Abstract
The environment surrounding corporate natural capital management has changed significantly in recent years. Trends in the evaluation and disclosure of corporate natural capital have garnered increasing attention since the Taskforce on Nature-related Financial Disclosures (TNFD) issued its recommendation. This paper provides an overview of the corporate natural capital disclosure frameworks, with a focus on TNFD. This paper provides an overview of TNFD as a corporate natural capital disclosure framework and examines the current state, challenges, and potential academic contributions, based on an analysis of TNFD-aligned corporate disclosures and the use of natural capital assessment tools. While natural capital disclosure in 2023 showed overall improvement compared to 2019, three key challenges remain: (1) ensuring transparency in the evaluation process, (2) accounting for regional characteristics, and (3) achieving comprehensive analysis of nature-related risks. Due to the technical limitations of existing tools and indicators, In the field of forest economics, leveraging existing research on the economic valuation of ecosystem services to quantify the relationship between corporations and natural capital in economic terms presents an opportunity to contribute to more sustainable corporate natural capital management.
