In 2015, the United Nations Member States, including the United States, unanimously approved 17 Sustainable Development Goals (SDGs) to be achieved by 2030. In a forthcoming book, leading legal scholars examine each of the SDGs and recommend a suite of government, private-sector, and civil society actions to help the United States achieve these goals. This Article is adapted from Chapter 12 of that book, Governing for Sustainability (John C. Dernbach & Scott E. Schang eds., ELI Press, forthcoming 2023).

Climate change has captured the attention of governments, regulators, international bodies, and the private sector. But climate change is arguably a single facet of a larger concern: the “rapid decline” in the integrity of nature. Climate and other natural systems are interconnected, and recent literature has focused increasingly on this “interdependence of climate, ecosystems, and biodiversity,” spurring a wide variety of organizations to reflect on the broader role nature plays in environmental sustainability. The scientific discussion has triggered multiple stakeholders—including standards agencies, policymakers, and multinational financial institutions—to develop initiatives that reflect lessons learned from the climate playbook. Increased focus on natural capital has important implications for companies as they continue to develop their environmental, social, and governance functions. This Comment traces the growth of interest in natural capital, recent developments in nature-related initiatives, and opportunities for companies across multiple industries to prepare for increased scrutiny of their impacts on, and exposure to, nature.