The Natural Capital Committee (a government advisory body) defines natural capital as:
"elements of nature that directly or indirectly produce value or benefits to people, including ecosystems, species, freshwater, land, minerals, the air and oceans, as well as natural processes and functions."
When viewed from this lens, the natural environment is an asset that can be managed, as opposed to a hindrance or constraint on development. Natural capital can be valuable to a business and ought to be maximised and managed for the benefit of the business and to society.
The CLA has produced a document with full descriptions of what natural capital entails, along with case studies and guidance notes.