Today, the World Business Council for Sustainable Development (WBCSD), in collaboration with Valuing Nature, is launching “Corporate natural capital accounting – from building blocks to a path for standardization”, as a contribution to the EU Life funded Transparent project.
In order to realize the ambition of a sustainable financial system and economy we must understand how business impacts and depends upon nature and value natural capital in our decision making. This report provides an overview of corporate natural capital accounting resources and applications and identifies best practices, challenges and standardization opportunities.
The report is the first output of the Transparent project, a collaboration between the Capitals Coalition, Value Balancing Alliance and WBCSD, which is developing a methodology promoting standardized natural capital accounting for business.
The report analyzes some of the leading natural capital accounting practitioners from businesses to help identify potential gaps and development opportunities.
The mapping shows a dynamic field supporting the development and deployment of natural capital accounting in the private sector, but standardization is still needed.
We invite all businesses to assess how they are accounting for their impacts and dependencies on nature, and to input in to forthcoming consultations seeking to advance approaches and methods.