Toward a Business‐Oriented Concept of Natural Capital and Its Measurement in Organizations

ABSTRACT The growing importance of sustainability in corporate governance, driven by emerging regulations such as the Corporate Sustainability Reporting Directive (CSRD) and the forthcoming ISO 14054, has renewed interest in the concept of natural capital. However, organizations continue to face considerable challenges in operationalizing natural capital accounting. This study aims to identify key definitional dimensions of natural capital from a business‐oriented perspective, based on 106 different definitions found in the literature. Moreover, it proposes practical guidelines for its assessment in organizations to support both managers, researchers, and public authorities in the field of natural capital measurement. Through a systematic literature review and a detailed analysis of international standards, particularly those within the ISO 14000 series, the research develops a materiality matrix that cross‐references the theoretical and applied relevance of natural capital components. Six key steps are outlined for the measurement of natural capital: (i) inventorying material and energy flows; (ii) assessing environmental impacts in line with ISO life cycle assessment standards; (iii) constructing resource balance sheets akin to financial statements; (iv) monetizing flows and impacts using cost‐accounting methods; (v) developing integrated environmental‐economic indicators; and (vi) producing structured nonfinancial reports. Findings position natural capital as a strategic resource that enhances sustainable value creation and risk management, and the adoption of consistent and transparent natural capital metrics can strengthen stakeholder trust and support the broader transition toward a more sustainable economy.