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1、Investing in Natural Capital:Innovations Supporting Much-Needed Financing for NatureI N S I G H T R E P O R TS E P T E M B E R 2 0 2 4ContentsImages:UpLink Top Innovators,World Economic Forum,Getty Images 2024 World Economic Forum.All rights reserved.No part of this publication may be reproduced or

2、transmitted in any form or by any means,including photocopying and recording,or by any information storage and retrieval system.Disclaimer This document is published by the World Economic Forum as a contribution to a project,insight area or interaction.The findings,interpretations and conclusions ex

3、pressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum,nor the entirety of its Members,Partners or other stakeholders.ForewordsExecutive summary1 Understanding na

4、tural capital2 Unlocking finance for natural capital2.1 Technological advances2.2 Financing instruments2.3 Business models2.4 New investors3 Spotlighting innovations in natural capitalCase study 1 Nature data aggregationCase study 2 Marine restoration assetsCase study 3 Grassroots accelerators for n

5、ature enterprisesCase study 4 Venture building for natureCase study 5 Investment-readiness support plus capitalCase study 6 Nature asset companies(NACs)Case study 7 Replenishing the forest microbiomeCase study 8 Nature credits for smallholdersCase study 9 Scaling tech-enabled agroforestryConclusionC

6、ontributorsEndnotes368111314151619202122232425262728293031Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature2ForewordsMaintaining the balance of nature and respecting the scientifically defined safe limits is essential for preserving Earths vital systems and sustain

7、ing humanity.The scientific community has established a clear link between nature and biodiversity loss,climate change and decline in human well-being.The interdependences span multiple systems,from agriculture and water to air quality;if not carefully managed,they will continue to have a significan

8、t impact on human health,food security and social stability as well as on biodiversity and nature.This is highlighted by the work of the Potsdam Institute of Climate Impact Research,which introduced the concept of planetary boundaries and tipping points.1Scientists have assessed all of the boundarie

9、s and discovered that six of the nine boundaries have been crossed.The impacts are far-ranging,including water scarcity as precipitation patterns change,flooding as natural barriers are removed,soil degradation leading to lower crop yields,loss of pollinators or natural pest control and species depl

10、etion and the list goes on.Weather events have become notably more extreme,with significant economic costs and lives lost.Monetary estimates vary but the consensus is that nature loss is costing trillions of dollars per year.In Europe alone it is estimated to cost 3%of GDP(450 million)per year.The w

11、orlds natural assets include land,soil,air,water and all living organisms.These assets provide ecosystem services that are essential for human survival and economic activity,such as the provision of clean water,fresh air and fertile soil.Natural capital refers to these assets and the services they p

12、rovide.The World Economic Forum estimates that paying for the use of natural capital,and protecting nature and biodiversity,could generate$10 trillion annually and 400 million jobs in the future.2 The challenge today is that these assets and services are rarely assigned a monetary value in the marke

13、t.The fact that natural capital is not priced means that their contribution to the economy and well-being is often overlooked or undervalued,and their depletion or degradation is not being accounted for in economic decisions.Examples include the climate regulation provided by forests or the pollinat

14、ion services provided by bees.Market innovations are needed to ensure that these services start to be priced in accordingly and businesses are incentivized to act to support nature restoration and protection.These can take many forms from carbon and bio-credits to requirements in permitting processe

15、s,for example requiring new solutions and innovations to make this a reality.Ensuring that the loss is halted and reversed is not just an ethical imperative but a practical necessity.It underpins the health of our planet and the well-being of current and future generations.Innovation and research ar

16、e essential to accelerate investments in nature,driving the scientific discovery of natural systems while developing sustainable technologies and solutions that enable scaling and impact.Technology and innovation are critical advances in remote sensing,artificial intelligence(AI),environmental DNA(e

17、DNA)sampling,and bioacoustics and blockchain technologies are revolutionizing environmental monitoring and management.For example,satellite imagery and drones provide real-time data on deforestation,illegal mining and water quality,allowing for timely interventions.AI algorithms can analyse complex

18、ecological data to predict environmental changes and optimize conservation strategies.Blockchain technology can enhance transparency and traceability in supply chains,ensuring that products are sourced sustainably.These innovations not only help preserve natural capital but also create new investmen

19、t opportunities in related technologies and provide the basis to measure improvements.Mercuria is bringing its extensive markets,financial acumen and nature-based solutions and experience to drive innovation and investment in nature restoration and protection.Marco Dunand Chief Executive Officer,Mer

20、curia,SwitzerlandInvesting in Natural Capital:Innovations Supporting Much-Needed Financing for Nature3Silvania,our nature investment platform,is investing an initial$500 million to restore and protect nature across the globe.This platform combines cutting-edge science,innovation and business solutio

21、ns to scale ecological protection and restoration,benefitting biodiversity and local workforces,while delivering sustainable financial returns.The work done by UpLink,the World Economic Forums open innovation platform,to channel private finance into Top Innovators,spotlighting opportunities and rais

22、ing awareness about successful and innovative ventures,will undoubtedly encourage others to invest more into natural capital.Furthermore,showcasing the role of technology and innovation in enhancing sustainability can attract tech investors and entrepreneurs to the green economy.By amplifying these

23、success stories,we can build momentum,attract more stakeholders,and accelerate the transition towards a sustainable and resilient future.Biodiversity loss is accelerating at an alarming rate.Species populations have declined by 69%since 1970,with the most significant losses in Latin America and Afri

24、ca.3 More than 420 million hectares of forests have been lost in the past 30 years an area nearly half the size of Canadas entire land mass.4 Furthermore,ocean heating,pollution,aridification and species loss are on the rise,with 90%of marine species at risk of extinction by 2100 if greenhouse gas(G

25、HG)emissions continue to increase.5 These declines disrupt ecosystems,threaten human health,accelerate climate change and undermine the global economy.Addressing the biodiversity crisis,marked by a$711 billion annual financing gap,is crucial for reversing ecosystem decline and fostering a sustainabl

26、e economy.6 Innovative solutions are essential to preserve biodiversity and protect natural landscapes.The World Economic Forum,as the international organization for publicprivate collaboration,is committed to protecting,restoring and regenerating our global commons to ensure a resilient society and

27、 economy.Through our Centre for Nature and Climate,we coordinate significant multistakeholder engagement to unlock greater finance for nature,with three focus areas:(1)mainstreaming natural capital in decision-making;(2)supporting the finance sectors transition to become nature-positive;and(3)champi

28、oning innovative approaches to finance nature.This report brings together insights in each of these areas to provide a clear message:investing in natural capital is essential,attractive and feasible.Economic growth today is at odds with the health of our natural world,which in turn underpins our soc

29、ioeconomic well-being.Reversing our impact on natural capital and enhancing its value for future generations will be critical to our survival.In this report,we aim to showcase new ways in which technology,people and new business models are making this possible and unlocking greater finance for natur

30、e.This report has been written as a collaboration between the Nature Positive pillar of the Forums Centre for Nature and Climate and UpLink,the Forums open innovation platform.The Nature Positive pillar spearheads a multisectoral movement headed by the World Economic Forum,driving economic action to

31、 halt biodiversity loss by 2030 and enable humans to live in harmony with nature by 2050 the mission at the heart of the KunmingMontreal Global Biodiversity Framework.7 Through this work,the Forum is leading business and policy transformation for a nature-positive world by building the knowledge bas

32、e to make a compelling economic and business case for safeguarding nature(across marine and terrestrial ecosystems),inspiring leadership to achieve nature-positive transitions in industry sectors,identifying solutions for scale in priority socioeconomic systems and unlocking financial resources thro

33、ugh innovative mechanisms.Nicole Schwab Co-Head,Nature Positive Pillar;Member of the Executive Committee,World Economic Forum,SwitzerlandJohn Dutton Head of UpLink;Member of the Executive Committee,World Economic Forum,SwitzerlandInvesting in Natural Capital:Innovations Supporting Much-Needed Financ

34、ing for Nature4The Forums work in financing for nature,including the Natural Capital Initiative,the Biodiversity Credits Initiative,1000 Ocean Startups and 1 Trillion Trees Initiative(1t.org),has contributed to this report.Under the Forums Nature Positive pillar sits 1t.org a platform for the trilli

35、on trees community,part of the World Economic Forums efforts to accelerate nature-based solutions and set up to support the United Nations Decade on Ecosystem Restoration.1t.org aims to conserve,restore and grow 1 trillion trees by 2030,for people,biodiversity and planet,and to mobilize greater publ

36、icprivate ambition to maintain and restore Earths most precious ecosystems.UpLinks technology-driven platform surfaces early-stage entrepreneurs and creates an innovation environment in which to drive positive systemic change for people and planet.The Forums UpLink Innovation Ecosystem accelerates p

37、rogress on the United Nations Sustainable Development Goals(SDGs)by bringing together innovators,investors,experts and partner organizations.For each of our Innovation Challenges,we select a group of winners who are then invited to join the ecosystem,which today includes more than 450 Top Innovators

