Put a value on nature! - Pavan Sukhdev
I'm<00:00:16.470> here<00:00:16.770> to<00:00:16.890> talk<00:00:17.039> to<00:00:17.100> you<00:00:17.250> about<00:00:17.340> the
I'm here to talk to you about the
I'm here to talk to you about the
economic<00:00:18.390> invisibility<00:00:18.840> of<00:00:19.080> nature<00:00:19.640> the<00:00:20.640> bad
economic invisibility of nature the bad
economic invisibility of nature the bad
news<00:00:21.000> is<00:00:21.180> that<00:00:21.210> mother<00:00:21.900> nature's<00:00:22.289> back<00:00:22.529> office
news is that mother nature's back office
news is that mother nature's back office
isn't<00:00:23.130> quite<00:00:23.279> working<00:00:23.519> yet<00:00:23.850> so<00:00:24.180> those
isn't quite working yet so those
isn't quite working yet so those
invoices<00:00:24.840> don't<00:00:25.289> get<00:00:25.470> issued<00:00:25.769> but<00:00:26.340> we<00:00:26.430> need<00:00:26.580> to
invoices don't get issued but we need to
invoices don't get issued but we need to
do<00:00:26.760> something<00:00:27.090> about<00:00:27.180> this<00:00:27.390> problem<00:00:27.810> I<00:00:29.449> began
do something about this problem I began
do something about this problem I began
my<00:00:30.630> life<00:00:30.840> as<00:00:30.990> as<00:00:31.260> a<00:00:31.320> markets<00:00:31.830> professional<00:00:32.369> and
my life as as a markets professional and
my life as as a markets professional and
continued<00:00:33.690> to<00:00:33.809> take<00:00:33.960> an<00:00:34.110> interest<00:00:34.440> but<00:00:35.190> most
continued to take an interest but most
continued to take an interest but most
of<00:00:35.670> my<00:00:35.880> recent<00:00:36.270> effort<00:00:36.690> has<00:00:36.809> been<00:00:37.050> looking<00:00:37.350> at
of my recent effort has been looking at
of my recent effort has been looking at
the<00:00:38.010> value<00:00:38.399> of<00:00:38.730> what<00:00:39.210> comes<00:00:39.450> to<00:00:39.629> human<00:00:39.870> beings
the value of what comes to human beings
the value of what comes to human beings
from<00:00:40.200> nature<00:00:40.530> and<00:00:40.739> which<00:00:41.489> doesn't<00:00:41.910> get<00:00:42.090> priced
from nature and which doesn't get priced
from nature and which doesn't get priced
by<00:00:42.750> markets<00:00:43.170> a<00:00:43.610> project<00:00:44.610> called<00:00:44.760> teeb<00:00:45.120> was
by markets a project called teeb was
by markets a project called teeb was
started<00:00:45.899> in<00:00:46.190> 2007<00:00:47.190> and<00:00:47.579> it<00:00:47.850> was<00:00:47.879> launched<00:00:48.690> by<00:00:48.840> a
started in 2007 and it was launched by a
started in 2007 and it was launched by a
group<00:00:49.079> of<00:00:49.170> environment<00:00:49.680> ministers<00:00:50.070> of<00:00:50.100> the<00:00:50.280> g8
group of environment ministers of the g8
group of environment ministers of the g8
+5<00:00:51.030> and<00:00:51.420> their<00:00:52.020> basic<00:00:52.350> inspiration<00:00:53.100> was<00:00:53.250> a
+5 and their basic inspiration was a
+5 and their basic inspiration was a
stern<00:00:53.640> review<00:00:54.030> of<00:00:54.210> Lord<00:00:54.750> Stern<00:00:55.079> they<00:00:55.739> asked
stern review of Lord Stern they asked
stern review of Lord Stern they asked
himself<00:00:56.100> the<00:00:56.340> question<00:00:56.420> if<00:00:57.420> economics<00:00:58.350> could
himself the question if economics could
himself the question if economics could
make<00:00:58.680> such<00:00:58.890> a<00:00:58.920> convincing<00:00:59.340> case<00:00:59.579> for<00:01:00.030> early
