Forthcoming in Ocean Sustainability
Forthcoming in Ocean Sustainability
Blue natural capital (BNC) markets have the potential to address global environmental crises such as biodiversity and climate emergencies by contributing to the conservation and restoration of marine ecosystems while providing economic benefits to the owners of these ecosystems and the buyers of their services. Philanthropic and official aid fall short of the funding needed to protect and restore BNC. The resulting finance gap for nature, now approaching USD $1 trillion annually, cannot be closed without mobilizing private capital at scale.
Ralph Chami is the founder of Blue Green Future, an organization that provides policy advice on the economic value of nature. “The whale is providing humanity a service, sequestering carbon. That service is valuable," Chami said in an interview with Full Frame host Mike Walter. "How much should we pay the whale? That's a eureka moment ... The whale is providing a service far more valuable than what I'm providing as an economist. They're helping us fight climate change.”
Land has a vital role in sustaining human communities, nurturing diverse ecosystems and regulating the climate of our planet. As such, current rates of land degradation pose a major environmental and socioeconomic threat, driving climate change, biodiversity loss and social crises.
What if we could see the invisible? The magnificent blue whale, stretching 110 feet long through ocean depths, remains completely invisible to our economic systems—until it's killed. In this profound Earth Day conversation with Ralph Chami, we discover how reconnecting our market systems with living nature might be our most powerful tool for planetary healing.
Recently, the Māori People of Aotearoa, Cook Islands, and Tahiti supported a resolution to endorse their ancestors, the whales, as Ocean Ambassadors to the United Nations and to protect their legal personhood. This historic move aims to help protect the whales against dangers such as ship strikes as they migrate through their South Pacific waters.
Climate change experts confirm that humanity still has a (narrow) chance to prevent global mean temperatures from rising more than 1.5°C by 2035. But it falls on non-experts to turn the experts’ projections and advice into policy—and perhaps more importantly, into public awareness that results in needed behavioral changes and support for new policy initiatives.
Currently, ships and whales share the ocean. Their interaction, however, has been devastating for the whales, as ship strikes have continued to be a primary cause of whale fatalities, along with entanglements among others. Because whales have existed for millions of years relative to the recent advent of ships, whales have not evolved fast enough to recognize the danger from these vessels.
At COP28, the Nature Positive Pavilion promoted Nature Talks, a platform where influential speakers and experienced leaders converged to deliver impactful TED-style talks on leading nature for climate action. Diverse experts shared transformative ideas, innovative solutions, and personal insights that inspire change and ignite conversations surrounding the crucial role of nature in addressing climate challenges for people and the planet. In this talk, we invite you to listen to Ralph Chami, a financial economist with 25 years at the International Monetary Fund (IMF) and co-founder of Blue Green Future and Rebalance Earth.
“Oceania is vast, Oceania is expanding, Oceania is hospitable and generous, Oceania is humanity rising from the depths of brine and regions of fire deeper still, Oceania is us. We are the sea, we are the ocean, we must wake up to this ancient truth…”
