自然金融解决方案：回报和结果之路

Finance Solutionsfor Nature:Pathways toReturns and Outcomes I N S I G H TR E P O R TS E P T E M B E R2 0 2 5 Contents Foreword3Executive summary4Introduction61Prioritizing finance solutions for nature82Understanding the 10 priority solutions132.1Sustainability-linked bonds and thematic bonds162.2Sustainability-linked loans and thematic loans182.3Natural asset companies (NACs)202.4Environmental credits222.5Debt-for-nature swaps (DNS)242.6Payments for ecosystem services (PES)262.7Impact funds282.8Internal nature pricing (INP)303Unlocking priority solutions at scale313.1Standardize decision-relevant data for investors333.2Strengthen structuring approaches and de-risking mechanisms333.3Expand the investment-grade pipeline of nature projects343.4Build market demand through an enabling environment353.5Shift market norms and incentives to recognize nature’s full value36Conclusion37Appendix A: Scoring methodology38Appendix B: Full list of finance solutions for nature39Contributors43Endnotes45 Disclaimer This document is published by the World EconomicForum as a contribution to a project, insight areaor interaction. The findings, interpretations andconclusions expressed herein are a result of acollaborative process facilitated and endorsed bythe World Economic Forum but whose results donot necessarily represent the views of the WorldEconomic Forum, nor the entirety of its Members,Partners or other stakeholders. ©2025 World Economic Forum. All rightsreserved. No part of this publication may bereproduced or transmitted in any form or by anymeans, including photocopying and recording, orby any information storage and retrieval system. Foreword Akanksha Khatri Josh KatzPartner, McKinsey& Company Head, Strategy and Impact,Centre for Nature and Climate,World Economic Forum In recent years, nature finance has moved fromthe margins of sustainable investing into a criticalarea of focus for investors, corporates andpolicy-makers alike. Growing scientific clarity onthe material risks of biodiversity and nature loss,coupled with greater momentum towards globalnature goals through the Kunming-MontrealGlobal Biodiversity Framework (GBF), has ledto the emergence of a dynamic set of financialinnovations for nature. Yet markets still struggleto consistently reward positive nature outcomes.Unlike climate finance, which has advancedsignificantly through decades of policy alignmentand standardization, nature’s challenges arestarker – it remains underpriced, undervaluedand underfinanced. conservation to building regenerative businessmodels. This diversity is a strength, but it alsopresents a challenge: stakeholders must nowevaluate this ever-expanding toolkit to select andscale up the most fit-for-purpose solutions. This report aims to support that effort. Weexamine the financial mechanisms that enablespecific projects or nature-positive interventions– the transaction structures and capital flowsthat can unlock investment at scale. The goalis to provide a practical framework to helpinstitutional investors, banks, asset managersand development actors identify the right financesolutions for the right context and strengthen theenabling environment around them. This report isthe work of a productive collaboration between theGlobal Future Council on Natural Capital and TheNature Markets and Biodiversity Credits Initiativethat is supported by McKinsey & Company. The landscape of nature finance is rapidlyevolving. From sovereign debt instruments andblended capital platforms to biodiversity creditsand emerging asset classes, a growing range ofmechanisms is being deployed to fund, financeand de-risk nature-positive action. These spanboth concessional and returns-seeking capital,involve public and private actors, and are designedfor multiple purposes – from funding high-integrity Achieving a nature-positive economy requirescoordinated action. We hope this work contributesto the shared effort required to build financialsystems that value, steward and regenerate thenatural world. Executive summary Ten finance solutions can mainstreamnature in capital markets. The landscape of nature finance is growing, butcomplex. Nature is rapidly emerging as a strategicinvestment frontier and more institutional capitalis flowing into new business models and projects.Yet the underlying complexity remains: nature-related data is fragmented, ecosystem outcomesare hard to price, financial markets are only juststarting to embed nature into decision-makingframeworks, and the links between climate andnature finance are nascent. This is compoundedby varying advice on a growing universe offinance solutions. 6.Natural asset companies (NACs):Publicly andprivately listed companies that convert the fulleconomic value of nature into financial flows viaequity models. NACs hold significant potentialbut need more transactions for price discoveryand replicable investment blueprints. 7.Environmental credits:Tradeable certificatesfor verified environmental benefi