One way in which the concept of sustainable development has been understood is through the metaphor of natural capital. This sees that the natural world has performing functions similar to those of economic capital. This metaphor is usually developed by applying to Nature standard economic techniques for capital valuation. However, where valuation of economic capital is complex, additional techniques are often used. One such technique is "real options" analysis. Applying this technique to the concept of natural capital tends to lead to its revaluation, and has particular implications for the role of learning. Learning opportunities arising from the real options metaphor are explored through a number of examples.