In September, the New York Stock Exchange (NYSE) announced it had developed a new asset class and listing vehicle aimed at “preserving and restoring the natural assets that ultimately underlie the ability for there to be life on Earth.” The vehicle, known as a natural asset company, or NAC, will enable the formation of specialized firms “that own the rights to the ecosystem services produced on a certain piece of land, such as carbon sequestration or clean water.” The natural assets that these NACs commodify will subsequently be maintained, managed, and grown by them.‘Maintained, managed, and grown’ — to suit...