38、,80 Top Investors and 400 ecosystem partners.In collaboration with Mercuria,1t.org and UpLink have been supporting the growth and scale of high-impact entrepreneurs addressing biodiversity loss.Since 2020,UpLink and 1t.org have run 17 Innovation Challenges,sourcing more than 1,500 applications and e

39、ngaging with a community of over 200“ecopreneurs”.These ecopreneurs are businesses that put the environment at the core of their business model and are working on novel solutions to address nature and biodiversity loss.Thanks to its collaboration with Mercuria,in March 2024,UpLink and 1t.org launche

40、d the Biodiversity Challenge,which has selected 17 Top Innovators with leading solutions,from gamification of nature conservation to grassroots business incubators,who will receive support in scaling their ventures and deepening their impact.Some of the case studies featured in this report draw on t

41、his community.The publication of this report is another important step in the continued collaboration between the World Economic Forums Nature Positive pillar and UpLink.The report aims to provide a framework for evaluating how innovation can mobilize more investment for natural capital,shedding lig

42、ht on examples from across the globe of where such innovation has taken place,as well as examining what it will take to scale their business and investment models.Ultimately,we intend this report to showcase what is possible and what is still needed for natural capital to be mainstreamed in our econ

43、omies and society.We hope you will join us in this transformation of natural capital investing,which can lead us to live in a more harmonious and prosperous world.Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature5Executive summaryInvesting in natural capital is ess

44、ential,attractive and feasible.Natural capital underpins all socioeconomic activities,but it is insufficiently valued today.Natural capital the worlds stock of natural resources provides a range of critical benefits to humanity,from food and timber to climate regulation and cultural value.More than

45、half of global GDP is moderately or highly dependent on nature.Despite this,the economic models that underpin business and society do not systematically account for the value of nature,creating perverse incentives to destroy natural capital at the cost of economic growth.Goods that can be extracted

46、and traded crops,fuels,minerals are priced and invested in,but critical ecosystem services such as water filtration,pollination,protection from extreme weather events and air-quality regulation are not.It is therefore unsurprising that natural capital is declining at unprecedented rates.Natural capi

47、tal per capita dropped by 40%in 19922014,while produced capital doubled in the same period.8 Meanwhile,most private and institutional investors remain disincentivized from investing in nature,citing concerns about financial returns and unproven business models.The burden of providing nature finance

48、is largely left to public and philanthropic investors,despite nature-negative financial flows from the private sector being nearly three times as large as those from the public sector.Furthermore,nature-negative flows from the public and private sectors are nearly 35 times those of nature-based solu

49、tions investments.9 This scenario of“investment-as-usual”is no longer feasible,and there is a need to redirect financial resources to invest in natural capital rather than at the cost of natural capital.Encouragingly,innovations throughout the investing value chain are providing new incentives for p

50、rivate investors to invest in nature.Both the public and private sectors are rethinking how they engage with nature,moving from extractive to regenerative approaches,underpinned by a deeper understanding of the risks associated with business-as-usual.This is giving rise to new opportunities for a br

51、oader spectrum of private investors along the value chain of nature investing,from strengthening ecological evidence to making concerted efforts in market development;and from creating new tools for capital allocation through to developing projects and models with positive outcomes for nature,as wel

52、l as better monitoring,reporting and verification(MRV)technologies.This report identifies innovations in four areas that are creating such opportunities:Technological advances:The convergence of emerging technologies and their application in nature monitoring is creating a vibrant“nature tech”ecosys

53、tem with new investment opportunities in start-ups around the world.These include applications of technologies such as internet of things(IoT)sensors,satellite imagery,drones,environmental DNA(eDNA)sampling and artificial intelligence(AI)-based analysis of data.Better monitoring helps generate more

54、comprehensive and granular ecological evidence to invest in nature and enable better evaluation of project implementation.Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature6 Financial instruments:New finance instruments that create markets to enhance a broad range o

55、f ecosystem services beyond traded goods are increasingly appealing to a broad range of investors,asset managers and corporates.These include new forms of venture building for nature,an emerging market for biodiversity credits,and new concepts such as nature asset companies(NACs).Business models:The

56、 World Economic Forum has previously identified more than 60 business models in a nature-positive economy that could be worth$10.1 trillion in 2030,including regenerative agriculture,ecotourism,mine rehabilitation,payments for ecosystem services,natural water supply and more.10 Many of these busines

57、s models have achieved commercial scale,provide local communities with clear incentives to shift from business-as-usual models and are creating new opportunities for investors.New investors:A combination of new technologies,financial instruments and business models has attracted new investors to the

58、 nature-investing value chain.This includes investor groups across the spectrum of capital with different mandates,including traditional asset managers,institutional investors,venture capital(VC)funds,impact investors,venture philanthropists and private-sector businesses.New nature funds are pluggin

59、g a critical gap by highlighting new ideas and engaging collaboratively a departure from the zero-sum investing of the past.Ultimately,these innovations cannot,and will not,take place in a vacuum an innovation ecosystem is needed to strengthen and scale their impact.Greater multistakeholder collabor

60、ation is needed in a variety of areas the benefits of new technologies need to be distributed equitably,natural capital markets require more robust supporting infrastructure,novel business models need patience and expertise to scale,and investors need greater support to understand and develop new in

61、vestment models for natural capital.This collaboration will be essential to mainstream nature in financial systems,and indeed in the global economy.Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature7Understanding natural capital1Natural capital is the worlds stock o

62、f renewable and non-renewable natural resources that combine to yield a flow of benefits to people.Natural capital is critical to human well-being and socioeconomic progress.The term“natural capital”derives from ecological science;it refers to the worlds stock of natural resources,both renewable and

63、 non-renewable,that yield a flow of benefits to humanity.The Natural Capital Protocol sets out concepts foundational to understanding natural capital and its benefits,outlined in Figure 1.11 The benefits of natural capital are conceptually similar to“natures contributions to people”(NCPs)identified

64、by the Intergovernmental Panel on Biodiversity and Ecosystem Services(IPBES).12 The value that nature provides is indispensable to human well-being and socioeconomic progress indeed,half of global GDP is moderately or highly dependent on nature.13 The health of natural capital therefore directly und

65、erlies the health of the worlds economies and societies.Natural capital underpins all socioeconomic activitiesFIGURE 1Source:Capitals Coalition(2021)The stock of renewable and non-renewable natural resources on Earth(e.g.plants,animals,air,water,soils,minerals,biodiversity)found in ecosystems that c

66、ombine to yield a flow of benefits to people STOCKSNatural capitalBenefits to people from ecosystems,such as food,timber,fibre,pollination,water regulation,climate regulation,recreation,mental health and othersFLOWSEcosystem servicesInclude safe habitats,reliable climate,food production,water supply

67、,energy,good air quality,material resources,education,culture,scientific enquiry VALUEBenefits to business and societyBenefits to people that arise from geological processes such as minerals,metals,oil and gas,geothermal heat,wind,tides and the seasonsAbiotic servicesInvesting in Natural Capital:Inn

68、ovations Supporting Much-Needed Financing for Nature8Current economic models have encouraged growth at the cost of natural capital.As natural assets have been valued and traded for millennia,particularly in the agricultural,fisheries,forestry,mining and other primary sectors,governments and business

69、es have traditionally viewed“natural capital”as resources that can be cultivated,extracted,assigned financial value and traded.However,the full value of natural capital extends far beyond that captured by the price of such goods,including critical contributions to climate regulation,water quality,po

70、llination,air filtration,safe habitats,genetic diversity,education,cultural value and scientific value,among many others.These more diverse benefits are largely considered as“free”inputs in the production process without any clear economic incentives for their protection,maintenance or enhancement.A

71、ny negative consequences are viewed as environmental“externalities”,the responsibility for which accrues to communities,not individual organizations.14 Consequently,in a global economy that prioritizes profits and cost efficiency for traded goods and services,natural capital is not prioritized in de

72、cision-making,despite its critical benefits.As a result,natural capital is in severe decline today.The“Great Acceleration”of the past century has brought significant economic benefits and advances for human health but has come at significant cost to natural capital.15 The Dasgupta Review by Sir Part

73、ha Dasgupta,The Economics of Biodiversity,estimated that between 1992 and 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%.16 The United Nations Environment Programmes State of Finance

74、 for Nature estimates that nature-negative financial flows totalled nearly$7 trillion in 2022,including$1.7 trillion of harmful public subsidies primarily in agriculture and energy and more than$5 trillion in private-sector impact,particularly from primary and secondary sectors.17 Business-as-usual

75、is clearly no longer feasible.There is a significant shortfall in the investment needed to reverse this situation.The nature-positive economy requires$2.7 trillion of annual capital investment through to 2030,18 but investment today falls well short of this target.As an example,annual required inves

76、tment in just the portion of finance needed for nature restoration and conservation$542 billion through to 2030 to meet global biodiversity targets lags by$342 billion annually.19 In a similar analysis,the Paulson Institute estimates that the nature-finance gap may be significantly higher an average

77、 of$711 billion annually.20 In recognition of the nature-finance challenge,the KunmingMontreal Global Biodiversity Framework(GBF)outlined a goal of mobilizing an additional$200 billion per year by 2030 for biodiversity from domestic,international,public and private sources,via Target 19.21 However,t

