Thursday, 18th November 2021 | 16.00-17.30 CET - Register here
A new natural capital paradigm for a just transition
Ralph Chami, Assistant Director, Institute for Capacity Development, IMF
Ekkehard Ernst, Chief Macroeconomist, ILO
Nathalie Hilmi, Head of Environmental Economics, Scientific Centre of Monaco and member of the IPCC
Antoinette van de Water, Board member of the Elephant Specialist Advisory Group and Director of Bring the Elephant Home Foundation
Moderated by Ragnheidur Elín Árnadóttir, Director of the OECD Development Centre
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The world is waking up to the imperative of protecting biodiversity but is struggling to reconcile this with the short-term economic and social costs of adapting to environmentally sustainable growth models. These costs fall disproportionately on developing countries, where the majority of global biodiversity is located, even though natural ecosystems are essential to the day-to-day survival of humanity as a whole. Better understanding the value of ecosystem services is critical, not only to strengthen the case for the protection of biodiversity but also to meet global emissions targets and unlock the resources required to finance conservation and integrate biodiversity within new economic models. Assigning monetary value to ecosystem services enables the cost and responsibility for conservation to be shared more equally across the world and allows local communities, who are often the custodians of natural ecosystems, to be compensated accordingly in keeping with the imperative of a just transition.
This DevTalk explores the critical role of ecosystem services – and how these can be properly valued and broadly understood – with a particular focus on large mammals in the sea and on land. It will explore the multi-dimensional value of these species and will set out innovative mechanisms for financing their protection.
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