○​ Jeonbuk Province is known as a miniature version of “Samcheon-ri Geumsugangsan” due to its various ecological and environmental assets that depict the beauty of Korea’s nature as embroidered silk. The eastern mountainous region has abundant forest, river, and lake resources, such as the Geumgang River and Seomjingang River. The central plains area is formed around the Honam Plain in the Mangyeong River and Dongjin River basins, and the rice fields, water puddles, and wetlands in this area serve as major habitats for winter migratory birds such as storks and eagles. The western coastal area is well known for its diverse geological landscapes, the Buan and Gochang tidal flats, the Saemangeum estuarine tidal flat, and numerous islands, including the Gogunsan archipelago. 

○​ However, over the past 30 years, from the late 1980s to the late 2010s, the total ecological and environmental assets and their ecological value have decreased. The natural areas consisting of agricultural lands, forests, grasslands, wetlands, and waterbodies have reduced, while the non-natural areas, such as urbanized, arid, and unused areas, have increased. As a result of the rise in linear development projects for roads and railways and point and area development projects for urban development and industrial complexes, the forest and river ecological axes have been degraded and separated, leading to an increase in road accidents involving wild animals.

○​ Until now, the government has been taking the lead in policy administration concerning natural capital at both national and local levels. The policies have been mainly based on “negative policies,” which emphasize the need for natural capital protection and regulation. For instance, in the eastern mountainous region, several areas have been designated as mountain conservation areas and national parks. The development of the western plains region, which is confined as an agricultural promotion area, has been restricted. However, the designation of ecologically significant areas with high biodiversity and conservation value as new protected areas has faced opposition and decreased participation from the private sector due to negative policy tendencies.

○​ In developed countries, natural capital, which refers to ecological environmental assets, is gaining attention as a feasible nature-based solution for addressing the climate crisis and achieving carbon neutrality. The UK and US are classifying ecological and environmental assets, evaluating the different ecosystem services they offer to local communities, and utilizing collected data to establish and develop relevant policies. The 8th Jeonbuk government, elected by popular vote, has made "creating the value of natural capital" one of its administrative objectives. With a vision of a Global bioeconomy, Jeonbuk Special Self-Governing Province is set to launch in January 2024. 

○​ Jeonbuk's natural capital policy should be implemented in a cooperative manner between the government and the private sector. To benefit both parties, a “positive policy” that focuses on increasing awareness and providing economic support is necessary. It is necessary to introduce Jeonbuk's unique payment system for ecosystem services that can help preserve the ecosystem, promote public awareness of natural capital, and support the economy. We propose the following four tasks for policy development: 1) restore the damaged ecological environment in the province; 2) conduct a survey to assess awareness of natural capital; 3) create an evaluation map of natural capital; and 4) revise Jeonbuk's ordinance for natural environment.​