Advisory Panel
Each year 40 leading organizations are invited to join the Coalition’s Advisory Panel.
The Advisory Panel provides input and guidance that feeds into the Coalition’s strategic development. They lead and advocate for a capitals approach in their sectors and develop and lead collaborative projects on behalf of the Coalition.

ABN AMRO
ABN AMRO

Accounting For Sustainability
Accounting For Sustainability

Anthesis
Anthesis

Business For Nature
Business For Nature

Centre for Responsible Business
Centre for Responsible Business

eftec
eftec
eftec have been part of the technical author team of the Natural Capital Protocol, and work on natural capital for businesses, governments and civil society, at local, national and international levels. eftec are offering a 2-day training course that will provide an overview of the Protocol, with an emphasis on its materiality assessment, measurement and valuation steps. This training is designed for business personnel looking to apply and commission natural capital assessments within their business.
eftec provides economic analysis for sound, effective and sustainable environmental management. Since 1992, we have been assisting our public, private and non-governmental clients to:
- Understand the value of the natural environment: By using economic valuation techniques for primary research, and interpreting already existing evidence using value transfer.
- Demonstrate the value of the natural environment: By applying decision-support tools like cost benefit and cost effectiveness analyses, stakeholder engagement, multi-criteria analysis.
- Capture the value of the natural environment: By designing policies and investment strategies that involve offsets, habitat banking, green taxes and voluntary agreements to sustainably generate income and reduce environmental damage.

ERM
ERM
Many businesses across the world are reliant on increasingly scarce natural resources within their value chains. As a result, including environmental (i.e. natural capital) impacts and dependencies in decision making is critical to ongoing business success. ERM has been involved in collaborative efforts to develop tools and frameworks for measuring and valuing natural capital impacts, including being part of the consortium that developed the Natural Capital Protocol. Our global reach and vast experience can help companies on all of the business applications and apply valuations to those corporate value chain components highlighted in the Protocol. For example:
- We work with clients in over 120 countries to address biodiversity and ecosystem services-related projects .
- We work with clients to develop strategic approaches to a lower carbon. Our unique combination of specialists are working together to address a broad array of technical and non-technical risks in climate resilience, air quality, energy efficiency, carbon management and climate finance
- We support effective planning and execution of capital projects to manage the impacts on local stakeholders and environmental and cultural resources
- We develop and implement integrated tiered approaches to assessing and managing our client’s global and local exposure to water risks across all of their assets.
- We build customized decision support tools that have helped Fortune 500 companies and others value, monetize and prioritize natural capital impacts for land management, capital budgeting, environmental liability management.

European Business & Biodiversity Platform
European Business & Biodiversity Platform
The EU Business and Biodiversity (B@B) platform is an initiative by the European Commission to facilitate a greater engagement of private businesses to address the impact and dependencies of business on nature by accounting for the ecosystem services a business depends upon to operate and for the cost of direct and indirect impacts on the environment.
The platform shall work with business to further develop approaches such as guidelines, methodologies or tools (e.g. indicators or ecosystem-based approaches) that will promote the integration of biodiversity considerations into Business practice. In particular identifying, quantifying and/or valuing dependencies and impacts to inform business decision-making and reporting. The platform work shall support businesses in making better informed decisions — i.e. in terms of reducing business and ecological risks, higher efficiency using natural resources or ecosystem services.
Building on existing initiatives, the dedicated work stream Natural Capital Accounting of the platform has been considering methodologies establishing good practice principles in natural capital accounting in the private sector, with a particular focus on biodiversity and ecosystems. Key deliverables developed by the EL) Business and Biodiversity Platform so far include a business guide on how to select among 11 of the leading approaches on corporate Natural Capital Accounting (NCA). This is complemented by an overview comparing Natural Capital Accounting approaches.
Taking this work forward will require to develop closer synergies with the wider EL) and international work on natural capital accounting such as the Natural Capital Coalition.

European Investment Bank (EIB)
European Investment Bank (EIB)
The European Investment Bank (EIB) applies stringent environmental and social standards, including on the protection of biodiversity and ecosystems, in the operations it finances, and requires all its projects promoters to comply with them. The EIB also includes, wherever quantifiable, environmental externalities, in its economic appraisal of projects. The Bank is also looking into the development of different accounting approaches based on credible methodologies, metrics and data sets with regard to natural capital aspects. Attention is requires in order to integrate a consistent approach across the Bank’s portfolio, as well as to strengthen innovative financing instruments such as the Natural Capital Financing Facility.
By joining the Natural Capital Coalition (NCC), the EIB would like to contribute and be part of this community of practice with respect to protecting and valuing biodiversity and ecosystems. It is in our interest to promote increased coherence on metrics, accounting approaches as well as data sources used for valuation in order to systematically integrate their application in different sectors. In this context, the EIB will actively contribute to the annual NCC Collaboration Day. For example, the Bank would like to bring together practitioners and experts to discuss how to best integrate valuation of biodiversity aspects and ecosystem services into environmental-economic accounting and decision-making.