make such a convincing case for early
make such a convincing case for early
action<00:01:00.629> on<00:01:00.870> climate<00:01:01.020> change<00:01:01.469> well<00:01:01.949> why<00:01:02.280> can't
action on climate change well why can't
action on climate change well why can't
the<00:01:02.609> same<00:01:02.789> be<00:01:02.850> done<00:01:03.180> for<00:01:03.390> conservation<00:01:03.899> so<00:01:04.379> I
the same be done for conservation so I
the same be done for conservation so I
found<00:01:04.680> an<00:01:04.890> equivalent<00:01:05.489> case<00:01:05.670> be<00:01:05.850> made<00:01:06.000> for
found an equivalent case be made for
found an equivalent case be made for
nature<00:01:07.140> and<00:01:07.439> the<00:01:08.010> answer<00:01:08.280> is<00:01:08.400> yeah<00:01:08.820> it<00:01:09.180> can<00:01:09.450> but
nature and the answer is yeah it can but
nature and the answer is yeah it can but
it's<00:01:09.930> not<00:01:09.990> that<00:01:10.200> straightforward
it's not that straightforward
it's not that straightforward
biodiversity<00:01:12.210> the<00:01:12.780> living<00:01:13.020> fabric<00:01:13.380> of<00:01:13.500> this
biodiversity the living fabric of this
biodiversity the living fabric of this
planet<00:01:13.950> is<00:01:14.040> not<00:01:14.070> a<00:01:14.220> gas<00:01:14.460> it<00:01:15.420> exists<00:01:15.840> in<00:01:15.930> many
planet is not a gas it exists in many
planet is not a gas it exists in many
layers<00:01:16.700> ecosystem<00:01:17.700> species<00:01:18.210> and<00:01:18.390> genes
layers ecosystem species and genes
layers ecosystem species and genes
across<00:01:19.080> many<00:01:19.320> scales<00:01:19.650> international
across many scales international
across many scales international
national<00:01:20.939> local<00:01:21.119> community<00:01:21.930> and<00:01:22.580> doing<00:01:23.580> for
national local community and doing for
national local community and doing for
nature<00:01:24.509> what<00:01:24.750> Lord<00:01:24.990> Stern<00:01:25.259> and<00:01:25.409> esteemed<00:01:25.710> it
nature what Lord Stern and esteemed it
nature what Lord Stern and esteemed it
for<00:01:26.130> climate<00:01:26.490> is<00:01:26.700> not<00:01:26.909> that<00:01:27.060> easy<00:01:27.210> and<00:01:27.540> yet<00:01:28.320> we
for climate is not that easy and yet we
for climate is not that easy and yet we
began<00:01:28.770> we<00:01:29.100> began<00:01:29.340> the<00:01:29.490> project<00:01:29.670> with<00:01:30.000> an
began we began the project with an
began we began the project with an
interim<00:01:30.509> report<00:01:30.619> which<00:01:31.619> quickly<00:01:32.490> pulled
interim report which quickly pulled
interim report which quickly pulled
together<00:01:32.880> a<00:01:33.240> lot<00:01:33.570> of<00:01:33.689> information<00:01:33.960> that<00:01:34.290> had
together a lot of information that had
together a lot of information that had
been<00:01:34.619> collected<00:01:34.799> on<00:01:35.310> the<00:01:35.400> subject<00:01:35.820> by<00:01:36.600> many
been collected on the subject by many
been collected on the subject by many
many<00:01:37.229> researchers<00:01:37.650> and<00:01:38.270> amongst<00:01:39.270> our
many researchers and amongst our
many researchers and amongst our
compiled<00:01:40.680> the<00:01:41.040> results<00:01:41.460> was<00:01:41.640> the<00:01:41.670> startling
compiled the results was the startling
compiled the results was the startling
revelation<00:01:43.380> that<00:01:43.530> in<00:01:43.680> fact<00:01:43.890> we<00:01:44.340> were<00:01:44.549> losing
