Natural Capital

Natural capital refers to the stock of natural resources and ecosystems that sustain economic activity and human well-being. It includes assets such as forests, water, soil, biodiversity, oceans, and the atmosphere, as well as the ecosystem services they provide: climate regulation, pollination, soil fertility, and water purification.

From a business perspective, natural capital is not just an environmental concept, but a strategic factor. Organisations depend directly or indirectly on these resources to operate, produce, and grow. When natural capital is degraded, operational, regulatory, and financial risks increase.

Regulatory framework and related standards

Natural capital is gaining importance within corporate sustainability and reporting frameworks, particularly under the Corporate Sustainability Reporting Directive (CSRD) and the ESRS standards, which require companies to disclose impacts, risks, and dependencies related to biodiversity, water, and natural resources.

At the international level, initiatives such as the Taskforce on Nature-related Financial Disclosures (TNFD) provide guidance to identify and manage nature-related financial risks.

Why is it relevant for companies?

Natural capital directly affects:

• Operational continuity (availability of water and raw materials).
• Environmental regulatory compliance.
• Exposure to physical and transition risks.
• Reputation and relationships with investors and stakeholders.

Integrating natural capital into corporate strategy involves measuring dependencies and impacts, setting reduction or restoration targets, and linking these indicators to ESG reporting.

Natural capital as a competitive advantage

Companies that proactively manage their relationship with nature not only reduce risks but also unlock opportunities: resource efficiency, circular innovation, and access to sustainable finance.

In a context of increasing regulatory requirements and investor pressure, natural capital shifts from being an externality to becoming a strategic management variable.