"If you can’t measure it, you can’t manage it," a maxim we’ve all heard and many business leaders take for granted, but when it comes to nature and the contribution it makes to our businesses, can we really measure, define or put a price on it?
Whether you agree with the principle or not, the reality is that business is eroding the capital itself, creating significant unmanaged risks in supply chains that threaten the stability of our businesses, and future cash flows. However, if we measure it, we can manage it.That’s why many business leaders are today celebrating a major milestone in the development of a protocol that aims to transform the way business operates - through understanding and incorporating their impacts and dependencies on natural capital.
Following months of development and collaboration, business leaders have released a report that provides their own expert insight into their experience in valuing natural capital, and have also launched a framework that lays out 10 steps that a business can follow to carry out their own natural capital assessment.
Both the report and framework are important steps towards widening corporate engagement and eventual widespread adoption of a global norm for natural capital accounting, and an eventual change in the way all businesses think about and manage their relationship with the environment.
Whether you are a business leader that is just starting out, or you have significant experience in implementing natural capital accounting practices, learn from the experts how valuing natural capital can lower business risk and improve decision making, and explore their 10-step roadmap to do the same in your company.
To read the Report and 10-step framework from the Natural Capital Coalition click here.
To learn more about The B Team’s work on natural capital accounting, read why Kering is leading in the space by open-sourcing their environmental profits and loss (EPL) methodology, hear Pavhan Sukhdev’s reflections on how far the natural capital movement has come and let John Elkington and Jochen Zeitz explain why it is so important for business to focus on tomorrow’s bottom line.