78、his still leaves out the trillions of dollars required to scale nature-positive business models in agrifood,the built environment and extractives systems.Investment-as-usual,similarly,is no longer feasible.Between 1992 and 2014 the stock of natural capital per person globally declined by nearly40%wh

79、ile produced capital per person doubled,and human capital per person increased by 13%.Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature9The public sector is natures primary investor today.The public sector provides the most funding for protecting,restoring and enha

80、ncing nature around 82%of total financial flows or$165 billion annually.22 Governments,multilateral development banks(MDBs)and intergovernmental organizations have a clear incentive to invest in nature to protect the benefits it provides to society,as well as to support the communities that depend o

81、n nature for their lives and livelihoods.While economic development policy has typically allocated significantly higher funding to development areas that contribute to traditional notions of economic growth,such as education,healthcare,trade,urbanization and industry,there are encouraging signs that

82、 nature is now receiving a“seat at the table”.Ministries of agriculture,planning,development and environment and finance have increasingly been working together to mobilize greater public finance for nature.For instance,a number of countries and entities including China,the European Union and Japan

83、have recently submitted their National Biodiversity Strategy And Action Plans(NBSAPs)in the run-up to United Nations Convention of Biodiversity(CBD)Conference of the Parties(COP)16 from 21 October to 1 November 2024,which incorporate elements of multi-ministerial collaboration to generate greater fi

84、nance for nature.23 The emergence of green business units within ministries,as well as those working on green taxonomies,allows for the required enabling conditions to generate more financing for nature.For instance,Sri Lankas Central Bank released its Green Finance Taxonomy in 2022,to enable financ

85、ial markets to raise greater capital for investments in climate and nature activities.24Incentives for other investors to invest in nature have typically been less clear.Nature restoration and protection has emerged as an adjacent priority for philanthropic investors over the past decade,as a result

86、 of climate-related investments in vulnerable communities.However,the share of investment remains small philanthropic finance for climate mitigation represented less than 2%of the estimated$810 billion of donations in 2021 well behind economic development,health,education and community development.2

87、5,26 Meanwhile,private finance flows to nature are very limited estimated at just$35 billion in 2023.This is a fraction of private markets,which exceed$10 trillion globally,and a far smaller proportion still of global equity and fixed-income instrument markets that exceed$100 trillion each.Several b

88、arriers have been cited that prevent private capital flow to natural capital.First,given the nature of public goods,there has been little motivation and few“pull”factors that draw private investors to invest in what is seen as part of a global commons and a resource to be used(an input),rather than

89、something to be invest in and receive a benefit from(an output).Second,typical reasons include a perception of“poor”return profiles for nature-based business models relative to traditional business models largely because natural capital remains unpriced in the economy the smaller ticket size of indi

90、vidual investments in restoration or protection projects,and the significant time required for such investments to provide returns.Third,the fact that data on natural capital does not appear on balance sheets or factor in public-sector decision-making processes and is not systematically valued in ec

91、onomic systems means that the costs associated with nature degradation are not priced in and the benefits of keeping nature intact or even maintaining it in an improved condition are not being included in calculations,as they should.Encouragingly,there are signs that the incentives for private inves

92、tors to invest in nature are strengthening.Over recent years,even among high-rate environments,larger volumes of capital are being deployed towards natural capital solutions.Innovation is playing an important role in providing new opportunities for capital to flow to and for nature.It is clear that

93、multiple levers need to be addressed for more investment to flow to natural capital.The next section focuses on innovations that are giving way to this emerging,positive trend for more capital to flow to natural capital,while recognizing that there are other important aspects including regulation an

94、d policy,accounting and pricing mechanisms,among others that will also need to be pursued in parallel to achieve a more nature-positive vision for the world.The average annual nature finance gap is estimated at$711billion through to 2030.Investing in Natural Capital:Innovations Supporting Much-Neede

95、d Financing for Nature10Unlocking finance for natural capital2Innovations in the nature-finance value chain are creating momentum for greater private investment in natural capital.The term“innovation”suggests renewal as well as the creation of something new.The term comes from the Latin innovatio,wh

96、ich derives from innovare,meaning to introduce something new,renew,restore or return to a previous state.It can denote the act of either doing something new or of doing something old in a new way.In the case of natural capital,it is important to consider innovation across this spectrum of not only d

97、oing something new in terms of approach or technology but also of renewal of practices(such as those based on Indigenous wisdom and knowledge)and of ways in which nature can regenerate itself.While this report focuses on those aspects that are largely new and on commercial business models,there are

98、equally important actions that can be taken from traditional practices and wisdom,which are not fully covered here.Innovations throughout the nature-investing value chain are improving incentives for private investors.To identify where this is happening,these innovations are classified as:1)technolo

99、gical advances;2)financing instruments;3)business models;and 4)new investors.These are captured in Figure 2 and explained in detail in this section.Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature11Innovations across the nature investment value chain FIGURE 2Sourc

100、e:World Economic Forum By stage of value chainTechnological advancesNew investorsFinancing instrumentsBusiness modelsINNOVATIONS01Ecological evidenceCollection of data on changes in the state of natural capital over time that inform the need for nature finance 05Nature“uplift”Project implementation

101、to restore,protect and enhance natural capital,by individuals,businesses and communities03Capital allocationDecision-making to invest in nature and structure portfolios04Capital transferProcesses by which committed funds move from investors to recipients via intermediaries 02Market creation and deve

102、lopmentDevelopment of business case,capital markets and instruments for investment 06Monitoring,reporting and verification(MRV)Monitoring of environmental outcomes,transparent project Reporting,and Verification of outcomes for nature Investing in Natural Capital:Innovations Supporting Much-Needed Fi

103、nancing for Nature12Convergence of nature and technology has given rise to a vibrant start-up environment globallyFIGURE 3Note:The above mapping is not an exhaustive list and many of these start-ups are working across multiple value chain stages;it includes start-ups that have been selected as UpLin

104、k Top Innovators in the past two years and those that have an explicit technological component.Source:UpLink,World Economic ForumThe convergence of emerging technologies,and their application in nature monitoring,is creating new investment opportunities in start-ups around the world.27,28 Figure 3 c

105、aptures this“nature tech”start-up ecosystem in greater detail.This environment is underpinned by a range of new technology applications in nature monitoring that generate more comprehensive and granular ecological evidence of the need to invest in nature,and enable better evaluation of the projects

106、being implemented.These include the application of technologies such as IoT sensors,satellite imagery,drones,eDNA sampling and AI-based analysis of data.29 IoT sensors provide continuous in-situ data on ecosystem health,while satellite imagery offers comprehensive landscape analysis.eDNA helps track

107、 biodiversity by detecting genetic material in environmental samples.AI enhances data analysis,enabling predictive conservation efforts,and drones facilitate detailed,localized monitoring of hard-to-reach areas.These technologies are becoming more affordable and precise,and their applications are co

108、llectively enhancing the real-time accuracy,efficiency and scope of natural capital health monitoring and the transparent verification of results from projects designed to restore ecosystems.The environmental data harnessed from these technologies,when combined with data on commodity production and

109、supply chains,is also supporting businesses to better understand and report the environmental impact of their supply chains.30Technological advances2.1MOZAIC EARTHUpLink nature start-up ecosystemEcologicalevidenceMarket creation and developmentCapital allocation and transferNature upliftInvesting in

110、 Natural Capital:Innovations Supporting Much-Needed Financing for Nature13Despite these rapid advances,there remain areas for improvement.Ensuring that these technologies and tools are relevant,accessible and affordable for all stakeholders,particularly in biodiversity-rich regions,remains a challen

111、ge.Additionally,integrating these technologies into policy and strategy can be complex and requires ongoing collaboration between the public and private sectors.Continued innovation and cross-sector partnerships will be needed to fully realize the potential of technology in advancing nature finance.

