Advancing the natural capital agenda 3 The global community has an opportunity to accelerate efforts to mainstream natural capital in decision- making. This report proposes five workstreams to advance the agenda. The momentum of existing efforts provides a strong platform to solve challenges in mainstreaming natural capital. The World Economic Forum invites the input and collaboration of natural capital practitioners, governments at all levels, academics, standards bodies, the private sector, international organizations, civil society, Indigenous leaders and innovators to solve the challenges identified in Chapter 2. To facilitate meaningful dialogue and develop feasible solutions to mainstream natural capital across the global economy, this report proposes five workstreams to advance the agenda:1. Embedding natural capital approaches in the public sector. 2. Boosting data, science, analytics and capacity building. 3. Integrating natural capital into financial accounting. 4. Empowering traditional finance and markets to price in the full value of nature. 5. Redefining social and cultural values for systems change. Where markets fail to incentivize better decisions for natural capital, regulators must play a critical role. Thoughtful, well-designed policies can incentivize action. Solutions are needed in at least four areas: mandates, economic indicators, regulation and subsidies. Mandates Governments can mandate natural capital accounting, with targets connected to policies like NBSAPs and growth projections, building on Target 14 of the GBF.54 They could also action Target 15, which requires them to ensure large multinationals report their impacts and dependencies on nature. This could start with organizations in exposed sectors (e.g. agriculture, energy, mining) keeping natural capital accounts and being rewarded or penalized based on environmental performance. Encouragingly, businesses are calling for such mandates. Target 15 was added to the GBF at the request of Make it Mandatory – a coalition of 400+ businesses and financial institutions.55 Harmonizing available standards and disclosures (e.g. TNFD, International Sustainability Standards Board – ISSB) would provide a platform to embed natural capital approaches. 3.1 Embedding natural capital approaches in the public sector Mainstreaming Natural Capital: Advancing the Global Agenda to Integrate Nature in Decision-Making 13

Mainstreaming Natural Capital 2025