世界经济论坛-自然金融解决方案：回报和结果之路（英）

Finance Solutions for Nature: Pathways to Returns and OutcomesI N S I G H T R E P O R TS E P T E M B E R 2 0 2 5In collaboration with McKinsey & CompanyImages: Getty Images, UnsplashDisclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders.© 2025 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system.ContentsForeword 3Executive summary 4Introduction 61 Prioritizing finance solutions for nature 82 Understanding the 10 priority solutions 132.1 Sustainability-linked bonds and thematic bonds 162.2 Sustainability-linked loans and thematic loans 182.3 Natural asset companies (NACs) 202.4 Environmental credits 222.5 Debt-for-nature swaps (DNS) 242.6 Payments for ecosystem services (PES) 262.7 Impact funds 282.8 Internal nature pricing (INP) 303 Unlocking priority solutions at scale 313.1 Standardize decision-relevant data for investors 333.2 Strengthen structuring approaches and de-risking mechanisms 333.3 Expand the investment-grade pipeline of nature projects 343.4 Build market demand through an enabling environment 353.5 Shift market norms and incentives to recognize nature’s full value 36Conclusion 37Appendix A: Scoring methodology 38Appendix B: Full list of finance solutions for nature 39Contributors 43Endnotes 45Finance Solutions for Nature: Pathways to Returns and Outcomes2ForewordIn recent years, nature finance has moved from the margins of sustainable investing into a critical area of focus for investors, corporates and policy-makers alike. Growing scientific clarity on the material risks of biodiversity and nature loss, coupled with greater momentum towards global nature goals through the Kunming-Montreal Global Biodiversity Framework (GBF), has led to the emergence of a dynamic set of financial innovations for nature. Yet markets still struggle to consistently reward positive nature outcomes. Unlike climate finance, which has advanced significantly through decades of policy alignment and standardization, nature’s challenges are starker – it remains underpriced, undervalued and underfinanced.The landscape of nature finance is rapidly evolving. From sovereign debt instruments and blended capital platforms to biodiversity credits and emerging asset classes, a growing range of mechanisms is being deployed to fund, finance and de-risk nature-positive action. These span both concessional and returns-seeking capital, involve public and private actors, and are designed for multiple purposes – fr