Investor Influence Is Often Limited Biodiversity loss is a systemic phenomenon, which creates challenges for integration in investment strategies. Despite rising investor interest in biodiversity risks, opportunities for investors to influence biodiversity outcomes are often more limited than for other environmental risks. This is due to the dominance of private companies within soft commodity supply chains, limited exposure to these companies or sovereign debt among asset owners as well as the ethical problem of engaging sovereigns on policy issues. Many emerging markets entered the Covid-19 crisis with heavy debt burdens that were exacerbated by economic downturns. In many cases, this debt is denominated in foreign currency and soft commodity exports are important to the balance of payments in biodiverse emerging markets.