Green Economy Coalition
Green Economy Coalition

IDEEA Group
IDEEA Group

Institute of Chartered Accountants England and Wales
Institute of Chartered Accountants England and Wales

International Finance Corporation
International Finance Corporation

International Foundation for Valuing Impacts
International Foundation for Valuing Impacts

International Union for Conservation of Nature
International Union for Conservation of Nature

Kering Group
Kering Group

L’Oreal
L’Oreal

Little Blue Research Ltd
Little Blue Research Ltd
Little Blue Research, Ltd. is a company formed by Dr. Stephanie Hime, formally KPMG UK’s lead on Natural Capital and involved in the development of the Protocol, that specializes in supporting companies to understand their environmental and social impacts. We provide support in a number of areas relating to Natural Capital, Ecosystems Services, Social Impact and Commercial Research including:
- Environmental economics support: project scoping, impact and dependency mapping, data and gap analysis, and valuation.
- Social impact support on: understanding and monitoring the impact of different interventions and investments, developing social impact maps, prioritizing and valuing social impacts, designing and reviewing monitoring frameworks.
- General research and sustainability support on: stakeholder engagement, qualitative and quantitative research, valuing initiatives and developing sustainability strategies, conducting risk and opportunity analysis, benchmarking, designing and providing training.
Current clients: Natural Capital Coalition, Cambridge Institute for Sustainability Leadership, Confidential Utilities Provider.

Mazars
Mazars

Metabolic
Metabolic
Metabolic’s mission is to drive systems change within the global economy, focusing specifically on six key transitions: Cities and Regions, Food and Land-Use, Products & Services, Finance, Governance, and Mindset. Our work is underpinned by systems thinking and science-based target setting methodologies – an area that we see further scope for collaboration with the Capitals Coalition. Building on our discussions between the Capitals Coalition and Metabolic teams thus far, we see the following mutual benefits to be gained from joining the Coalition’s collaborative network:
– Potential to identify and scope collaborative projects to work on i.e. further work on linking SBTs and capitals thinking.
– Working on collaborative projects with organizations wanting to embark on a capital journey.
Metabolic’s material assessments/ impact footprint assessments form a good baseline with which to work with other organizations on the capitals’ valuation side.
– Sharing knowledge and case studies relating to on-the-ground work and pilots.
– Potential collaboration on speaking opportunities and presentations
– Connecting and sharing knowledge with other coalition partners

Natura
Natura

Nature Squared
Nature Squared

Novartis International AG
Novartis International AG
Novartis had committed to be a pilot participant of the Natural Capital Protocol V0 testing period in 2015/16 and successfully completed the pilot.
We have started to apply practices of valuation of environmental and social capital in 2015. As a basis for environmental impacts we regularly determine the carbon and water footprints and assessed other environmental impacts of Novartis’ own operations and of the global materials supply chain.
The Executive Committee Novartis in 2015 also endorsed the voluntary use of an internal price on carbon of USD100 per ton CO2e. We apply this price in the evaluation of capital projects for GHG emission reduction and more general decision making in view of our climate impacts.

Olam Food Ingredients
Olam Food Ingredients

Pollination
Pollination

Pre-Distribution Initiative
Pre-Distribution Initiative

PwC
PwC
Want natural capital analysis with board level credibility? We can help.
PwC was part of the core team that developed the Natural Capital Protocol. PwC’s environmental valuation methodologies and Kering’s pioneering Environmental Profit & Loss (EP&L) (supported by PwC) were also two of the four proprietary methodologies selected by the Coalition’s Methodological Review Panel to inform the development of the Protocol. Our people have previously been central to other major collaborative efforts on natural capital including The Economics of Ecosystems and Biodiversity (TEEB), the WBCSD’s Guide to Corporate Ecosystem Valuation and the UK government’s Framework for Corporate Natural Capital Accounting.
Our established natural capital team combines the technical expertise of ecologists, engineers and economists, with the commercial insight of finance, operations and strategy consultants to deliver business critical analysis that our clients can rely on.
As you’d expect, our team know how to work with the leading models (they developed some of them), and where to source the best data. But from the start, we’re focused on your business challenge, and finding the right solution with you. If a straight forward discussion with our experts, and some back of the envelope calculations are all you need, then that’s what we’ll offer.
If you’re unsure where to start, our natural capital analytics workshop provides a great practical primer along with some immediate results from one of our desktop analytical tools. For example, our rapid natural capital diagnostic runs on some simple input data from your annual report and can hotspot natural capital risks and opportunities in your operations or supply chain live during the workshop.

