Introduction

To achieve a net-zero, climate-resilient, and nature-positive future, a common understanding of net-zero nature-positive (NZNP) finance is essential. This report provides a systematic review of existing literature, covering relevant documents published between 2007 and 2025.

The review includes 59 documents regarding net-zero, 70 for nature-positive, and 25 for climate-nature finance. It aims to establish a shared knowledge base to support integrated strategy design and clearer investment signals across the NZNPA IP Global Platform and national projects.

Net zero

Net zero involves reducing greenhouse gas emissions to the lowest feasible levels and balancing remaining emissions with permanent anthropogenic removals. The concept was operationalised globally through the 2015 Paris Agreement, which saw 197 countries pledge to limit global warming to well below 2°C.

Scientific assessments from the IPCC indicate that limiting warming to 1.5°C requires global net anthropogenic CO2 emissions to drop by approximately 45% from 2010 levels by 2030 and reach net zero around 2050. At the institutional level, 487 of the world’s 1,500 largest financial institutions had set net-zero or mitigation targets by 2024. Standard-setters like the Science Based Targets initiative (SBTi) provide blueprinted pathways for alignment.

Nature positive

Nature positive is defined as halting and reversing nature loss by 2030 from a 2020 baseline, aiming for full ecosystem recovery by 2050. This concept aligns with the Kunming-Montreal Global Biodiversity Framework (GBF), which seeks to mobilise USD 200 billion per year for biodiversity by 2030, including USD 30 billion through international finance.

Nature-positive finance is a subset of nature finance that delivers measurable positive outcomes for biodiversity or ecosystem services relative to business-as-usual. The mitigation hierarchy—comprising avoidance, minimisation, restoration, and offsetting—remains the guiding principle for addressing economic activities’ harm to biodiversity.

Integrating net-zero and nature-positive

Climate change and nature loss are mutually reinforcing crises with shared drivers, such as land-use change and deforestation. NZNP finance aims to integrate these goals into investment decision-making. Climate change intensifies nature loss, while nature loss reduces capacity as a carbon sink.

Frameworks like the Taskforce on Nature-related Financial Disclosures (TNFD) and guidance from the Glasgow Financial Alliance for Net Zero (GFANZ) now encourage embedding nature into net-zero transition plans. Integrating these approaches can produce more cost-effective solutions; for instance, restoring coastal wetlands can be up to five times cheaper than constructing breakwaters.

Conclusion and next steps

While definitions for net-zero and nature-positive finance are maturing, an integrated NZNP framing is not yet consistently operationalised. Operational tools currently lag behind policy integration, and many institutions still rely on non-exhaustive lists rather than rigorous eligibility rules and measurement protocols.

Priority should be given to developing shared understandings of how NZNP finance is qualified and quantified. Building on this review, CPI will work with partners to develop a common definition and provide guidance for operationalisation at the country and financial institution levels.