ROBERT-ALEXANDRE POUJADE ESG Analyst ENHANCE THE VALUE OF NATURAL CAPITAL TO PROTECT OUR PLANET AN OVERLOOKED CONCEPT At BNPP AM, we invest in companies whose activities Unfortunately, this value is not known enough today can depend or have an impact on what we call “natural capital”. According to the Natural Capital Coalition, it’s tends to neglect natural capital and focus mainly on the stock of renewable and non-renewable natural resources (e.g. plants, animals, air, water, soils, minerals) At BNPP AM, we think we must engage all our stakeholders to enhance the value of natural capital As humans, we rely on nature’s ecosystem services and and protect it better. resources to provide us with our food, our medicines If some components of natural capital, including or our energy. For example, pollinators such as bees carbon and water, are relatively well monitored by analysts and covered by ESG data, other key elements production (1). Taken all together, the value of the total such as biodiversity and soils are not adequately global ecosystem services in 2011 was estimated at covered by relevant metrics yet. This is precisely the reason why the investment community must keep world’s gross domestic product (2) engaging companies to disclose their impact and . their dependency on natural capital. USD 125 trillion per year. It’s the value of the total global ecosystem services in 2011. 20