S&P Global
S&P Global

Shift
Shift

Social Value International
Social Value International
Our vision is of a world where decision making, ways of working and resource allocation are based on the principles of accounting for value leading to increased equality and well-being and reduced environmental degradation.
Our mission is also closely aligned to the coalitions. We want to change the way society accounts for value through principles, practice, people and power:
Principles: Our principles will lead to the inclusion of social, environmental and economic value in decision making.
People: We will build and support a network of like-minded individuals who want to work with us to put these principles into practice.
Practice: We will develop guidance, tools, and support to help put the principles into practice.
Power: By connecting these individuals and supporting their learning, growth and influence we will build a movement to change the way society accounts for value.

Sustain Value
Sustain Value
Sustain Value is a natural and social capital consultancy firm that helps businesses to identify, value and manage environmental and social impacts and dependencies. We are a network-based consultancy led by James Spurgeon, drawing upon numerous experts around the world. As a result, we offer top international expert advice at affordable prices. James has undertaken well over 200 natural capital assessments over the past 20 years, including for many different business sectors around the world. He was a lead author and technical advisor for the Natural Capital Protocol and undertook the Roche deep dive pilot. He leads the EU Business and Biodiversity natural capital accounting for business workstream and has written numerous business guides on the subject including for WBCSD, IPIECA and A4S. He has also provided training on the topic including teaching environmental economics on a Masters course for four years.
Typical advisory services include undertaking: natural and social capital assessments; development of associated decision-support tools; project/site and strategy assessments; option appraisals; cost-benefit analysis and NPV studies; trade-off analysis; water valuation; environmental and social profit and loss accounts; biodiversity offsets and compensation assessments; net impact assessments; Net Positive; ecosystem services assessments etc.
Training courses range from brief 1 to 2 hour introductions to natural capital accounting for business, through to half day, one day and two day training courses. These are offered either directly by Sustain Value or working with others (e.g. with Eftec). Courses can be tailor-made to sectors or companies and held in-house.

Swiss Re
Swiss Re

Target
Target

True Cost Accounting Accelerator
True Cost Accounting Accelerator

UBS
UBS

UN World Conservation Monitoring Centre
UN World Conservation Monitoring Centre

Value Balancing Alliance
Value Balancing Alliance

Valuing Impact
Valuing Impact
Valuing Impact offers natural and social capital accounting and valuation services. It focuses in particular on methodologies and strategies development to operationalize those metrics into decision making processes of organizations. New approaches to value natural capital using distinct perspectives and linking those results with financial metrics is one of its strength.
This work helps organizations move beyond traditional sustainability activities and identify new business models, revenue streams and finance solutions to manage natural capital. The approach uses social capital accounting, when necessary, together with natural capital in order to get a comprehensive picture of your organization impact, accounting for positive and negative contributions.
Valuing Impact also offers one-day workshops to kick-start your exploration of the natural capital topic and build internal knowledge and capacity. Valuing Impact works with a completely transparent methodology and models to allow you to take ownership of the topic.

World Business Council for Sustainable Development
World Business Council for Sustainable Development
The World Business Council for Sustainable Development (WBCSD) is a CEO-led organization of forward-thinking companies that galvanizes the global business community to create a sustainable future for business, society and the environment.
Our vision for 2050 is a world where all companies measure, value and report their true value, true costs and true profit in decision-making and disclosure. To inform decision-making and ensure meaningful reporting and disclosure, business needs to measure and value its relationship with natural and social capital in a credible and generally-accepted way. This reliable, relevant and fit for purpose information can then be integrated so that in the future, business systematically accounts for natural and social capital, in the same way that it does for financial capital.
Building on 20 years of experience and expertise developing business-led tools and approaches around GHGs, water, ecosystem services, biodiversity, forest management and more, WBCSD worked with many experts to led the development of the Natural Capital Protocol on behalf of the Coalition.
Along with other activities, WBCSD is now leading the development of a Toolkit that aims to complement, and facilitate business uptake of, the Protocol, working with the Coalition as its strategic partner and an Advisory Group that is open to all. The Toolkit will consolidate the wealth of tools, methodologies and approaches available for natural capital measurement and valuation, and map them against the Protocol’s international, standardized framework. It will be an online interactive platform that is constantly updated.

