Natural Capital
Also called: biodiversity risk, ecosystem services, TNFD
Natural capital treats ecosystems — water, soil, pollination, fisheries, forests — as assets that produce services the economy depends on. Estimates put over half of global GDP as moderately or highly dependent on nature. Biodiversity is following climate into financial disclosure through the TNFD framework, and the same conceptual problem applies: it is far harder to reduce to one comparable metric than tonnes of carbon.