Translating nature into risk: preliminary insights and further questions

Abstract

Nature risks are a central challenge for companies and society (Dasgupta, 2021; TNFD, 2024; World Economic Forum, 2025), and a compelling area of study for scholars interested in measurement, the construction of “risk objects” (Hilgartner, 1992) and their translation into risk management action (Hardy et al., 2020). As the (fictional) vignette shows, it is difficult, often impossible, to capture the full set of trade‑offs arising from well‑intentioned decisions. What is at stake is sound data sources and measures, as well as clarity about values‑based judgment on which risks, and how much risk, companies are willing to take. This report presents preliminary findings from a study funded by the LSE Global School of Sustainability (webpage). The report explores these themes and how data availability, measurement and risk considerations can construct new objects of concern—even something as complex and multifaceted as nature—and make them amenable to management