112、Interestingly,technological advances observed in other fields could further improve the nature-finance value chain.Experts note that capital transfer from investors to project developers and communities has historically faced efficiency challenges due to the involvement of multiple intermediaries,ma

113、nual reconciliation and a lack of transparency,causing delays and increased costs.In development finance more broadly,blockchain technology and smart contracts are increasingly being used to solve similar challenges these are essentially self-executing contracts that automate and secure transactions

114、 based on the terms of project agreements.31,32,33 Deploying such innovations in nature finance could streamline capital transfer and promote greater investor confidence,enabling quicker deployment of funds to projects.In recent years,new instruments have emerged to give private investors more optio

115、ns to participate in nature finance.While sustainability-linked bonds and loans have somewhat matured,many new instruments are based on the valuation of specific natural capital assets and ecosystem services that together improve outcomes for nature,including land,water rights and attribution for po

116、sitive outcomes in carbon removal and biodiversity.These are“packaged”in the form of direct investment in companies or landowners that have rights on the underlying ecosystems,including nature asset companies(NACs),34 nature equities35 and insurance products that create incentives to protect ecosyst

117、ems and avoid losses from extreme weather events and investments in early-stage ventures in agriculture.36 They can also be channelled via indirect instruments that enable investors to contribute to projects that restore or protect natural capital,including carbon and biodiversity credits.37 Figure

118、4 presents a snapshot of these new instruments,contrasting them with typical instruments of relevance for public and philanthropic investors.These instruments are also increasingly benefitting from robust natural capital accounting and valuation to support accurate and transparent pricing.Natural ca

119、pital accounting and valuation provide a conceptual“bridge”between the worlds of ecology,economics and finance,and conceptualize natural capital assets as conventional goods worth restoring,maintaining and enhancing for their productive value.38 Natural capital accounting is the process of recording

120、 physical changes in specific natural assets or resources over time,including land,water,carbon stocks and forests,and,by extension,recording the flow of benefits these assets provide within specific time frames.Natural capital valuation converts physical environmental accounts and flows of benefits

121、 to decision-relevant metrics of value to the organization conducting the accounting,using a variety of economic techniques,including monetary equivalence to facilitate comparison with financial data.Together,these processes can provide a clear picture of natures current and future value and underpi

122、n investments in this value.Critically,these instruments aim to solve challenges that have hindered private-sector finance for nature.They can aggregate smaller nature-related projects that typically would not receive investment due to the smaller market size and be transacted through exchanges and

123、analogue instruments such as equities that provide investors with greater familiarity.“Catalytic capital”(also referred to as concessionary finance or patient capital)from philanthropists and the public sector in the early stages of market development for blended finance instruments also plays a cri

124、tical role in derisking the involvement of private-sector investors and can help provide reliable returns.However,the capital markets infrastructure that supports these new financing instruments for nature remains underdeveloped.There are several key areas for development,including clear rules and f

125、iduciary responsibilities that enable public or private placement,transparent pricing and listing on exchanges,and independent audit and verification of underlying projects to ensure robust accounting and genuine outcomes,especially in biodiversity-rich regions.Financing instruments2.2 Natural capit

126、al accounting and valuation provide a conceptual bridge between the worlds of ecology,economics and finance,and conceptualize natural capital assets as conventional goods worth restoring,maintaining and enhancing for their productive value.Investing in Natural Capital:Innovations Supporting Much-Nee

127、ded Financing for Nature14The spectrum of nature finance instrumentsFIGURE 4Source:Adapted from World Economic Forum and Oliver Wyman(2024)InvestorsInstruments(non-exhaustive)Nature infrastructureDebt-for-nature swapConservation bond(e.g.rhino bond,blue bond)Blended finance/publicprivate partnership

128、s,e.g.:PhilanthropistsPublicSovereign bondsOfficial Development Assistance(ODA)and development financingSubsidiesGrant-funded conservation projectsProcurementPrivate and institutionalNature venture capital and equity investing(e.g.early-stage tech,new products/business models)Biodiversity certificat

129、es/credits,carbon credit+(Government-or NGO-funded)Payment for ecosystem servicesSustainability-linked bonds/loansNature impact fundsNature-focused use of proceeds(loans,project finance)Insurance productsInnovations in business models that support the protection and restoration of natural capital ar

130、e making nature finance a more attractive proposition for private investors.The World Economic Forums Future of Nature and Business report identifies 60 such models across three key socioeconomic systems that could collectively be worth$10.1 trillion in additional business value by 2030.39 Key model

131、s that directly promote protection and restoration include organic food and beverages,ecotourism,micro-irrigation,sustainable fisheries,agroforestry,mine rehabilitation,sustainable forestry management,payments for ecosystem services(pensating landowners or communities for maintaining or enhancing ec

132、osystem services,such as clean water,carbon sequestration or biodiversity,to offset environmental impact),non-timber forest products and community-based natural resource management(CBNRM).Key nature-based infrastructure models are also being developed,centred on the use of nature to provide solution

133、s that human-made infrastructure would otherwise provide,including wetlands and glaciers for natural water supply,forests and urban green spaces for air purification and cooling,and coastal ecosystems for shoreline protection.40 Many new approaches successfully layer multiple income streams for comm

134、unities to ensure long-term economic viability.For instance,“bundling”multiple business models has proven successful in providing farmers and local communities in tropical forest regions with appropriate incentives to switch away from deforestation-heavy commodity production.These include agroforest

135、ry,non-timber forest products,ecotourism and carbon revenue streams.While these business models successfully integrate financial returns and ecological impact,they vary to some degree on the levels of commercialization today.Some of the more nascent business models,including in sustainable agricultu

136、re,face stiff competition from“business-as-usual”practices that can be more profitable in the short term for a variety of reasons.The lack of externality pricing,as outlined in Section 1,is a key issue past research has highlighted that placing a value on the true cost of nature could make nature-po

137、sitive business models significantly more attractive.For instance,the value of top business opportunities associated with the SDGs rises by 40%by simply removing harmful subsidies and repricing three factors for which reliable data is available carbon,water and food.41 Business models2.3The Future o

138、f Nature and Business report identifies 60 nature-positive business models across three key socioeconomic systems that could collectively be worth$10.1trillion in additional business value by 2030.Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature15Other critical ba

139、rriers to scale include poor access to markets,limited technical assistance to local communities,limited access to finance,challenging enabling infrastructure for clean electricity and sustainable inputs,and a lack of strict enforcement of environmental regulation related to illegal deforestation an

140、d mining.Ultimately,greater finance,better technology,supportive policies and multistakeholder collaboration are needed to scale these models and unlock their full value.For a new nature economy to become mainstreamed,further support across the public and private sectors and civil society is needed

141、to ensure alignment of incentives and a conducive operating environment for innovation to flourish.Patient capital in the early stages of business maturity,matched with technical expertise,are critical to ensuring that new business models survive and thrive.A combination of new technologies,financia

142、l instruments and business models has given rise to a number of new investors in the nature-investing value chain.This nexus of ecologists,technology innovators,entrepreneurs and finance experts are together expanding the reach and relevance of nature finance to investors throughout the global econo

143、my.This includes institutional investors such as pension and endowment funds as well as large asset managers who typically seek long-term,resilient investments;VC funds and private-equity investors who seek to invest in early-stage start-ups;and impact investors and venture philanthropists who provi

144、de catalytic or patient capital.Prominent examples of nature funds that draw in private investors and have been developed in recent years include the Mirova Natural Capital(MNC)Fund under Natixis Investment Managers,42 the Meloy Fund for Sustainable Community Fisheries managed by Rare,43 Patagonias

145、Tin Shed Ventures44 and Home Planet Fund,45 HSBCs Pollination/Climate Asset Management joint venture,46 the Nature Conservancys NatureVest impact investment fund47 and AXA Investment Managers Natural Capital Strategy fund.48 New investors 2.4 A new nexus of ecologists,technology innovators,entrepren

146、eurs and finance experts are together expanding the reach and relevance of nature finance to investors throughout the global economy.Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature16The new nature investor nexusFIGURE 5Note:The investors listed are non-exhaustive

147、,and the key selection criterion is that they have explicit public material stating investment in nature.Corporates listed comply with the prior and have also invested in at least one UpLink Top Innovator.Source:UpLink,World Economic ForumBanks and debt providersCorporatesInsurancePension fundsVentu

148、re capital and private equityAsset managersNational and regional governmentsMultilateral development banksIntergovernmental organizationsCentral banks and supervisory bodies(enablers)Family offices(excludes angel investors)Venture building and venture philanthropy*Foundations and philanthropyCivil s

149、ocietyPublicBlended and patient capitalPrivate*Includes incubators and accelerator programmesInvesting in Natural Capital:Innovations Supporting Much-Needed Financing for Nature17Nature investment volumes are increasing in the face of difficult macroeconomic headwinds.For example,even given the gene

150、ral slowdown in VC markets in 2023,the“nature tech”sector experienced significant growth,with investments rising by 18%,deal volume increasing by 27%(particularly in early-stage ventures,which grew by 35%)and a more even distribution across various sectors and regions.49 This trend extends across th

151、e spectrum of capital from philanthropic capital to pension funds.Furthermore,private-sector businesses beyond the finance sector are also increasingly involved in the nature-finance value chain.This includes sectors with a significant exposure to natural capital,including agriculture,mining and for

152、estry,but also those that directly affect nature through their value chains,including food and beverages,consumer retail and manufacturing.This shift reflects the emerging need for compliance and voluntary disclosure,including via the Taskforce on Nature-related Financial Disclosures(TNFD),which enc

153、ourages businesses to evaluate their risks and dependencies on nature and in turn identify opportunities to improve their environmental performance.50 It also reflects the economic opportunity that shifting to nature-positive business models brings,including access to new markets,customers and resil

154、ient growth.New investors are also spurring demand for an enabling ecosystem of actors to support investments in nature.This includes professional service firms that advise investors on nature investment strategies and recommend specific investments,audit and assurance firms that perform due diligen

155、ce on investments and assess the quality of reporting and disclosures,and standards bodies and stock exchanges that provide disclosure and accounting standards.These organizations play an important role in bringing expertise,trust and transparency to nature investments.The influx of new investors an

156、d the environment surrounding them helps address several key challenges in the nature-finance value chain.First,many are combining investment with technical expertise in nature tech,regenerative agriculture and carbon markets,among other areas.Second,investors are funding a broader range of business

