Designing Nature Markets II

Ralph Chami

CEO & Co-founder: Blue Green Future

In the previous video, Ralph Chami introduced how we can design nature markets. In this video, he continues this discussion by providing some potential actions that governments can take for the effective implementation of nature markets. He also discusses some policy recommendations that they can take to help.

Sector and Region Transition

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Designing Nature Markets II

6 mins 15 secs

Key learning objectives:

Outline potential government actions for the effective implementation of nature markets
Outline corresponding policy recommendations governments can take to help with the implementation of nature markets

Overview:

Moving towards sustainable natural markets is a global collective effort. Governments must fund research on environmental services, invest in ecosystem-monitoring technology, and incorporate natural assets into national economic equations. Recognising the legal rights of nature, focusing on valuing ecosystem services over trading assets, and fostering transparent mechanisms for environmental service trades are essential. Collaboration with Indigenous Peoples and Local Communities in conservation and restoration efforts, as well as the creation of endowments for the continuous protection of natural assets, are pivotal. Adoption of these recommendations will form a sustainable nature market, aligning economic goals with environmental preservation.

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Summary

What actions can governments undertake and what are the associated policy recommendations can governments implement?

1. Support and Fund Environmental Research:

Action: Governments need to fund research into measuring and understanding environmental services, and monitor natural assets.

Policy Recommendation: Encourage investment in research and technology that supports nature-based solutions and the development of mechanisms for tracking and validating environmental service production.

2. National Accounting of Natural Assets and Biodiversity:

Action: Governments should include natural assets and biodiversity in their economic equations.

Policy Recommendation: Implement legislation to legally recognise natural assets as tangible capital and include them in balance sheets, from individual proprietors to national accounts.

3. Value Ecosystem Services:

Action: Shift focus from trading natural assets like land to valuing ecosystem services, such as carbon and biodiversity credits.

Policy Recommendation: Create markets for ecosystem services.

4. Legal Recognition of Natural Assets:

Action: Recognise nature's rights, including the right to exist, continue existing, and be restored.

Policy Recommendation: Adapt existing laws to foster nature-based solutions and associated markets.

5. Create Endowments for Natural Assets:

Action: Establish funds for the protection and regeneration of natural assets.

Policy Recommendation: Legislate to encourage public and private investment in understanding and valuing environmental services.

6. Partnership with Indigenous Peoples and Local Communities:

Action: Collaborate with Indigenous Peoples and Local Communities in conservation and restoration programs.

Policy Recommendation: Create frameworks to ensure the value of natural assets is recognised and protective measures are in place.

7. Transparent Mechanisms for Environmental Service Trades:

Action: Require transparent validation of environmental service flows, including transactions and information sharing.

Policy Recommendation: Establish laws, policies, and regulations for the development of nature markets, ensuring integrity and transparency.

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Ralph Chami

Ralph Chami is a financial economist who has been at the International Monetary Fund for 23 years and is currently the Assistant Director of the Institute for Capacity Development. He founded Blue Green Future, a strategy to combat climate change and biodiversity loss, focusing on species like whales and elephants as allies. Ralph has experience working with low-income and fragile states, providing policy advice, training, and capacity development on macro-financial economic policy. His expertise includes remittances, inclusive growth, financial markets development, banking regulation, and valuing natural capital.

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