Natural capital is the largest form of wealth in the Lao People’s Democratic Republic. Yet, natural capital is being depleted, posing a significant challenge to achieving poverty reduction and sustainable development objectives. The World Bank has long promoted natural capital accounting (NCA) and regularly provides estimates of the value of natural capital in terms of a nation’s wealth, with wealth being the total value of human, produced, and natural capital. Khammounane Province, natural capital is even more important, with significant total value from the forest landscape for timber, nature-based tourism, food, fuel, and watershed protection services. This report on the natural capital of Lao PDR landscapes, in particular Khammouane Province, was produced as part of advisory services initiated to support Lao PDR’s ongoing transformation toward economic growth that is sustainable, clean, green, resilient, and inclusive.