abundance, occupancy, richness and biomass), and how insect trends drive further changes (e.g. mediated by interaction networks). We will integrate these lines of evidence into a Threat-Response model describing trends in insect biodiversity across the globe. The model will be represented in the form of a series of probabilistic statements (a Bayesian belief network) describing relationships between insect biodiversity and anthropogenic pressures. By challenging this "Threat-Response model" to predict trends for taxa and places where high-quality time series data exist, we will identify insect groups and regions for which indirect data sources are a) sufficient for predicting recent trends, b) inadequate, or c) too uncertain. Knowledge about the predictability of threat-response relationships will allow projections - with uncertainty estimates - of how insect biodiversity has changed globally, across all major taxa, functional groups and biomes. This global perspective on recent trends will provide the basis for an exploration of the consequences of insect decline for a range of ecosystem functions and services, as well as how biodiversity and ecosystem properties might be affected by plausible scenarios of future environmental change. GLiTRS is an ambitious and innovative research program: two features are particularly ground-breaking. First, the collation of multiple forms of evidence will permit a truly global perspective on insect declines that is unachievable using conventional approaches. Second, by validating "prior knowledge" (from evidence synthesis) with recent trends, we will assess the degree to which insect declines are predictable, and at what scales.