At the Rio+20 Corporate Sustainability Forum, leading banks, investment funds and insurance firms pledged to integrate the Earth's natural capital into loans and investments. A total of 39 chief executives signed the so called "Natural Capital Declaration," which commits companies to transparency. These firms have promised full disclosure using natural capital accounting frameworks.
Natural capital comprises the Earth's natural assets (soil, air, water, flora and fauna) and associated ecosystem services.
The declaration calls on the private and public sectors to work together to create the conditions necessary to "maintain and enhance natural capital as a critical economic, ecological and social asset."
The Declaration also urges policy-makers to move forward in crafting legislation and regulations that can spur the development of financial products and services that sustain the earth's natural capital.
"The private sector must build momentum post-Rio to ensure that valuing natural capital becomes embedded into both public and private sector investment decisions," said WWF's Director General Jim Leape. "To achieve this, new indicators may be needed and governance arrangements may need to change. The private sector has a key role to play," he added.
For more information about the Natural Capital Declaration click here.
© 2012, Richard Matthews. All rights reserved.
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