revelation that in fact we were losing
revelation that in fact we were losing
natural<00:01:45.689> capital<00:01:46.110> the<00:01:46.560> benefits<00:01:47.040> that<00:01:47.130> flow
natural capital the benefits that flow
natural capital the benefits that flow
from<00:01:47.610> nature<00:01:48.060> to<00:01:48.180> us<00:01:48.299> we<00:01:48.509> were<00:01:48.630> losing<00:01:48.780> it<00:01:49.020> at
from nature to us we were losing it at
from nature to us we were losing it at
an<00:01:49.229> extraordinary<00:01:49.500> rate<00:01:49.740> in<00:01:50.189> fact<00:01:50.939> of<00:01:51.180> the
an extraordinary rate in fact of the
an extraordinary rate in fact of the
order<00:01:51.570> of<00:01:51.659> two<00:01:51.930> to<00:01:51.960> four<00:01:52.500> trillion<00:01:53.070> dollars
order of two to four trillion dollars
order of two to four trillion dollars
worth<00:01:54.000> of<00:01:54.149> natural<00:01:54.450> capital<00:01:55.250> this<00:01:56.250> came<00:01:56.430> out
worth of natural capital this came out
worth of natural capital this came out
in<00:01:56.700> 2008<00:01:57.270> which<00:01:57.450> was<00:01:57.479> of<00:01:57.689> course<00:01:57.869> around<00:01:58.049> the
in 2008 which was of course around the
in 2008 which was of course around the
time<00:01:58.380> that<00:01:58.409> the<00:01:58.619> banking<00:01:58.979> crisis<00:01:59.430> had<00:01:59.670> shown
time that the banking crisis had shown
time that the banking crisis had shown
that<00:02:00.390> we<00:02:00.869> had<00:02:00.960> lost<00:02:01.110> financial<00:02:01.710> capital<00:02:02.159> of
that we had lost financial capital of
that we had lost financial capital of
the<00:02:02.369> order<00:02:02.610> of<00:02:02.729> two<00:02:03.360> and<00:02:03.509> a<00:02:03.540> half<00:02:03.689> trillion
the order of two and a half trillion
the order of two and a half trillion
dollars<00:02:04.079> so<00:02:04.530> this<00:02:04.649> was<00:02:04.829> comparable<00:02:05.250> in<00:02:05.430> size
dollars so this was comparable in size
dollars so this was comparable in size
to<00:02:05.670> that<00:02:06.210> kind<00:02:06.479> of<00:02:06.540> loss<00:02:06.750> we<00:02:07.409> then<00:02:07.649> have<00:02:07.890> gone
to that kind of loss we then have gone
to that kind of loss we then have gone
on<00:02:08.280> since<00:02:08.550> to<00:02:09.030> present<00:02:09.959> for<00:02:10.970> international
on since to present for international
on since to present for international
community<00:02:12.780> for<00:02:12.810> Gov
community for Gov
community for Gov
for<00:02:14.490> local<00:02:15.030> governments<00:02:15.420> and<00:02:15.570> for<00:02:15.630> businesses
for local governments and for businesses
for local governments and for businesses
and<00:02:16.380> for<00:02:16.530> people<00:02:16.800> for<00:02:16.950> you<00:02:17.070> and<00:02:17.220> me
and for people for you and me
and for people for you and me
a<00:02:17.580> whole<00:02:17.970> slew<00:02:18.240> of<00:02:18.300> reports<00:02:18.810> which<00:02:18.930> were
a whole slew of reports which were
a whole slew of reports which were
presented<00:02:19.290> at<00:02:19.560> the<00:02:19.590> UN<00:02:19.890> last<00:02:20.070> year<00:02:20.420> which
presented at the UN last year which
presented at the UN last year which
addressed<00:02:22.020> the<00:02:22.200> economic<00:02:22.590> invisibility<00:02:23.010> of
addressed the economic invisibility of
addressed the economic invisibility of
nature<00:02:23.520> and<00:02:23.700> describe<00:02:24.210> what<00:02:24.360> can<00:02:24.540> be<00:02:24.660> done<00:02:24.840> to
