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European SMEs' exposure to ecosystems and natural hazards: a first exploration

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Abstract

Nature-related financial risks have emerged as critical concerns for policymakers and financial actors. Central to this issue are ecosystem services, which play an integral role in various production processes but may be interrupted due to nature degradation. This article delves into the vulnerability of European SMEs by combining firm-level exposures to ecosystem service dependencies with regional information on the relative abundance of ecosystem services provisioning and the risk of natural hazards. Focusing on long-term debt positions to gauge financial stability implications, the results reveal moderate nature risks for European SMEs at the current stance but also highlight a possible concentration of risks and a need to further refine the use of available indicators.

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  • Fatica, Serena & Grammatikopoulou, Ionna & Hirschbuehl, Dominik & La Notte, Alessandra & Pisani, Domenico, 2024. "European SMEs' exposure to ecosystems and natural hazards: a first exploration," Working Papers 2024-03, Joint Research Centre, European Commission.
    • Handle: RePEc:jrs:wpaper:202403
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    File URL: https://publications.jrc.ec.europa.eu/repository/handle/JRC136901
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    1. FATICA Serena & OLIVIERO Tommaso & RANCAN Michela, 2022. "On the determinants of corporate default in the EU-27: Evidence from a large sample of companies," JRC Research Reports JRC131613, Joint Research Centre.
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      Keywords

      ecosystem services; natural capital; nature degradation; physical risks; environmental risks; ENCORE; risk management; SMEs;
      All these keywords.

      JEL classification:

      • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
      • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
      • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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