Climate change and the overexploitation of natural resources increase the need to integrate sustainable development policies at both national and international levels to fit the demands of a growing population. In 2015 the United Nations (UN) established the 2030 Agenda for sustainable development with the aim of eradicating extreme poverty, reducing inequality and protecting the planet. The Agenda 2030 highlights the importance of biodiversity and the functioning of ecosystems to maintain economic activities and the well-being of local communities. Nature Based Solutions (NBS) support biodiversity conservation and the functioning of ecosystems. NBS are increasingly seen as innovative solutions to manage water-related risks while transforming natural capital into a source of green growth and sustainable development. In this context, NBS could potentially contribute to the achievement of several Sustainable Development Goals (SDGs) by promoting the delivery of bundles of ecosystem services together generating various social, economic and environmental co-benefits. However, to achieve the full potential of NBS, it is necessary to recognize the trade-offs and synergies of the co-benefits associated with their implementation. To this aim, we have adopted a system perspective and a multi-sectoral approach to analyse the potential of NBS to deliver co-benefits while at the same time reducing the negative effects of water-related hazards. Using the case study of Copenhagen, we have analysed the relationships between the co-benefits associated with the scenario of the restoration of the Ladegaardsaa urban river. Our hypothesis is that enhancing the understanding of the social, economic and environmental factors of the system, including mutual influences and trade-offs, could improve the decision-making process and thereby enhance the capability of NBS to contribute to the achievement of the SDGs.

This paper proposes a conceptual framework to systematize the use of Nature-based solutions (NBS) by integrating their resilience potential into Natural Assurance Scheme (NAS), focusing on insurance value as corner stone for both awareness-raising and valuation. As such one of its core goal is to align research and pilot projects with infrastructure development constraints and priorities. Under NAS, the integrated contribution of natural infrastructure to Disaster Risk Reduction is valued in the context of an identified growing need for climate robust infrastructure. The potential of NAS benefits and trade-off are explored by through the alternative lens of Disaster Resilience Enhancement (DRE). Such a system requires a joint effort of specific knowledge transfer from research groups and stakeholders to potential future NAS developers and investors. We therefore match the knowledge gaps with operational stages of the development of NAS from a project designer perspective. We start by highlighting the key role of the insurance industry in incentivizing and assessing disaster and slow onset resilience enhancement strategies. In parallel we place the public sector as potential kick-starters in DRE initiatives through the existing initiatives and constraints of infrastructure procurement. Under this perspective the paper explores the required alignment of Integrated Water resources planning and Public investment systems. Ultimately this will provide the possibility for both planners and investors to design no regret NBS and mixed Grey-Green infrastructures systems. As resources and constraints are widely different between infrastructure development contexts, the framework does not provide explicit methodological choices but presents current limits of knowledge and know-how. In conclusion the paper underlines the potential of NAS to ease the infrastructure gap in water globally by stressing the advantages of investment in the protection, enhancement and restoration of natural capital as an effective climate change adaptation investment.