Natural Capital Reserve

Marine natural capital, rated.

We rate the marine natural capital of 192 nations and territories, measure what protection delivers at the site, and quantify carbon transition risk in listed portfolios.

01Why now

Today, about 10% is protected. Barely 1% has had its management assessed.

0% 2030 target · 30% 100% of marine area
The gap ≈ 20 points

≈10% protected todayProtected Planet, August 2026

1.3% with management effectiveness assessedIUCN & UNEP-WCMC, 2026

Conserving and sustainably using the ocean is estimated to cost $174 billion a year. Capital on that scale needs a common yardstick: one that compares the marine natural capital of nations, shows what protection actually delivers, and prices the risks that sit alongside it.

  • 30%of marine and coastal areas to be conserved by 2030Kunming-Montreal GBF, Target 3
  • ≈10%protected todayProtected Planet, Aug 2026
  • 1.3%with management effectiveness assessedIUCN & UNEP-WCMC, 2026
  • $174 bna year to meet SDG 14, Life Below WaterJohansen & Vestvik, 2020

“Nature is therefore an asset, just as produced capital (roads, buildings and factories) and human capital (health, knowledge and skills) are assets.”

The Economics of Biodiversity: The Dasgupta Review · Headline Messages · HM Treasury, 2021
Capital per person, 1992–2014Global change
Produced capitaldoubled
Human capital+13%
Natural capital≈ −40%

Source: Dasgupta, P. (2021), The Economics of Biodiversity: Headline Messages.

The Review asks that nature enter economic and finance decision-making in the same way buildings, machines, roads and skills do. Natural Capital Reserve builds the measurement and rating infrastructure to do that for marine natural capital.

03MAAP · Marine Asset Accounting Platform

MAAP

The investment layer for marine natural capital.

MAAP rates the marine natural capital of 192 nations and territories within their exclusive economic zones, the waters each state governs out to 200 nautical miles. Each jurisdiction receives a grade on a familiar nine-band scale, from AAA to C, rebuilt every year from published, edition-pinned scientific data.

192nations and territories rated
≈37%of the world ocean, by EEZ area
9grade bands, AAA to C
Annualreview, since the 2023 baseline
Exclusive economic zones coloured by MAAP grade, Annual Review, September 2026. The smallest zones fall below map resolution.

A transparent rating chain

Volume and quality measure the endowment. Pressure is weighed against each jurisdiction’s response. An impact lens asks where a conservation dollar goes furthest. Together they form the Biodiversity Investment Index, graded against fixed thresholds, so a rating moves only when its own evidence moves.

  1. VolumeHow much life the waters hold: ecosystems, species richness and observed diversity.IUCN Red List · BirdLife · IUCN GET · OBIS
  2. QualityThe condition of habitats and species.Ocean Health Index
  3. PressureTwenty-three human and climate pressures on the marine environment.Ocean Health Index
  4. ResponseGovernance, protected-area coverage and conservation spending.Global Fishing Index · MPAtlas · CBD, BIOFIN, IMF, OECD
  5. ImpactThe ecological and economic potential of each additional conservation dollar.Chain inputs · World Bank WDI
  6. Biodiversity Investment IndexThe headline composite, graded AAA to C against thresholds anchored to the November 2023 baseline.Published thresholds · annual review
  7. Global Biodiversity UnitsEach jurisdiction’s share of a fixed pool of five billion units, with a published floor price for every grade.Annual Ratings Study, Table 1
Nine bands, fixed thresholds Jurisdictions per grade, 2026 Annual Review · Biodiversity Investment Index thresholds, anchored November 2023
12AAA≥156.9
19AA≥138.4
19A≥125.1
29BBB≥116.6
32BB≥108.8
37B≥101.4
13CCC≥97.2
18CC≥90.3
13C<90.3

Built on open science

Every input is pinned to a dated edition, so each rating traces back to its source.

IUCN Red List v2025-1BirdLife International BOTW v2024-2IUCN Global Ecosystem TypologyOBIS Ocean Biodiversity Information SystemOcean Health Index 2025Global Fishing Index 2021MPAtlasMarine Regions EEZ v12World Bank WDIIMFOECDCBDBIOFIN

The MAAP platform

  • One live mapSwitch between biodiversity, risk, impact and headline lenses, and filter by region.
  • Investment profilesScores, unit holdings and rating history for every jurisdiction, review by review.
  • Your own thesisRe-weight the lenses, screen for a mandate and explore the full distribution.
  • Documented end to endEvery formula and source is set out in the platform’s methodology pages.
Request platform access
maap.naturalcapitalratings.com
MAAP platform overview: at-a-glance leaders by region and global totals
Investment profile · Philippines
MAAP investment profile with headline score gauges

04Annual Ratings Study

The MAAP Annual Ratings Study 2026

The first annual edition, published 1 September 2026: every rating, every transition since the 2023 baseline and the full methodology. Access on request.

