• Natural Capital Declaration
  • Natural Capital Declaration
  • Natural Capital Declaration
  • Natural Capital Declaration
  • Natural Capital Declaration
  • Natural Capital Declaration

Working Group I: Understanding impacts and dependencies on natural capital

NCD Commitment 1:  NCD signatories have committed to collaborate to build an understanding of the impacts and dependencies of natural capital relevant to operations, risk profiles, customer portfolios, supply chains and business opportunities.


Chair: Giorgio Capurri, UniCredit
Vice-chair: Jean Clinckemaillie, CDC Biodiversité, The Caisse des Dépôts Group


Project Manager: Marie Morice, Global Canopy Programme


Working Group I members (as of July 2015):


Signatories (financial institutions)

Banco Pichincha
Caisse des Dépôts (CDC)
Caixa Economica Federal
International finance Corporation
Mongeral Aegon
Standard Chartered
Yes Bank


Supporters (non-financial institutions)

ASrIA – Association for Sustainable and Responsible Investment in Asia
Convention on Biological Diversity (CBD)
Conservation International
EIRIS – Responsible Investment and ESG Research
Fauna and Flora International
Natural Value Initiative
SPVS Brazil – Sociedade de Pesquisa em vida Selvagem e Educação Ambiental
Natural Capital Coalition
VBDO (Dutch Social Investment Forum)


Current Projects
Working Group 1 is developing a scoping study on natural capital risks in the financial sector. The study is being produced by the NCD Secretariat, with input from contributing authors including the ICMA Centre (Henley Business School, University of Reading) and Sociovestix Labs Ltd. It provides an evidence-based business case for both banks and investors to incorporate natural capital factors in lending and investment decision-making processes. The capabilities of 66 service providers to offer relevant natural capital data, modelling skills and other services to financial institutions were assessed. The study quantifies the interest and activities of 36 FIs around natural capital issues through a custom designed survey (with 100+ FIs contacted). Results will highlight potential indicators and a rough framework to build a Knowledge Consortium to integrate natural capital considerations directly in credit risk analysis.

The World Bank Group funded the scoping study as the first part of a major project in the pipeline to develop and test methodologies to enable banks and asset managers to map and assess material natural capital risk across lending and investment portfolios, and to integrate natural capital considerations in credit risk analysis. For further details, see the project page here.