157、es,ranging from seed finance all the way through to latter series financing and even public businesses.Third,a culture of collaboration is deeply embedded in the teams behind these new funds,providing a platform for new ideas and better decision-making.However,there remains a need for more patient c

158、apital and more appropriate valuation of natural capital across the economy.First,while new investors are meaningfully contributing to closing the nature-finance gap,the majority of investors retain shorter time horizons for returns than is suitable for nature-based business models.This applies part

159、icularly to early-stage businesses and projects that actively incorporate elements of ecosystem restoration and protection.Experts have cited that such models typically require seven to eight years before generating positive returns for investors while traditional investment models aim for target re

160、turns within four to five years.More patient capital is needed to support such projects and businesses,both from existing sources and through better management of traditional investor expectations.Second,until natural capital is more comprehensively priced within economic models,so that investments

161、that rely on natures degradation are more appropriately costed,it will be difficult for nature investments to compete with returns achieved through destructive activities.Financial models used by investors still need to be adjusted to take into account the real costs,risks,dependencies and opportuni

162、ties related to investments that rely on a healthy and stable planet to be profitable and impactful.The next section explores some of these innovations in greater detail using case studies and spotlighting the pioneers who are contributing to a vibrant and investible nature-finance environment.Inves

163、ting in Natural Capital:Innovations Supporting Much-Needed Financing for Nature18Spotlighting innovations in natural capital3The nine case studies in this section bring innovations in the nature-investing value chain to life.Case studiesInvesting in Natural Capital:Innovations Supporting Much-Needed

164、 Financing for Nature19Companies offering biodiversity monitoring tools and technologies and data aggregation are emerging enabling better decision-making and more capital to flow to nature.On the front end,nature data provides the ecological evidence for baseline analyses and gives a clear picture

165、of the state of nature.On the back end,as MRV,this data provides project developers,investors,financial institutions and other key stakeholders with the confidence that outcomes have been truthfully and rigorously achieved.These technologies can enable a new nature economy to thrive,if used in a way

166、 that is cost-effective and globally scalable,and can solve a key challenge that stands between rhetoric and action.Tools that are applicable only locally can help only with that locality;thus,to scale investment in nature,these companies need to be able to operate anywhere in the world where invest

167、ment is needed(which is just about everywhere).One such example of an emergent biodiversity data and analytics company is Pivotal.Based in the UK,Pivotal is recognized for its innovative approach to aggregating data from diverse ground-level and remote monitoring sources.By bridging the biodiversity

168、 data gap,the company provides highly localized,ground-verified and auditable insights into the state of nature,with applications spanning corporate disclosures,natural capital asset management,conservation,supply-chain monitoring and commodity certification.The companys technology platform integrat

169、es various monitoring tools,including drones,acoustic sensors,camera traps,smartphones,high-resolution cameras,eDNA and satellites,coordinated through algorithmically designed sampling plans to ensure robust and unbiased data collection.Pivotal also facilitates community-led data collection through

170、in-field training,a smartphone application and on-site surveyors,empowering local communities.Since commercializing the business in 2023,the company has progressed to monitoring and reporting on biodiversity for a FTSE 15 fast-moving consumer goods(FMCG)company,one of Europes largest energy companie

171、s,a European asset manager with assets under management(AUM)of more than$150 billion and one of Asias largest forestry and paper companies and its data will soon be included in public disclosures by TNFD early adopters.One of Pivotals innovations lies in its clustering and local models(CaLM)approach

172、,which uses machine learning to create highly accurate,locally tuned models for species detection and identification.CaLM ensures precise,locally specific data processing and sample selection,while also enabling global scalability.Pivotals identifications undergo rigorous quality control by a global

173、 network of ecosystem experts,combining AIs efficiency with human expert knowledge to create an auditable system that generates highly accurate biodiversity data on a large scale.Its peer-reviewed analytics methodology transforms this data into comprehensive,science-based metrics for tracking and ag

174、gregating biodiversity changes over time.Pivotal can then link measured biodiversity gains to a variety of financial mechanisms,and support strategic decisions such as capital allocation and management,and nature action planning,enabling money to flow to those activities where it has the greatest im

175、pact.Ambitious and forward-thinking impact investors such as AENU,one of Pivotals investors and an UpLink Top Investor51 provide the much-needed capital to support these early-stage nature data solutions.Scaling nature data solutions will depend on three important factors:(1)whether the data answers

176、 key questions that underpin strategic business and nature decisions;(2)cost competitiveness;and(3)clarity on data ownership and community involvement.First,there is a need to refine existing business models to align with market need.Nature data and analytics are useful only if they generate insight

177、s that guide a corporate,investor or other actor in taking decisions that affect business success and nature outcomes.Second,as there are varying costs associated with different technologies and approaches,there will need to be a careful balance between a race to the bottom and maintaining high-qual

178、ity,auditable and up-to-date data.All nature data has gaps and uncertainties because biodiversity is naturally variable;the important thing will be to make sure it is clear where those uncertainties lie,and what that means for making appropriate decisions.Lastly,as these technologies seek to improve

179、 decision-making for nature and people,it is critical that the correct guardrails and ownership and governance structures are in place to ensure community buy-in,involvement and long-term benefit.It is people living and depending on nature who need ultimately to see the benefits from changes taking

180、place based on the data collected and analysed.CASE STUDY 1Nature data aggregationValue-chain areasInnovation areasEcological evidence,MRVTechnological advances,new investorsInvesting in Natural Capital:Innovations Supporting Much-Needed Financing for Nature20New companies are transforming industria

181、l assets to be net-positive for the environment,turning potential ecological liabilities into assets.In the burgeoning field of green industries,the challenge of balancing development with environmental conservation is ever-present.While a key component in the transition to renewable energy,offshore

182、 wind farms require extensive hard infrastructure that can disrupt marine ecosystems.However,a new wave of companies is emerging with innovative solutions designed to not only mitigate these impacts but also enhance biodiversity and natural capital,potentially tapping into carbon and biodiversity cr

183、edit markets.One such company leading this charge is ARC Marine,a UK-based scale-up that makes artificial reefs out of recycled materials.ARC Marine designs,builds,installs and monitors reef cubes that support marine biodiversity around infrastructure such as cables,jetties and offshore turbines/pla

184、tforms.These reef cubes,the companys flagship product,are carbon-neutral,plastic-free structures made from 98%recycled materials and designed to replace harmful construction materials traditionally used in offshore developments.The“reef cubes-in-a-box model”offers a scalable solution that can be eas

185、ily deployed near marine construction sites worldwide,promoting nature-inclusive design that results in habitat creation and increased biodiversity.To date,the company has installed more than 1,300 reef cubes in three different countries across Europe,has repurposed more than 620 tonnes of by-produc

186、t material and has created more than 3,400 square metres of new marine habitat.The company has garnered notable recognition and investment,highlighting the growing interest in nature-positive infrastructure.In 2022,ARC Marine won RWEs Innovation Ecology Award for its potential to enhance the environ

187、ment around offshore wind installations.This accolade led to a research and development(R&D)partnership with RWE to potentially install 40,000 reef cubes around a wind farm in the UK,demonstrating the practical application and scalability of the solution.Moreover,ARC Marine secured funding from Merc

188、urias nature-based investment platform,Silvania,which was part of a 2 million funding round.This investment underscores the financial viability and growing market demand for green infrastructure solutions.ARC Marine aims to be among the first to offer joint carbon and biodiversity credits in the mar

189、ine environment.This secondary business model uses the ecological benefits of the companys installations to generate environmental credits,providing a new revenue stream that can attract investment.To ensure that the biodiversity gains are quantifiable and verifiable,ARC Marine employs advanced moni

190、toring technologies,including eDNA analysis,remotely operated vehicles(ROVs)and a proprietary long-range underwater video system(LRUV).These technologies enable the company to provide rigorous,science-based assessments of the ecological impacts of its projects.Scaling up businesses such as ARC Marin

191、e that target the capex-intensive infrastructure market requires engagement with strategic customers to advance paid pilot projects and advocating for policy and regulatory frameworks that support nature and biodiversity-positive business models.First,given the large capex need,securing client contr

192、acts is essential to reduce investor risk and showcase the growing desire for green infrastructure solutions.Second,strong policy and regulatory environments can provide the right incentives for green infrastructure to look for solutions like that provided by ARC Marine to repair damage to marine ec

193、osystems and generate nature-positive benefits to project sites.Ultimately,the right mix of enabling environment and clear demand from industry can pave the way for larger pools of capital to finance these types of infrastructure solutions.CASE STUDY 2Marine restoration assetsValue-chain areasInnova

194、tion areasEcological evidence,nature“uplift”,MRVTechnological advances,business models,new investorsInvesting in Natural Capital:Innovations Supporting Much-Needed Financing for Nature21Grassroots accelerators help build resilient nature enterprises by empowering Indigenous people and local communit

195、ies(IPLCs).In addition to offering access to networks,infrastructure and business mentorship,grassroots accelerators differ from traditional accelerators in their hyper-local focus,and their centring of IPLCs as effective stewards of their own lands.In providing the necessary services and resources

