Natural capital, climate, and decarbonization: still undervalued assets

On July 2, 2026, at the 10th edition of the CSR&SD Exhibition, Bôndy hosted a masterclass titled "Natural Capital, Climate, and Decarbonization: Undervalued Assets." The core message was simple: in Madagascar, nature is not just scenery; it is capital. Capital that produces, protects, and, once measured, becomes a full-fledged economic asset. Adrian Levrel, Harena Johussa, Audrey Bemananjara, and Njato Mathias, alongside WINDCOOP, shared how Bôndy supports businesses in transforming their environmental commitments into tangible benefits.

Three concepts to set the scene

Before delving into numbers, the masterclass revisited three concepts that frame the discussion.

• Ecosystem services: the benefits that nature provides freely to the economy, such as water, pollination, climate regulation, carbon sequestration, and coastal protection.
• Carbon neutrality, or Net Zero: the balance between a company's greenhouse gas emissions and what is reabsorbed. Specifically, it means measuring one's footprint, reducing it, and then investing in nature to offset unavoidable emissions.
• Nature risk: a company's exposure to economic losses linked to the degradation of the ecosystems it depends on, such as resource scarcity, loss of pollination, or instability of water cycles. This is one of the pillars of the TNFD framework (Taskforce on Nature-related Financial Disclosures).

Global natural capital still undervalued

Globally, the magnitudes are staggering.

• An average ratio greater than 3.5 for nature-based investments, according to the Dasgupta Review (2021), varying depending on the type of investment and biodiversity context.
• 10 trillion dollars in potential annual economic value generated by a transition to a nature-positive economy, according to the World Economic Forum's New Nature Economy report (2020).
• 395 million jobs that could be created by this same transition, also according to the World Economic Forum (2020).

Madagascar: real wealth, immediate risks

For Madagascar, the dependence on nature is far from abstract.

• Natural capital represents approximately 30% of the national wealth.
• Nature-based production accounts for nearly 25% of GDP.
• 75% of jobs depend on it, including subsistence agriculture and the informal sector.

This dependence is also a vulnerability. Ignoring climate and biodiversity exposes businesses to three risks: collapse of yields, exclusion from markets that now demand environmental guarantees, and reduced access to capital. Conversely, businesses that formalize their approach unlock three opportunities: access to new markets, improved competitiveness, and cost optimization with secured operations.

As Audrey Bemananjara highlighted, this delay in structuring can become an advantage. It allows for observing what others are doing, avoiding their mistakes, and building systems adapted to local realities while meeting international requirements.

Three Questions for the Private Sector

The masterclass conducted a collective assessment based on three questions posed to businesses.

• How do climate and biodiversity impact your operations? In Madagascar, they are direct production inputs. Ignoring them means accepting higher costs and lower yields.
• Are your actions documented and measurable? The era of informal CSR and passive greenwashing is over. The private sector must professionalize its environmental data.
• How can these become verifiable investments? Protecting the environment is no longer a cost center, but an investment capable of generating financial and operational returns.

Three levers were cited: adopting recognized certification standards, accessing green and impact finance windows, and integrating natural capital accounting.

Adrian Levrel emphasized the importance of establishing a framework and ambition from the outset. By starting small, initial results are achieved, allowing for reinvestment in the effort and long-term value creation for these assets.

From Narrative to Proof: The Three Levels of Data

The entire demonstration is based on a simple chain: collection, processing, indicator, report, decision. But not all data is equal. The masterclass identified three levels of proof.

• Narrative data: the story, intention, and achievements, without real measurement of the action.
• Quantified data: internally calculated figures that prove achievement but are difficult to present to a third party.
• Verifiable data: quantified data that can be audited, validated, and certified by an independent third-party organization.

It is this last level that truly opens up markets and funding.

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Monitoring and Evaluation, a Strategic Asset

Verifiable monitoring and evaluation is not an administrative burden; it's an asset. The figures shared during the masterclass demonstrate this.

• 70% of tenders now require ESG data (IFC, 2024).
• Companies with verified data access green financing 3.2 times more easily (AfDB, 2023).
• 85% of investors consider ESG data in their decisions (BlackRock, 2023).

This data opens three doors: a commercial opportunity to respond to tenders, a financial opportunity to access green finance, and an asset opportunity, by constituting a documented natural capital asset according to the TNFD framework.

In its role as a partner, Bôndy covers the entire chain, as detailed by Harena Johussa: scope diagnosis, ecosystem restoration, creation of sustainable value chains, and carbon footprint support. The real challenge remains the regular collection of reliable data on the ground.

On the ground: engage, involve, measure, demonstrate

None of this works without communities.

For Audrey Bemananjara, actions for nature are built with communities, not just for them. Understanding existing practices, obstacles, and sometimes fady (taboos) is essential for moving forward without imposing anything.

Reforestation must also link nature to the economy. As Harena Johussa reminded us, for the Malagasy farmer whose land is sacred, every plantation must generate income. The plots combine forest species, wood energy to compensate for electricity shortages, fruit trees for food security, and cash crops, with support for market access.

Monitoring itself is twofold. Farmers provide daily surveillance, and the local technical team conducts annual monitoring of survival rates, adaptation to climate change, and threats to biodiversity. Njato Mathias presented the tools used: Android smartphones and drones to map the areas, with plot tracking and tree-by-tree geolocated tracking specifying the species and owner's name.

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From Commitment to Economic Advantage

The overarching logic is a progression: commitments, measured natural capital, verifiable data, structured monitoring and evaluation, and, at the end of the chain, a real economic advantage. This is the guiding principle of Bôndy's work: to help Malagasy companies transform an environmental intention into proof, and proof into value.

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