["Australian Accounting Review, EarlyView. ", "\nABSTRACT\nThis study examines the effect of a nature‐based corporate strategy consisting of green revenue reporting and biodiversity impact reduction on the corporate cost of capital of S&P 1500 firms. Applying a portfolio‐level regression approach for 10 890 firm‐year observations from 2015 to 2024, the study reveals that firms adopting biodiversity impact reduction alone have the lowest cost of capital. In contrast, green revenue reporting only firms face a higher capital cost. The study also documents that firms adopting both strategies achieve intermediate benefits, highlighting credibility gains when disclosure complements impact reduction. A cross‐sectional analysis reveals that the effects are more potent in high‐impact biodiversity industries. The difference‐in‐differences, dynamic event‐time analysis, and governance interactions further strengthen the robustness and validation of the results.\n"]