  • 156/192jurisdictions held their 2023 grade
  • 19↑ 17↓upgrades and downgrades among the 36 that moved
  • 12jurisdictions meet the AAA standard
  • 16already protect 30% of their waters
  • 108rise · 0fallratings, if every jurisdiction reached 30×30. One nation’s progress never costs another its grade.
Request access Have access? Open the study

Natural Capital Reserve (2026). MAAP Annual Ratings Study 2026. naturalcapitalratings.com

naturalcapitalratings.com
The MAAP Annual Ratings Study 2026 web edition
Looking up through a giant kelp forest toward the surface

Measured where conservation happens.

Giant kelp forest · Channel Islands National Marine SanctuaryNOAA Photo Library · public domain

05MRV · Measurement, Reporting & Verification

MRV

Where MAAP rates nations, MRV measures sites.

Governments and donors pay to protect marine areas. MRV measures what that protection delivers, in the protected area itself. Its unit is the Marine Biodiversity Conservation Unit (MBCU): a score from zero to one, always reported with its uncertainty.

MBCU Marine Biodiversity Conservation Unit Pitipalena-Añihué, Chile · reference site
± 0.26
00.250.50.751
Desk estimateWith verification
Pilot figures under a candidate methodology profile; the methodology is in formal scientific review.
01

The ecosystem stack

A 30-arc-second grid, cells about a kilometre across, is laid over the site. The ecosystem functional groups of the IUCN Global Ecosystem Typology are stacked in every cell, each at its true depth on ETOPO and GEBCO bathymetry.

02

Species and condition

A habitat crosswalk links 31 functional groups to more than 17,000 IUCN Red List taxa, narrowed to those recorded in the site’s region. Population trends and threat status give stability; human pressure, weighted by each species’ sensitivity, gives fragility. Together they give resilience.

03

Honest uncertainty

Every MBCU carries an uncertainty band built from four sources: Red List data quality, species expected but not yet confirmed, data-deficient species and model error. Every run also states its minimum detectable effect: the smallest real change the system can tell apart from noise.

04

Verification in the field

Observations are matched to the desk inventory through the World Register of Marine Species. Each confirmed species narrows the band, and not seeing a species is never counted as its absence. Field methods: environmental DNA, baited cameras, dive transects and passive acoustics.

05

A counterfactual

MRV builds matched controls: areas in the same country with the same mix of ecosystems, outside the protected area. Both sides are designed to be re-scored as new pressure data arrive, so gains can be credited to protection rather than chance.

Six areas scored so far

  • Pitipalena-AñihuéChile · community co-managed marine reserve
  • Miani HorPakistan
  • Gulf of KachchhIndia
  • Andaman IslandsIndia
  • Red Sea coral reefEgypt
  • Cocos IslandCosta Rica

Desk-stage pilot scores. Next: formal scientific review and field validation. MRV is designed for outcome-based finance: the uncertainty band would set a holdback, released only as evidence closes the gap.

The MRV Workbench

Browse a site’s ecosystem stack on the map, fly through its layers in 3D and compare two sites side by side. Tune any methodology constant, each tied to a numbered methodology decision, and watch the scores update in a fraction of a second. Then export runs, verification reports and the feed to MAAP. Every run pins its data snapshots, so every number can be reproduced.

Discuss a site assessment

06ESL Carbon Spread · EcoSmart Labs

ESLCarbon Spread

Carbon transition risk, in the language of credit.

Where conventional ESG scores look backward, Carbon Spread runs equity portfolios through forward-looking transition scenarios, the seven NGFS Phase V pathways or your own, to estimate how current and future carbon liabilities bear on company valuations and cost of capital.

Weighted Average Carbon Spread

WACS = Σ wi × ( Ei × Pi ⁄ MCapi ) × 104

  • wi portfolio weight of company i
  • Ei annual emissions, attributed to the issuer
  • Pi carbon price in the issuer’s jurisdiction, under the chosen scenario
  • MCapi market capitalisation

Result in basis points of value: the effect of a company’s current emissions on its equity valuation.

NGFS Phase V scenarios

  • Net Zero 2050
  • Below 2°C
  • Low demand
  • Delayed transition
  • Nationally Determined Contributions
  • Fragmented World
  • Current Policies

Horizons1y3y5y10y30y

  • WACIWeighted average carbon intensity: emissions normalised to economic exposure, the TCFD benchmark metric.
  • TCFD exposureThe share of holdings in carbon-related sectors, as defined under the TCFD framework.
  • WACSWeighted average carbon spread: the effect of current annual emissions on equity valuation.
  • CCSCumulative carbon spread: the present value of the full forward carbon-liability stream, in basis points of portfolio value.
  • WACRAEWeighted average carbon risk-adjusted earnings: the carbon efficiency of company earnings.
  • ACLAggregate carbon liability: the portfolio’s total forward carbon liability, in dollars.