nature and describe what can be done to
nature and describe what can be done to
solve<00:02:25.440> it<00:02:25.670> what<00:02:26.670> is<00:02:26.760> this<00:02:26.850> about<00:02:27.060> a<00:02:27.440> picture
solve it what is this about a picture
solve it what is this about a picture
that<00:02:28.650> you're<00:02:28.770> familiar<00:02:28.920> with<00:02:29.130> the<00:02:29.910> Amazon
that you're familiar with the Amazon
that you're familiar with the Amazon
rainforest
rainforest
rainforest
it's<00:02:32.250> a<00:02:32.400> massive<00:02:32.820> store<00:02:33.030> of<00:02:33.120> carbon<00:02:33.300> it's<00:02:33.720> an
it's a massive store of carbon it's an
it's a massive store of carbon it's an
amazing<00:02:34.230> store<00:02:34.440> of<00:02:34.560> biodiversity<00:02:35.130> but<00:02:35.220> what
amazing store of biodiversity but what
amazing store of biodiversity but what
people<00:02:35.520> don't<00:02:35.670> really<00:02:36.030> know<00:02:36.150> is<00:02:36.300> this<00:02:36.420> also
people don't really know is this also
people don't really know is this also
it's<00:02:37.350> a<00:02:37.380> rain<00:02:37.560> factory<00:02:38.040> because<00:02:39.030> the
it's a rain factory because the
it's a rain factory because the
northeastern<00:02:40.080> trade<00:02:40.290> winds<00:02:40.560> as<00:02:40.770> they<00:02:40.890> go<00:02:41.040> over
northeastern trade winds as they go over
northeastern trade winds as they go over
the<00:02:41.970> Amazonas<00:02:42.560> effectively<00:02:43.560> gather<00:02:43.860> in<00:02:44.250> the
the Amazonas effectively gather in the
the Amazonas effectively gather in the
water<00:02:44.580> vapor<00:02:44.930> something<00:02:45.930> like<00:02:46.080> 20<00:02:46.410> billion
water vapor something like 20 billion
water vapor something like 20 billion
tons<00:02:46.980> per<00:02:47.220> day<00:02:47.250> of<00:02:47.400> water<00:02:47.670> vapor<00:02:47.880> is<00:02:48.560> sucked<00:02:49.560> up
tons per day of water vapor is sucked up
tons per day of water vapor is sucked up
by<00:02:50.400> the<00:02:50.460> northeastern<00:02:50.970> trade<00:02:51.150> winds<00:02:51.390> and
by the northeastern trade winds and
by the northeastern trade winds and
eventually<00:02:52.100> precipitates<00:02:53.100> in<00:02:53.310> the<00:02:53.520> form<00:02:53.700> of
eventually precipitates in the form of
eventually precipitates in the form of
rain<00:02:53.940> across<00:02:54.150> the<00:02:54.240> la<00:02:54.420> plata<00:02:54.660> basin<00:02:55.310> this
rain across the la plata basin this
rain across the la plata basin this
rainfall<00:02:57.120> cycle<00:02:57.660> this<00:02:57.810> rainfall<00:02:58.200> factory
rainfall cycle this rainfall factory
rainfall cycle this rainfall factory
effectively<00:02:59.160> feeds<00:02:59.520> an<00:02:59.760> agricultural
effectively feeds an agricultural
effectively feeds an agricultural
economy<00:03:00.810> of<00:03:01.110> the<00:03:01.350> order<00:03:01.560> of<00:03:01.680> two<00:03:01.860> hundred<00:03:01.980> and
economy of the order of two hundred and
economy of the order of two hundred and
forty<00:03:02.520> billion<00:03:02.790> dollars<00:03:02.940> worth<00:03:03.480> in<00:03:03.750> Latin
forty billion dollars worth in Latin
forty billion dollars worth in Latin
America<00:03:04.500> but<00:03:05.250> the<00:03:05.310> question<00:03:05.580> arises<00:03:05.820> ok<00:03:06.270> so
America but the question arises ok so
America but the question arises ok so
