The natural capital framework for sustainably efficient and equitable decision making

Abstract

The concept of ‘natural capital’ is gaining traction internationally as recognition grows of the central role of the natural environment in sustaining economic and social wellbeing. It is therefore encouraging to see the first signs of a ‘natural capital approach’ to decision making being accepted within government policy processes and the private sector. However, there are multiple different understandings of this ‘approach’, many of which misuse or omit key features of its foundations in natural science and economics. To address this, we present a framework for natural capital analysis and decision making that links ecological and economic perspectives.