196、to help grassroots organizations and rural enterprises become financially self-sufficient,these accelerators ensure that the monetization of activity based on access to common-pool resources is done in a manner that sustains livelihoods,but also ensures continued future access to non-substitutable c

197、omponents of natural capital.52 The importance of grassroots buy-in as a key enabler of project success is increasingly evident in decision-making regarding investing in nature.GroundUp Conservation is one such grassroots accelerator operating across the Western and Eastern Himalayas,the grasslands

198、of Central India,the Western Ghats in western India,and the Terai Belt in India and Nepal.It supports grassroot organizations and small-scale informal enterprises to formalize through business advisory and technical capability-building,employing a six-step process designed to help the enterprises ac

199、hieve financial independence and realize their commitment to conservation,well after GroundUps exit.Working at the intersection of conservation and livelihoods,GroundUp co-develops interventions with IPLCs,ensuring that traditional knowledge is integrated into the implementation of landscape restora

200、tion and conservation,sustaining enterprises such as ecotourism and non-timber forest-product processing.These projects are packaged as part of an impact investment portfolio,providing a bridge for GroundUps extensive network of philanthropic,government and development agency partners to directly fi

201、nance and engage with grassroots organizations.GroundUps bottom-up approach sets it apart from other large project developers operating without an exit strategy that primes IPLC-led nature-based enterprises for long-term success.Support is offered until an enterprise is generating revenue,with the c

202、oncessional capital flowing through GroundUp,which derisks projects and paves the way for more traditional forms of capital to step in post-GroundUp support.It is a model that helps break the chain of donor dependence,with enterprises empowered to improve local livelihoods,reinvest profits back into

203、 nature and ensure that conservation action is sustained in perpetuity.Less than 2.1%of global funding reaches grassroots communities,despite their importance in stewarding a significant portion of the worlds biodiversity resources.53 Scaling nature-based enterprises and unlocking greater flows of c

204、apital for grassroots initiatives,especially in the developing-country context,will require progress on the following:raising the profile of biodiversity loss as a risk to society and economy;spotlighting the success of IPLC-led initiatives in creating effective pathways for the recovery of biodiver

205、sity;and strengthening the network of government,corporate,development and civil-society agency partnerships supporting grassroots initiatives.To build these new partnerships and alliances with grassroots initiatives requires long-term commitments and the involvement of local communities so that com

206、munities are not seen as beneficiaries but as active decision-makers and participants and appropriate benefit-sharing mechanisms to be in place.GroundUp hopes to advance action on these issues through a proposed grassroots-to-grassroots platform,featuring lessons learned from enterprises it has acce

207、lerated,with the intention of spurring the development of more nature-based enterprises across the region.CASE STUDY 3Grassroots accelerators for nature enterprisesValue-chain areasInnovation areasMarket creation and development,capital allocation,capital transfer,nature“uplift”Business models,new i

208、nvestorsInvesting in Natural Capital:Innovations Supporting Much-Needed Financing for Nature22“Venture building”for nature54,55 is an investment model that involves creating and nurturing new enterprises that focus on protecting,restoring and enhancing ecosystems until they are able to access instit

209、utional capital.A venture-building platform typically invests in early-stage start-ups with nature-positive business models,including but not limited to regenerative agriculture,sustainable fishing,coastal restoration and payments for ecosystem services,and supports them to scale,commercialize and b

210、ecome profitable.This not only helps to attract greater flows of finance for natural capital,but also creates economic opportunities for local communities.Venture building can attract investment from diverse sources,including impact investors,development finance,venture capitalists and private-equit

211、y investors,large asset managers and institutional investors.Terratai is an emerging example of venture building for nature Asias first such company.Terratai works with early-stage companies in Indonesia with the potential to address systemic challenges within food systems that are driving ecosystem

212、 degradation and biodiversity loss,and which could be scaled across the Asia-Pacific region.It provides such businesses with a blend of services including access to early-stage finance(e.g.working capital loans or equity);tailored company-building services including business development;and deep exp

213、ertise on nature-based solutions,provided by experts with relevant conservation expertise.Investments include companies such as Forestwise,which harvests,produces and distributes illipe butter,a more sustainable and traceable alternative to cocoa butter.56 Terratai also supports businesses involved

214、in ecosystem restoration(e.g.of forests,reefs and mangroves)and enhancing ecosystem values(e.g.forest health,nature credits,“blue”carbon).The investors with which Terratai works include a mix of development financiers providing technical assistance and grants,impact investors,traditional investors a

215、nd venture philanthropists.The blended finance approach,combined with the close venture-building engagement of the Terratai team over several years,helps derisk private-sector investment in early-stage ventures,and ultimately helps to build the next generation of investable nature-focused companies.

216、Partners and supporters include the RS Group,UBS Optimus Foundation,the Swiss Re Foundation and Indonesias Sustainable Districts Association(LTKL).Terratais venture-building model for nature is considered innovative for many reasons.First,its investment model is highly localized and built on signifi

217、cant knowledge of Indonesian food,land and ocean-use systems.Each venture is also put through rigorous due diligence processes,where business owners are also expected to demonstrate projected uplifts.Second,the“ticket size”of its typical investments are much smaller than traditional investments,rare

218、ly exceeding$0.5 million.This,combined with its localized and rigorous approach to quantifying impact,allows Terratai to build a pipeline of potential nature-based projects and ventures that typically remain“hidden”from traditional investors.Third,despite being a for-profit enterprise,its investment

219、 model centres on patient and risk-tolerant capital.In contrast to typical venture-building efforts,where exits are expected around the three-year mark,Terratai invests with a time horizon of a minimum of five to seven years to allow ventures to achieve resiliency and scale.Fourth,its“end-to-end”ser

220、vice model is unique,spanning nearly the entire value chain of nature finance,and enables the company to develop solutions from the ground up that can demonstrate clear positive impacts on nature.Non-financial support is highly tailored to the context of each early-stage venture,thereby creating a s

221、mall but resilient portfolio.Finally,Terratais capital-investment model is itself expected to transition over time as private-sector investment in its funds increases and returns materialize,it will be able to finance greater investments through its own balance sheet.However,greater support will be

222、needed to scale venture-building models for nature.Catalytic capital from philanthropists and development financiers remains crucial in curating the investor pipeline and derisking private-sector investment in new business models,but is insufficient to meet the needs of the nature-finance gap today.

223、Building greater capacity for due diligence is also critical as this is a time-and resource-intensive process;as an example,Terratai believes it needs to increase its capacity tenfold in the coming years.Raising awareness with investors remains an important development area particularly with regard

224、to the fundamental viability of investing in nature,measuring returns across both financial and natural capital and adjusting expectations on the consistency of returns in the short term.A greater number of players in the nature venture-building space could also be transformational allowing more nat

225、ure-based businesses to access capital from a wider variety of investors and creating an enabling environment for nature builders,including supportive policy-makers,professional service firms and increased public awareness.CASE STUDY 4Venture building for natureValue-chain areasInnovation areasMarke

226、t creation and development,capital allocation,capital transfer,nature“uplift”,MRVFinancial instruments,business models,new investorsInvesting in Natural Capital:Innovations Supporting Much-Needed Financing for Nature23Similar to venture building,accelerator programmes for nature-based solutions aim

227、to rapidly advance and scale up innovative projects and strategies that use natural processes and ecosystems to address environmental and societal challenges.These accelerators provide support such as funding,mentorship and resources to initiatives that deploy inherent capabilities of nature,such as

228、 reforestation,wetland restoration and sustainable agriculture,to mitigate climate change,enhance biodiversity and improve human well-being.By fostering collaboration among scientists,entrepreneurs,policy-makers and community leaders,nature-based solution accelerators help turn promising concepts in

229、to impactful,sustainable actions that benefit both the environment and society.One such example of this nature acceleration support is UpLink Top Investor Barka Fund,an Africa-based accelerator and investment fund.Barka supports and invests in African entrepreneurs who are addressing urgent climate

230、and environmental challenges in their communities,specifically start-ups working in the agriculture and food,environment and natural resources and renewable energy sectors.It supports entrepreneurs in two ways.First,through its Investment Readiness Program,where for 13 weeks it works closely with a

231、cohort of 10 companies in a specific region(e.g.the Great Rift Valley,the Sahel,Lake Kivu and the Rusizi Basin,and the Cocoa Belt),and provide them with financial advisory support,team scale-up advice(e.g.team assessment and development)and technological support.Second,Barkas investment fund provide

232、s minority equity investments and shareholder loans,ranging in total from$50,000 to$500,000,with post-investment technical assistance to provide expertise to businesses as they grow.Barka Fund is implementing an innovative model for a number of reasons.The mix of investment-readiness support and sma

233、ll tickets for early-stage businesses is catalytic.First,acceleration programmes and investors have historically not been within the same organization,and thus,whether and when a business was in fact“investment-ready”for an investment could vary greatly.Having technical support mixed with investment

234、 solves two major challenges for early-stage entrepreneurs.Second,the smaller ticket sizes allow for a new set of nature-based solutions to flourish,as traditional sources of financing often have a ceiling($50,000 for micro-finance institutions)or floor($1,000,000 for VC and private equity)that leav