Traceable to source

Asset-level emissions from Climate TRACE, attributed to issuers through documented ownership chains; validated science-based targets; reference emissions-trading prices; and issuers resolved against standard legal-entity and securities identifiers. Every figure on the dashboard shows its source, vintage and method.

Climate TRACENGFS Phase VSBTiICAPGLEIFOpenFIGI

eslRating expresses scenario-conditional transition exposure on the agency notch ladder and is always shown next to the issuer’s conventional rating. It is a transition metric, not a credit opinion.
  • 503S&P 500 companies covered
  • 7NGFS scenarios
  • CSV · XLSXportfolio upload
Explore carbonspread.com
carbonspread.com
ESL Carbon Spread: S&P 500 carbon transition ratings, conventional rating versus eslRating
Scalloped hammerhead sharks schooling in blue water off Cocos Island

Open data. Published standards. An annual cadence.

Scalloped hammerheads · Cocos Island, Costa Rica, one of the six MRV pilot areasBarry Peters · CC BY 2.0

07Key materials

See the work for yourself.

Two short films walk through MAAP and MRV on the live tools. The Annual Ratings Study and the platforms are available on request.

08About

A ratings lineage, now applied to marine natural capital.

Carbon markets showed what happens when capital moves before standards: weak integrity, slow adoption, lost trust. Natural Capital Reserve was founded to build the rating and measurement discipline first, so that finance for marine biodiversity can scale on evidence.

  1. 2007

    The Carbon Ratings Agency and IDEAcarbon

    Founded by Dr Shandi Modi to give carbon and environmental assets the accounting and risk tools institutional investors require. The agency enlisted Lord Stern as an advisor, Ian Johnson, then the World Bank’s Vice President for Sustainable Development, as co-founder, and Christiana Figueres as Vice Chair of its ratings committee.

  2. Track record

    Ratings and financial mechanisms

    The Carbon Ratings Agency rated and created financial mechanisms for climate initiatives. Beneficiaries of its work include the State of Gujarat in India, the R20 Regions of Climate Action founded by Arnold Schwarzenegger, the UN Global Compact on carbon pricing, and the World Bank Group on linking regional carbon-trading schemes and the International Carbon Reserve.

  3. 2023

    Natural Capital Reserve

    Founded to apply the same discipline to marine biodiversity and the 30×30 goal of the Kunming-Montreal Global Biodiversity Framework. Baseline assessment of 192 jurisdictions, November 2023.

  4. 2024

    Ratings launched

    Sovereign marine biodiversity ratings launched in February 2024.

  5. 2026

    Annual review and site measurement

    First MAAP Annual Ratings Study, September 2026. MRV pilots scored in six marine areas. ESL Carbon Spread live on carbonspread.com.

Mangrove roots · Laguna de La Restinga National Park, VenezuelaWilfredor · CC0

09Team

Leadership

Portrait of Dr Shandi J Modi

Dr Shandi J Modi

Co-Founder & CEO

Two decades across carbon, climate and biodiversity finance, at policy level and in building products that bring private capital in. Founder of IDEAcarbon Group and The Carbon Ratings Agency, conceived in 2007 on a simple premise: environmental assets need accounting and risk tools to the standard of any other asset class before institutional investors can deploy capital against them. The Carbon Ratings Agency rated and created financial mechanisms for climate initiatives. Beneficiaries of its work include the State of Gujarat in India, the R20 Regions of Climate Action founded by Arnold Schwarzenegger, the UN Global Compact on carbon pricing, and the World Bank Group on linking regional carbon-trading schemes and the International Carbon Reserve.

Portrait of Dr Sergey Ivliev

Dr Sergey Ivliev

Partner, Product & Technology

A quantitative-finance specialist and technologist with a PhD in Mathematical Economics and more than fifteen years building data, modelling and market infrastructure across climate and capital markets. Leads the AI strategy and development of the rating systems, analytics and platforms behind MAAP, MRV and Carbon Spread. Founder and Board Chair of Vlinder, a nature-based carbon project developer with blue-carbon projects in Kenya, Indonesia and Brazil; previously a co-founder of the fintech firm Lykke. Teaches blockchain, risk and quantitative methods at HEC Lausanne and the New Economic School.

10Contact

Assess your area of interest.

Tell us which waters, protected area or portfolio you have in mind. We will come back with what MAAP, MRV or Carbon Spread can show for it, and how an assessment would work.

Select a jurisdiction on the map, or type any area in the form.
I’m interested in

Opens your email client with the request addressed to [email protected]. Nothing is stored on this site. Requests are reviewed by the senior team within three working days; where appropriate we propose a mutual non-disclosure agreement before sharing materials.