Try to identify some of the nearby barriers which are preventing you from making the next steps on your journey.
Identifying and overcoming barriers
- Please choose a level
"About natural capital "
"The business case"
"Case studies"
"Data and inputs"
"Institutional inertia"
"Standardised approaches"
"Resources"
"Regulation"
"The summit"
"Natural capital is too complex"
Just starting
While you may perceive this as a critical barrier, the good news is that basic concepts around nature and ecosystem goods and services are easy to grasp.
We use definitions from the Natural Capital Protocol which are agreed-upon & widely used definitions, which went through a rigorous review process from a large number of experts & businesses.
As a starting point, see “what is natural capital” in our 1-hour introductory module on natural capital. Using the Natural Capital Protocol as a basis, this module will guide you in a practical and simple way to understand the relationships between your business and nature, and highlight a few key approaches and tools to integrating natural capital in decision-making.
We’ve also produced an infographic linking a natural capital approach to various other concepts your organisation might be more familiar with such as nature-based solutions, biodiversity and the circular economy.
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"We’re not aware of potential benefits/the business case"
Just starting
You only need a high-level understanding of potential benefits for integrating nature into your company’s decisions to be able to start framing an initial business case to convince your colleagues to start taking action.
The “business case” is seen as the Holy Grail of action on nature. Business cases are unique to the company and situation but are comprised of operational, legal, regulatory, reputational & societal risks and opportunities. For more information:
- See our module 1 training section “Why is natural capital important” for an overview of risks and opportunities and useful exercise
- Read Business for Nature’s business case
- Read the Capitals Coalition’s Private Sector & Natural Capital:
The Business Case for Natural Capital Assessment
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"Lack of case studies"
First steps
Relevant case studies can be found on various websites and platforms. The We Value Nature campaign is actively working on collating more relevant case studies on our testimonials page.
We recommend searching for case studies on business and nature on:
- Capitals Coalition case studies
- We Value Nature testimonial stories
- Convention on Biological Diversity case studies on Business & Biodiversity
- WBCSD’s business examples
- The Natural infrastructure for business platform
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"We don’t have sufficient data or other inputs"
Developing
Data is required to help you make better informed decisions but it doesn’t need to be perfect.
Start with a qualitative materiality assessment of issues of stakeholder importance. This will give you already a good idea of where your hotspots are as well as support any future quantitative assessment. Monetization and more detailed data can come later, if needed and relevant to your objective.
You will find a great example of a qualitative materiality assessment here. For more information on different approaches to materiality, check out: The reality of materiality: insights from real-world applications of ESG materiality assessments, a WBCSD report.
Often companies have more data available to them internally then they realize, so always check with your colleagues on what data has already been gathered.
For more information see the We Value Nature training module 2 section on “Scoping an assessment” or the Capitals Coalition guide on Data Use in Natural Capital Assessments, produced with UNEP-WCMC.
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"We face institutional inertia or cannot sustain momentum for action"
Developing
Through addressing barriers at different stages of the nature journey, We Value Nature aims to avoid issues around inertia with focused actions based on specific needs.
Our office hour call in September 2020 focused on overcoming institutional inertia and our Introduction Module can provide useful non-technical language to use when reaching out to other colleagues.
To help you pitch your message effectively, we have also developed Persona Action Cards which provide you with practical tips on how to best engage with different actors such as your CEO, CFO, Procurement Officer, etc. based on their respective needs and challenges.
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"There’s no standardised approach to valuing nature"
Maturing
We Value Nature is working, through IUCN, on making the new IUCN Global Standard on Nature-based Solutions accessible to business through supporting pilots.
– The Transparent project which, involving the Value Balancing Alliance, WBCSD and other partners, is aiming to standardize natural capital accounting and valuation principles for business in line with the European Green Deal.
– For reporting on natural capital, you can check out the Value Balancing Alliance – an alliance of companies and leading consultancies with the ambition to change the way that company performance is measured and valued.
– Also for reporting, the biggest players in sustainability disclosure (CDP, CDSB, GRI, IIRC & SASB) have announced a shared vision for comprehensive corporate reporting system.
– We Value Nature is working, through IUCN, on making the new IUCN Global Standard on Nature-based Solutions accessible to business through supporting pilots.
– Align is similar to Transparent but more focused on biodiversity. It aims to develop generally accepted accounting practices, including a standardized approach to biodiversity measurement.
– The Natural Capital Protocol is a decision-making framework that enables organisations to identify, measure and value their direct and indirect impacts and dependencies on natural capital.
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"We can’t access the necessary financial resources"
Maturing
Starting with a small pilot project to demonstrate the benefits of a more advanced, wide-ranging project can help secure necessary budget. Where possible, highlight numbers, not just the qualitative information. You are targeting insights; not exact numbers so don’t let the perfect be the enemy of the good
Check out our Persona Action Cards for the CEO and CFO for some useful language on how to pitch the message effectively. You are targeting insights; not exact numbers so don’t let the perfect be the enemy of the good.
If you have budget, consider getting external support from an expert particularly if the project involves technical skills (e.g. monetizing your natural capital impacts and dependencies).
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"There’s a lack of regulatory frameworks or government policies encouraging businesses to value nature"
Maturing
The European Green Deal signals a clear direction of travel towards a greener future and the regulatory framework for this will continue to strengthen. Your business can gain competitive advantage by being ahead of the game.
Business for Nature calls on governments to adopt the following five policy recommendations to accelerate business action by aligning policy frameworks and transforming economic and financial systems.
Your organization can join the more than 700 companies and networks by signing the call.
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"We have a clear view of our impacts and dependencies"
Comprehensive
Congratulations! You’ve reached the summit of your natural capital journey!
You recognise that valuing nature is a strategic decision and make decisions that reflect the scale of the climate and natural capital crisis. You inspire change in your sector and across your supply chain.
Get in touch to share your inspiring work with the We Value Nature team.
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