235、es out SMEs who are ready to scale their businesses and their impact.Traditional sources of financing also often have unrealistic payback periods and high rates and lack technical support.Third,Barkas long and personal relationship with its pipeline of investees,which begins in the Investment Readin

236、ess Program,helps to bridge information gaps about potential investments,therefore removing the risk often associated with SME investment in Africa.Fourth,Barka Fund is well connected within the regional and global innovation environment,which is able to support not only the organizations scale but

237、also that of the innovators with whom it works.This includes investment and technical support Barka has received from the Bezos Earth Fund,the Development Finance Corporation,the World Resources Institute and others.However,greater interest and investment support will be needed to bring early-stage

238、nature models to scale.First,there is a need for a greater understanding of the risks and opportunities for regions,such as the Sahel.These regions could have attractive and feasible investment opportunities if given acceleration and investment support like that offered by Barka.Second,there is a ne

239、ed,again,for more patient and catalytic capital,to build the pipeline of new nature businesses.The pipeline of nature businesses that can receive a ticket size of greater than$1 million in many Global South countries is still quite limited,and these early-stage businesses need a mix of technical and

240、 financial support to reach a scale at which most traditional investors could be able to come in.Lastly,there is a need for further collaboration and for new actors to be brought into supporting early-stage innovators through investment-readiness programmes like that of Barka.CASE STUDY 5Investment-

241、readiness support plus capitalValue-chain areasInnovation areasMarket creation and development,capital allocation,capital transfer,nature“uplift”Business models,new investorsInvesting in Natural Capital:Innovations Supporting Much-Needed Financing for Nature24Nature asset companies(NACs)57,58,59,60

242、are a new type of company that converts the full value(total economic value)of natural assets to financial capital.NACs are a voluntary,market-based financial instrument that packages the“rights”to ecological attributes related to underlying natural capital assets,including ecosystem services,such a

243、s fresh-water provisioning,climate stability and pollination services.These rights are valued through robust natural capital accounting and valuation that includes the existence,production and bequeathing value of nature.NACs equity is offered for investment via both public and private-equity placem

244、ents that are directly tied to the valuation process.Asset owners are incentivized to maintain and enhance the natural capital as it correlates to the value of the company,and investors are rewarded for incremental gains in the value of the underlying natural assets.NACs therefore transform nature i

245、nto an investible asset,generate greater finance for natural capital,build financial value for asset owners or stewards,create resilient jobs,establish price signals for externalities and provide investors with a new portfolio allocation tool for nature.The NAC model has been developed by the Intrin

246、sic Exchange Group Inc(IEG),a financial innovation company based in the United States.IEG pioneered the NAC concept in response to private and institutional investors demands for nature-positive investments.In the model that IEG has developed,NACs are formed through three steps:(1)identifying existi

247、ng or potential natural capital assets that can form the basis for a NAC(e.g.degraded agricultural land,intact forest,marine protected area);(2)forming a NAC as a new corporation to license the rights to natural capital assets;and(3)converting asset value to financial capital via the capital markets

248、 process.Issuers of NACs typically include private and Indigenous landowners,farmers,corporations with natural assets and even governments;investors typically include institutional investors,family offices,MDBs and retail investors;and IEG currently connects issuers and investors via its private exc

249、hange.Company performance is reported using auditable traditional financial statements and ecological performance reports(EPRs),which are both part of the IEG Accounting Framework.This framework is grounded in the methodology of the United Nations System of Environmental-Economic Accounting(SEEA)the

250、 UNs statistical standard for natural capital accounting and valuation;it has also made the Ecosystem Accounting(EA)module from the SEEA fit-for-purpose for the private sector.The NAC model has recently attracted attention due to its innovative structure and appeal to market and non-market organizat

251、ions alike.It was developed over the course of almost a decade of research and development by a team of ecologists,economists and financial experts,and through significant multistakeholder consultation with academia,stock exchanges,more than 200 investor groups,landowners and audit and assurance fir

252、ms,among others.More than a dozen pilot projects have been commissioned,including an Indigenous-led NAC in North America to conserve more than 1 million acres of land,an agricultural NAC led by a major food company to finance regenerative practices in its grain-supply chain and a marine and terrestr

253、ial NAC for a government in Latin America and the Caribbean seeking to meet its 30%conservation goals as outlined in the GBF.Scaling the NAC model is possible but requires significant multistakeholder collaboration.Greater scale could be achieved via public listings,and the accompanying standardizat

254、ion of pricing,transaction processes and auditing.In addition to private market trading,IEG is exploring public-exchange opportunities to list NACs in the US,Europe and Asia.Regulatory approval will be needed for public listing and may be required in some jurisdictions to enable corporates to direct

255、ly invest in or create new NACs.Finally,it will be critical to build greater capacity with governments,investors,professional service firms and natural capital asset owners and stewards to set up NACs,conduct natural capital accounting and valuation,and perform due diligence and audits.CASE STUDY 6N

256、ature asset companies(NACs)Value-chain areasInnovation areasMarket creation and development,capital allocation,capital transferFinancial instruments,business models,new investorsInvesting in Natural Capital:Innovations Supporting Much-Needed Financing for Nature25From the lab to the forest,practices

257、 to rewild the forest microbiome are taking root.While fungal inoculants do already exist,with examples of a handful of species that could be grown and sold off the shelf,in practice the science has shown that this is generally unsuccessful.61 Instead,a new model is emerging whereby hundreds of spec

258、ies of inoculants are bundled together so that ecosystems are able to sequester more carbon,faster.This shift is already starting to happen in the world from inoculants as an ingredient in fertilizers to inoculants as a fundamental component of restoration.Funga is a US-based forest microbiome compa

259、ny accelerating ecosystem recovery by focusing on what is happening below the ground.Fungas approach draws inspiration from the human microbiome project and uses recent advances in DNA sequencing technology.The organization aims to“rewild”the forest fungal microbiome to enhance tree growth and carbo

260、n sequestration.By collecting soil samples from forests worldwide and sequencing the DNA,Funga identifies which fungal species promote accelerated tree growth and carbon removal,and can be used to recreate intact,wild fungal communities.Similar to the way in which faecal transplants in humans restor

261、e microbial biodiversity to treat diseases,Funga uses soil inoculants to reintroduce beneficial fungi into forest ecosystems and then sells high-quality carbon credits from the additional carbon sequestered.This method,known as microbial soil inoculation,involves sourcing soil from“donor forests”ric

262、h in biodiverse and high-performing fungi,which is then used to inoculate forest landscapes.Born out of the Crowther Laboratory at ETH Zurich,the company has been partnering with North Americas largest tree nursery,PRT,developing services to grow microbes directly in the forest.VC has been instrumen

263、tal in Fungas rapid development and deployment of its innovative technology.Traditional academic and small-scale pilot projects often lack the scale and urgency required to address climate and biodiversity crises effectively.VC,with its propensity for high-risk,high-reward investments,provides the n

264、ecessary resources and drive to accelerate the commercialization and scaling of groundbreaking technologies.The emergence of venture capitalists in the nature investment space over the past few years has created the right type of capital and incentives for those founders with solutions that are able

265、 to meet ambitious and tight time frames.Investors in Funga such as Superorganism,the first biodiversity-focused VC fund launched in autumn 2023 are critical for providing the capital,expertise and alignment on impact for businesses such as Funga to get to impact faster and reach even greater scale.

266、To scale Funga and other fast-growth nature start-ups,more VC and early-stage,impact-focused capital is needed.First,Fungas work exemplifies the role of enabling technologies and“accelerators”that can harness biodiversity for better and faster environmental outcomes.Second,the scalability of Fungas

267、microbial inoculation method is a significant advantage microbes grow quickly,and the integration of fungal inoculants into existing forestry practices allows for rapid deployment.Ultimately,VC financing has enabled Funga to match its operational speed with the urgent needs of the climate and biodiv

268、ersity crises,highlighting the critical role of VC in fostering innovative and quick-to-scale solutions.CASE STUDY 7Replenishing the forest microbiomeValue-chain areasInnovation areas“Nature uplift”,MRVTechnological advances,business models,new investorsInvesting in Natural Capital:Innovations Suppo

269、rting Much-Needed Financing for Nature26Nature credits are financial instruments designed to value and trade the conservation and restoration of natural ecosystems.These include carbon credits but encompass a broader range of environmental benefits beyond carbon sequestration,including biodiversity

270、protection,water purification and soil health.The largest of these markets is the voluntary carbon market(VCM),which reached a value of$2.4 billion in 2023 and is projected to continue to grow in the years to come.62 The VCM remains one of the key means of providing financial flows for biodiversity

271、benefits.However,concerns about transparency and accountability have placed its trajectory on a rocky path.To address these issues,technological advances in blockchain have given rise to enabling solutions and platforms,such as Open Forest Protocol(OFP).OFP is a start-up based in Switzerland that us

272、es blockchain technology to create an open,transparent and accessible platform that democratizes access to carbon accreditation by eliminating the upfront costs and by working with more than 30 decentralized validators.This blockchain-based MRV approach brings increased transparency and trust,as wel

