The natural capital framework for sustainably efficient and equitable decision making

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 well-being. 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. The natural capital concept is making way into government policy processes and the private sector, but different understandings of the approach might lead to misuse or omissions. In order to address this issue, a comprehensive framework for natural capital analysis and decision making is presented.