A multicapital approach to implementing the concept of sustainable development

The present paper is devoted to clarifying the capital or multicapital approach to implementing the concept of sustainable development. An analysis of foreign and domestic sources relevant to the said topic has been carried out that showed: (1) the adoption of the capital approach in this subject area by international academic and business communities; (2) international recognition of the conventional five capitals model; (3) applicability of this model for creating sustainable development metrics; (4) integrating and providing role of financial capital; and (5) relatively less attention to this topic in Russian sources. A consideration is expressed that this model should include institutional capital, while this capital (1) overlaps a significant part of social capital; (2) ensures a governance of sustainable development policy; and (3) creates a mental construct of sustainability. Considering this remark about institutional capital, a six-capital model is proposed. Some conclusions are made concerning the state and the need to improve the terminological paradigm of sustainability science.