The remaining US$2.4 billion was accounted for by compliance and voluntary carbon credits, private finance mobilized by official development finance and philanthropy. “ Public domestic expenditure is the largest source of NbS finance at US$190 billion in 2023, up four per cent from 2022. “ Private NbS finance of US$23.4 billion in 2023 remains small in absolute terms but shows positive momentum. With the right enabling environment, standards and risk-sharing instruments, private capital could scale rapidly and become a game changer in closing the NbS finance gap. Mobilising private finance is essential to build a trillion-dollar nature transition economy,” the report explained.