Mainstreaming Natural Capital 2025

Endnotes 1. Capitals Coalition. (2021). Natural Capital Protocol. https://capitalscoalition.org/capitals-approach/natural-capital- protocol/?fwp_filter_tabs=guide_supplement. 2. Taskforce on Nature-related Financial Disclosures. (2023). Recommendations of the Taskforce on Nature-related Financial Disclosures. https://tnfd.global/wp-content/uploads/2023/08/Recommendations_of_the_Taskforce_on_Nature-related_ Financial_Disclosures_September_2023.pdf?v=1695118661. 3. Kohli. S. (2022). Why we should price environmental externalities. Sustainability Conversations. https://accesspartnership. com/why-we-should-price-environmental-externalities/. 4. S&P Global Sustainable1. (2024). Unpriced Environmental Costs: The Top Externalities of the Global Market. https://www.spglobal.com/esg/insights/blog/unpriced-environmental-costs-the-top-externalities-of-the-global-market. 5. Sources: – Capitals Coalition. (2021). Natural Capital Protocol. https://capitalscoalition.org/capitals-approach/natural-capital- protocol/?fwp_filter_tabs=guide_supplement. – Zheng, H. et al. (2023). Gross ecosystem product (GEP): Quantifying nature for environmental and economic policy innovation. Ecological Civilization, Volume 52, pages 1952-1967. https://link.springer.com/article/10.1007/s13280-023- 01948-8#Sec80. 6. Vanham, P . (2021). A brief history of GDP - and what could come next. World Economic Forum. https://www.weforum. org/agenda/2021/12/stakeholder-capitalism-episode-1-a-brief-history-of-gdp/. 7. Stockholm Resilience Centre. (2016). The trajectory of the Anthropocene: The Great Acceleration. https://www.stockholmresilience.org/publications/publications/2016-04-18-the-trajectory-of-the-anthropocene-the-great- acceleration.html. 8. World Bank. (2024). The Changing Wealth of Nations: Revisiting the Measurement of Comprehensive Wealth. https://documents1.worldbank.org/curated/en/099100824155099751/pdf/P178446-c8271985-738f-49a7-9a96- a3b1d66a002c.pdf. 9. In a similar analysis, Professor Dasgupta estimated that, in just two decades from 1992 to 2014, the stock of natural capital per person globally declined by nearly 40%, while produced capital per person doubled and human capital per person increased by 13%: Dasgupta, P . (2021). The Economics of Biodiversity: The Dasgupta Review. HM Treasury. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/962785/The_ Economics_of_Biodiversity_The_Dasgupta_Review_Full_Report.pdf. 10. United Nations Environment Programme. (2023). State of Finance for Nature 2023. https://www.unep.org/resources/ state-finance-nature-2023. 11. World Economic Forum. (2019). Nature Risk Rising: Why the Crisis Engulfing Nature Matters for Business and the Economy. https://www.weforum.org/publications/nature-risk-rising-why-the-crisis-engulfing-nature-matters-for-business- and-the-economy/. 12. World Economic Forum and AlphaBeta. (2020). Methodological note to the New Nature Economy Report II: The Future of Nature and Business. https://cdn.accesspartnership.com/wp-content/uploads/2023/01/200715-nner-ii-methodology- note_final.pdf. 13. UN Children’s Fund (UNICEF). (2024). Water scarcity. https://www.unicef.org/wash/water-scarcity. 14. Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES). (2019). How did IPBES Estimate ‘1 Million Species At Risk of Extinction’ in #GlobalAssessment Report. https://www.ipbes.net/news/how-did- ipbes-estimate-1-million-species-risk-extinction-globalassessment-report. 15. Dasgupta, P . (2021). The Economics of Biodiversity: The Dasgupta Review. HM Treasury. https://assets.publishing. service.gov.uk/government/uploads/system/uploads/attachment_data/file/962785/The_Economics_of_Biodiversity_The_ Dasgupta_Review_Full_Report.pdf. 16. Capitals Coalition. (2021). Natural Capital Protocol. https://capitalscoalition.org/capitals-approach/natural-capital- protocol/?fwp_filter_tabs=guide_supplement. 17. United Nations. (2024). System of Environmental-Economic Accounting (SEEA). https://seea.un.org/. 18. Sources: – UN-SEEA. (2023). Findings from the 2023 Global Assessment of Environmental-Economic Accounting. https://seea. un.org/news/findings-2023-global-assessment-environmental-economic-accounting. – UN-SEEA. (2024). 2024 Global Assessment of Environmental-Economic Accounting. https://seea.un.org/ content/2024-global-assessment. 19. World Bank. (2024). Wealth Accounting and the Valuation of Ecosystem Services. https://www.wavespartnership.org/. 20. World Bank. (2024). Global Program on Sustainability. https://www.worldbank.org/en/programs/global-program-on- sustainability. Mainstreaming Natural Capital: Advancing the Global Agenda to Integrate Nature in Decision-Making 19