Many approaches to natural capital in the public and private sectors have been developing for some time and there is a substantial body of technical experience and expertise. However, the approaches are yet to have a significant influence on broader decision-making and are not a core part of standard management practice for business or government. One key challenge is that the various approaches have been developed quite independently, with little focus on integration or alignment. In recognition of this, the ‘Combining Forces’ program was established to bring together the public and private sectors’ thinking on natural capital (Natural Capital Coalition, 2017).
This paper represents a thought leadership paper on advancing natural capital approaches, discussing the priority areas and benefits of the 'Combining Forces' program. It also covers the relationship between different approaches, key challenges and limitations, and links to other intiatives.