Refers to both the living (e.g. fish stocks, forests) and non-living (e.g. minerals, energy resources) aspects of nature which produce value to people, both directly and indirectly. It is this capital that underpins all other capital in our economy and society. Natural capital can often be confused with ecosystem services. However, whilst similar concepts, they are fundamentally different. Natural capital refers to the actual stock (living and non-living parts) that provides value whereas ecosystem services refer to the flow of benefits that this stock provides. Essentially, natural capital is about nature’s assets, whilst ecosystem services relate to the goods and services derived from those assets (