WWF International
WWF International
Ambassadors

Jeremy Nicholls
Assurance Framework Lead for SDG Impact Standards at UNDP
Jeremy Nicholls
Assurance Framework Lead for SDG Impact Standards at UNDP
Jeremy Nicholls is a director and one of the founders of Social Value International, a membership organisation for individuals and organisations supporting principles and standards in accounting for social and environmental value. He works part time with the Impact Management Project, is an ambassador for the Capitals Coalition and a visiting Professor of Social Value at Staffordshire University.
He is also a non-executive director of the FRC Group (a social business based in Liverpool), Keystone Accountability (a non-profit working to improve effectiveness of social purpose organisations) and the Social Investment Business (a social investor). He chairs the British Standards Institute’s Social Value committee and is a member of Accounting for Sustainability’s Expert Panel.
He originally qualified as a chartered accountant, including time as the Finance Director for Tanzania Railways.
“If we are to have a real chance at solving our global challenges – not least climate change and inequality – we urgently need to become more accountable to the people whose lives we affect. The only way to do this is to systemically account for the value that we create and depend on, beyond financial, in our decision making. This is why I am honoured to support and promote the mission of the Capitals Coalition as their Ambassador.”

Kathy Seabrook
CEO, Global Solutions, Inc.
Kathy Seabrook
CEO, Global Solutions, Inc.
Kathy is a futurist and influencer, working with companies across industry sector, who are focused on their people and leveraging the value of workplace safety and health impacts on operational, commercial and safety/health excellence, creating value and sustainable, resilient corporate performance. She is an advisor to the Capitals Coalition, the former chair of the Center for Safety and Health Sustainability, published author on global environmental, safety and health management and sustainability, global leader in ISO 45001, past president and fellow of the American Society of Safety Professionals, fellow of the British Institution of Occupational Safety and Health, member of the GRI 403:2018 Occupational Safety and Health standard project working group and the US National Academy of Science, Gulf Research Program Risk Committee. She holds a BSc in Chemistry and certifications in the US, UK and Europe. She is the founder and CEO of Global Solutions, Inc.
“People are at the core of Capitals thinking. People are the innovators, policy and decision makers. The Capitals Coalition work is groundbreaking, shifting the way in which business value their interdependence with natural, human and social capital, creating true value in all decisions, for all stakeholders. ”

Pavan Sukhdev
CEO, Gist Impact
Pavan Sukhdev
CEO, Gist Impact
Pavan Sukhdev is a scientist by education, an international banker by training, and an environmental economist by passion. Years of work in sustainability and the invisible economics of nature led to his appointment to head the United Nations’ “Green Economy Initiative” and to lead the G8+5 study TEEB (The Economics of Ecosystems and Biodiversity).
In his book ‘Corporation 2020’, he describes four changes in micro-policy and regulation which can rapidly transform today’s corporation to deliver tomorrow’s green and equitable “economy of permanence”. As founder and CEO of GIST, his sustainability consulting firm, Pavan works with asset managers, C-suite executives and senior government officials on transition techniques, with an emphasis on metrics for sustainability. GIST launched two platforms for Corporate Sustainability at Davos 2020, for large corporations and a simpler version for SME’s in partnership with the International Chamber of Commerce.
Pavan is a Goodwill Ambassador for UN Environment, promoting TEEB implementation and Inclusive Green Economy transitions. He has served on the boards of Conservation International (CI), the Global Reporting Initiative (GRI), the Stockholm Resilience Centre (SRC), and on the TEEB Advisory Board. Pavan has won several awards for his work including the Blue Planet Prize (2016) and the Tyler Prize (2020).
“As modern society moves to better appreciate public wealth, and public value that markets don’t price (such as good public health systems and effective climate policies), we find ourselves in a world of many capitals. We realize that we must grow and optimize not just produced/ financial capital, but also natural, human and social capital. The Capitals Coalition was forged as a collaborative crucible for this brave new world.”
The Coalition Team
The Coalition team provide an overview of work within the community, highlight connections, engage in outreach and facilitate expert advice. They act as matchmakers to ensure that different parts of the system are connected to one another, and that leading organizations and experts are working collaboratively to achieve our shared ambition.
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International protocolsBoard
Coalition Board members have demonstrated experience and insight into the challenges and opportunities connected to delivering our ambition
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