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Natural Capital

Which companies are integrating natural capital in their decision-making?

Multiple businesses have integrated natural capital in their decision-making: from small to large, from local to international. Unilever, Tony Chocolonely, AkzoNobel and Puma are examples of businesses that are integrating natural capital in their decision making.

Tony Chocolonely

Tony Chocolonely used True Pricing to determine the footprint of a chocolate bar, monetizing externalities in the whole supply chain like CO2 emissions and forced labor. The results showed, among others, that Tony Chocolonely’s environmental impact was 40% lower than a conventional chocolate bar. The business was able to identify measures to further decrease external social and environmental costs from the supply chain.

True Price, Deloitte, EY & PwC (2014), p. 56.


Puma is the first multinational to have published an ‘environmental profit & loss account’. In this account, monetary values are attributed to environmental impacts throughout the whole supply chain, through which risks and opportunities for alternative products and processes can be properly compared.

Natural Capital Coalition (2014a), p. 11.


AkzoNobel has measured the impact of its Brazilian venture in four capitals: financial, natural, social and human capital. The analysis showed that AkzoNobel had a big negative impact on natural capital by using oil and gas and the resulting greenhouse gas emissions. Due to increased employment there was a positive impact on social and human capital.

More information on the AkzoNobel website.


In 2014 Unilever realized over € 200 million in cost reductions through its sustainability program. In this Sustainable Living Plan, the FMCG company laid down the goal to reduce the environmental impact of its products by 50% by 2020, and to decouple environmental impact from growth. By that time all resources from food production need to be completely sustainable and traceable. Within Unilever the more sustainable brands, such as Dove and Ben & Jerry’s, account for half of the growth in 2014.

More information on the website of Unilever.

For more frontrunners look at the websites of BSR, IUCNand the Natural Capital Business Hub.