273、l as ensuring that more funds are reaching farmers and local communities.The use of blockchain allows for fewer intermediaries and additional consultants and provides a way for projects of less than 1,000 hectares to access carbon markets.OFP currently operates in more than 20 countries,including Co

274、lombia,Kenya,Mexico,India and Thailand,with plans to expand further by focusing on afforestation,reforestation and agroforestry.OFPs approach is innovative for a few reasons particularly its mix of technology,openness and inclusivity,and its nature-aligned timeline.First,by using blockchain technolo

275、gy,OFP ensures an immutable,transparent and globally accessible record of transactions,which improves trust and accountability.Second,OFP shares many of its tools and technologies for free and has a no-upfront-cost model,which democratizes access to carbon accreditation and makes it accessible to hi

276、gh-integrity projects regardless of their size or location.Third,since its founding,OFP has aligned its business model with a restoration timeline that follows the pace of nature.The company has secured funding from a unique mix of angels,foundations and VCs who understand that restoration effects a

277、nd returns take time.This shift towards more patient,impact-driven capital allows nature to regenerate and achieve results over a 510-year period,rather than the typical four to five years.Scaling technologies and platforms such as OFP requires patience,catalytic capital and business/government coll

278、aboration.Natures timelines are long,and changing peoples relationship with nature takes time and know-how.Given the time constraints,patience is essential for meaningful long-term impacts.Furthermore,additional capital pools are needed to finance small to medium projects(under 1,000 hectares).For e

279、xample,foundations and family offices could fund a portfolio of restoration projects in various regions and different landscapes,thus reducing risks.Finally,governments play a vital role in creating the right enabling conditions and ensuring the viability of nature credits.If this is in place,a shif

280、t will become apparent in the development of nature credits from niche to mainstream,benefitting ecosystems and local communities.CASE STUDY 8Nature credits for smallholdersValue-chain areasInnovation areasMarket creation and development,nature“uplift”,MRVTechnological advances,financial instruments

281、Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature27The mix of agroforestry the integration of trees and shrubs into agricultural landscapes with technology offers a promising solution to numerous global challenges,including climate change,biodiversity loss,food sec

282、urity,water availability and poverty alleviation.Historically,the scaling of agroforestry practices has proven difficult due to several persistent bottlenecks:1)planning the right mix of species,and modelling it financially,where information is scarce;2)accessing capital for agroforestry projects of

283、 all sizes,especially for smallholders;3)managing complex multispecies systems,which requires a high level of know-how;and 4)establishing reliable sales channels for agroforestry products and carbon credits.The emergence of advanced technologies such as remote sensing,IoT and AI have provided new wa

284、ys to address these challenges.Courageous Land,a Brazil-based agroforestry company,is looking to scale agroforestry through its Agroforestry Intelligence Platform.This solution combines software,human capital(e.g.technical assistants in the field)and partnerships with investors,with brands that are

285、looking to source the agroforestry products and carbon credits,and with the farmers themselves.The success of this model depends on the three main factors:human capital,cutting-edge technology and catalytic capital.First,Courageous Land emphasizes training and the deployment of independent,certified

286、 professionals to provide technical assistance across regions.This decentralized model ensures that local expertise is available,promoting better management practices and enhancing productivity.The platform also focuses on attracting and training new agronomists and forestry engineers who are passio

287、nate about sustainable agriculture,ensuring a steady supply of knowledgeable professionals.Second,the tech platform offers farmers and agroforestry partners crucial tools they can use to glean key information on,for example,species suggestion,carbon and financial projections,management tasks and inv

288、entory management.The platform facilitates market access,connecting producers with buyers interested in sustainably sourced products and carbon credits.By aggregating data and providing actionable insights,the platform enhances decision-making and operational efficiency.Finally,there remains a great

289、 need for patient and smart capital to not only bring the right type of capital to nature-focused start-ups but also provide the ability to validate and test new models.For example,Fundo Vale,a strategic supporter of Courageous Land,acts as a bridge for capital as well as for other partners providin

290、g grant capital,access and support to a wider nature-based solution environment to support the growth and scale of Fundo Vales broader portfolio and impact.The aim is principally twofold:to generate large-scale agroforestry impact for people and planet and to build a track record and generate data t

291、hat demonstrates the viability and profitability of agroforestry,thus unlocking larger flows of capital from other climate funds and investors.While tools and technologies can be transferred more easily once developed,building out agroforestry expertise at scale remains challenging.Planting the righ

292、t tree in the right place can be effective only if there are people on the ground who have bought into the project and vision.Fulfilling this human capital need by training and empowering a generation of agroforestry professionals remains the greatest hurdle.When young people in rural regions begin

293、to see that staying,working and living on the land is a viable and attractive possibility,a necessary shift will take place,from viewing land as degraded and of worth only for its cut trees,to seeing it as an oasis filled with endless possibilities.CASE STUDY 9Scaling tech-enabled agroforestryValue-

294、chain areasInnovation areasNature“uplift”,MRVTechnological advances,business models,new investorsNote:The case studies in this section feature UpLink Top Innovators(except case studies 4 and 6,Terratai and IEG).Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature28Con

295、clusionThe innovations presented in this report provide important levers to accelerate investment in natural capital.Investing in natural capital presents clear opportunities that require multistakeholder collaboration to come to fruition.This report underscores the urgent need,attractiveness and fe

296、asibility of investing in natural capital.Opportunities for investment in nature are expanding,with promising applications of new technologies,new financial instruments that appeal to a broad range of investors and nature-positive business models that are gaining commercial traction.Investors throug

297、hout the global economy can begin exploring these opportunities by seeking out knowledge and partnerships from the vibrant environment highlighted in this report,assessing their impacts and dependencies on nature,and evaluating how best to diversify their portfolios to include ventures that offer bo

298、th ecological benefits and financial returns.As highlighted in this report,there are five critical areas of development that could support greater investment in natural capital:Improved accessibility,relevance and affordability of technological advances in nature monitoring,and embedding these deepe

299、r in decision-making.Development of sophisticated capital markets infrastructure to ensure transparency,accountability and the efficient flow of capital to nature-positive projects.Improved valuation and pricing of natural capital,so that natural capital investments can compete with traditional busi

300、ness models,driven by better technologies,supportive policies and strengthened collaboration.More patient and catalytic capital that aligns with the speed of nature,allowing for both impacts and returns to be achieved over a longer time horizon.Inclusion of local peoples living and depending on natu

301、re as active participants and decision-makers in projects,businesses and initiatives,and appropriate and fair benefit-sharing and governance mechanisms.The World Economic Forum recognizes the value proposition of natural capital.Investing in the health of the Earth is a compelling priority and a pro

302、fitable venture.As the organization for publicprivate cooperation,the Forum is committed to mobilizing finance for natural capital and driving innovation towards a nature-positive economy with its valued partners,including leading governments,businesses,investors,academics,civil-society organization

303、s,innovators,Indigenous leaders and other international bodies.The Forums UpLink and nature-positive initiatives provide a strong platform to advance collective efforts and know-how to integrate natural capital into the core of economic and financial systems.The Forum invites the global community to

304、 collaborate in this endeavour.A new coalition of investors,ecologists,technology innovators,entrepreneurs,financiers and local communities have a unique opportunity to reorient the global economy to a path that enables humanity to live in harmony with nature.This is essential for the survival of hu

305、mankind,for our communities to thrive and for businesses to remain vibrant sources of livelihood for future generations.Investing in Natural Capital:Innovations Supporting Much-Needed Financing for Nature29ContributorsWorld Economic Forum Lead AuthorsShivin KohliLead,Financing for NatureAllison Voss

306、 Lead,Nature Innovation Ecosystems Additional AuthorsJaideep SalilUpLink Project Specialist,Nature Innovation EcosystemsRon TardiffOcean Innovation LeadCase studies Zoe Balmforth Co-Founder,Pivotal(Case study 1)Tom BirbeckFounder and Chief Executive Officer,ARC Marine(Case study 2)Swapnil ChaudhariC

307、o-Founder and Chief Executive Officer,GroundUp Conservation(Case study 3)Radhika KothariCo-Founder and Head of Grassroots Development,GroundUp Conservation(Case study 3)Matt LeggettFounder and Chief Executive Officer,Terratai (Case study 4)Rekia FoudelFounder and Chief Executive Officer,Barka Fund(C

308、ase study 5)Tania BricenoChief Economist,Intrinsic Exchange Group (Case study 6)Douglas EgerFounder and Chief Executive Officer,Intrinsic Exchange Group(Case study 6)Colin AverillFounder and Chief Executive Officer,Funga (Case study 7)Fred FournierCo-Founder and Chief Executive Officer,Open Forest P

309、rotocol(Case study 8)Aureline GrangeCo-Founder and Chief Climate Officer,Open Forest Protocol(Case study 8)Phil KaudersCo-Founder and Chief Executive Officer,Courageous Land(Case study 9)Juliana SalibaSustainability Analyst,Fundo Vale(Case study 9)Production Ross ChaineyContent Lead,UpLink Bianca Ga

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