Second, the authors surface a new concept of Global Systemically Important Natural Systems (G-SINS)<\/strong>, analogous to the Global Systemically Important Banks (G-SIBs). Like G-SIBs, G-SINS are, in effect, ‘too big (or too important) to fail’ – science tells us that their degradation could pose systemic risks to the whole global economy due to their size, interconnectedness, non-substitutability and the criticality of dependencies upon them. At a global scale, tropical forests, for example, store vast quantities of carbon and drive regional water cycles. Recent global price shocks demonstrate how disruptions to critical systems cascade rapidly. The purpose of the SINS framework is not to replicate the G-SIB framework, but to borrow its central insight: that some assets are sufficiently important to system stability that their degradation warrants enhanced monitoring, governance and risk management. The paper explores how this concept could apply at a global scale or be implemented nationally, for example in the form of domestic (D)-SINS, and discusses how such SINS could be identified, building upon several sources of foundational literature.<\/li>\n<\/ul>\n\n\n\nThe paper aims to explore options and prompt discussion. It does not propose new institutions or legal mandates; rather, it explores pathways through which existing institutions could embed the macroeconomic and financial significance of critical natural systems. It emphasises that frameworks must be consistent with Indigenous rights, local stewardship, equitable benefit-sharing and internationally recognised principles of governance. <\/p>\n\n","protected":false},"excerpt":{"rendered":"\n
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