Below is an invitation to watch a webinar with Ralph Chami, an economist who is working on valuing nature alongside our chairman Ian Redmond. Currently the work is based on whales and elephants, but there is exciting scope to expand this thinking into other species. It will be about 40 minutes, and includes a Q&A.
Suggested Readings/Podcast/Videos for the participants:
Elephant article: https://www.imf.org/en/News/Podcasts/All-Podcasts/2020/09/21/Elephants
Elephant Podcast: https://www.imf.org/external/pubs/ft/fandd/2020/09/how-african-elephants-fight-climate-change-ralph-chami.htm
Whale article: https://www.imf.org/external/pubs/ft/fandd/2019/12/natures-solution-to-climate-change-chami.htm
Whale Podcast : https://www.imf.org/en/News/Podcasts/All-Podcasts/2019/09/15/value-of-whales
Whale Movie: https://youtu.be/rYBwHnz-yZE
Abstract: The sustainability of our economic system and our own well-being are very much dependent on the sustainability of our ecosystems. For the longest time, humans have assumed that they are separate from the natural world and that nature provides infinite commodities. These two assumptions helped fuel the industrial revolution, but at the same time, resulted in the abuse of nature and in the climate crisis. We need a new paradigm, a new way of thinking which recognizes that humans are part of the natural world and that nature is a finite input into our lives and livelihood. This realization—of the value of nature—allows us to develop a framework for natural capital valuation that also directly addresses the fundamental collective action problem in environmental protection. In this webinar, I will highlight how our valuation framework uses the lessons of financial and behavioral economics to create values that individual decision makers find credible and relatable, in addition to stimulating excitement or concern that is essential to prompting action around environmental issues. I will provide examples of ecosystem services valuation which include carbon sequestration services provided by whales, non-cetaceans, and forest elephants of Africa. The values of carbon sequestration flow for individual members of these species are significant: $1.75 million per forest elephant, and an average of $2 million per whale. I will then discuss how to apply this financial framework to create markets for living forest elephants in Gabon, which will attract private sector in partnership with the public one, and help create employment opportunities for local communities. Finally, I will sketch how we can build a new economy that has a living nature at its core, which will ensure a sustainable, inclusive and nature-friendly economic growth.
The Value of Nature to Our Economic Well-Being with ICD’s Ralph Chami and Connel Fullenkamp, Professor of the Practice of Economics and Director of Undergraduate Studies, Duke University, Economics Department
Wednesday, November 11 @ 2:00 PM
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Meeting number (access code): 146 922 1003 |
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Meeting password: zPjSEW8dB83 |
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Tap to join from a mobile device (attendees only)
+1-202-860-2110,,1469221003## United States Toll (Washington D.C.)
+1-415-655-0002,,1469221003## United States Toll
In this session ICD’s Ralph Chami and Duke’s Professor Connel Fullenkamp will share their work around how valuing and investing in the protection of nature can generate a more sustainable blue-green economy, help mitigate climate change, and realign economies toward inclusive and nature-friendly economic growth.
Read the paper: On Valuing Nature-Based Solutions to Climate Change: A Framework with Application to Elephants and Whales.
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The iLab’s “Campfire Series,” a new series of events for staff to Gather, Learn and Explore. The events will feature external speakers to share enlightening ideas. Campfires are credited with advancing human culture 40,000 years ago. It was how our ancestors bonded, discussed, and entertained each other. They sang, danced, and told stories around the fire—which we still do to this day.
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