how<00:03:07.080> much<00:03:07.430> do<00:03:08.430> we<00:03:08.670> require<00:03:09.120> Paraguay
how much do we require Paraguay
how much do we require Paraguay
Argentina<00:03:09.810> and<00:03:10.560> indeed<00:03:10.980> the<00:03:11.100> state<00:03:11.280> of<00:03:11.430> mato
Argentina and indeed the state of mato
Argentina and indeed the state of mato
grosso<00:03:12.000> in<00:03:12.090> Brazil<00:03:12.420> pay<00:03:13.020> for<00:03:13.890> that
grosso in Brazil pay for that
grosso in Brazil pay for that
vital<00:03:14.670> input<00:03:15.030> to<00:03:15.180> that<00:03:15.210> economy<00:03:15.750> to<00:03:16.560> the<00:03:16.650> state
vital input to that economy to the state
vital input to that economy to the state
of<00:03:16.950> Amazonas<00:03:17.400> which<00:03:17.610> produces<00:03:18.360> that<00:03:18.630> rainfall
of Amazonas which produces that rainfall
of Amazonas which produces that rainfall
and<00:03:19.560> the<00:03:19.710> answer<00:03:20.010> is<00:03:20.130> zilch
and the answer is zilch
and the answer is zilch
exactly<00:03:21.390> zero<00:03:22.220> that's<00:03:23.220> the<00:03:23.430> economic
exactly zero that's the economic
exactly zero that's the economic
invisibility<00:03:24.120> of<00:03:24.360> nature<00:03:24.660> that<00:03:25.260> can't<00:03:25.530> keep
invisibility of nature that can't keep
invisibility of nature that can't keep
going<00:03:25.980> on<00:03:26.130> because<00:03:26.490> economic<00:03:27.270> incentives<00:03:27.840> and
going on because economic incentives and
going on because economic incentives and
disincentives<00:03:27.990> are<00:03:28.800> very<00:03:28.980> powerful
disincentives are very powerful
disincentives are very powerful
economics<00:03:30.180> has<00:03:30.360> become<00:03:30.690> the<00:03:30.900> currency<00:03:31.140> of
economics has become the currency of
economics has become the currency of
policy<00:03:31.710> and<00:03:32.040> unless<00:03:32.520> we<00:03:33.180> address<00:03:33.560> this
policy and unless we address this
policy and unless we address this
invisibility<00:03:35.310> we<00:03:35.910> are<00:03:36.120> going<00:03:36.330> to<00:03:36.390> get<00:03:36.510> the
invisibility we are going to get the
invisibility we are going to get the
results<00:03:36.960> that<00:03:37.020> we<00:03:37.230> are<00:03:37.320> seeing<00:03:37.560> which<00:03:37.980> is<00:03:38.010> a
results that we are seeing which is a
results that we are seeing which is a
gradual<00:03:38.820> degradation<00:03:39.330> and<00:03:40.020> loss<00:03:40.320> of<00:03:40.590> this
gradual degradation and loss of this
gradual degradation and loss of this
valuable<00:03:41.520> natural<00:03:41.910> asset<00:03:42.240> it's<00:03:43.140> not<00:03:43.260> just
valuable natural asset it's not just
valuable natural asset it's not just
about<00:03:43.590> the<00:03:43.980> Amazonas<00:03:44.400> or<00:03:44.580> indeed<00:03:44.820> about
about the Amazonas or indeed about
about the Amazonas or indeed about
rainforest<00:03:45.510> no<00:03:45.990> matter<00:03:46.170> what<00:03:46.500> level<00:03:46.950> you<00:03:47.070> look
rainforest no matter what level you look
rainforest no matter what level you look
at<00:03:47.430> whether<00:03:47.730> it's<00:03:47.940> at<00:03:48.090> the<00:03:48.120> ecosystem<00:03:48.780> level
at whether it's at the ecosystem level
at whether it's at the ecosystem level
or<00:03:49.320> at<00:03:49.440> the<00:03:49.530> species<00:03:49.770> level<00:03:49.980> or<00:03:50.460> the<00:03:50.610> genetic
or at the species level or the genetic
or at the species level or the genetic
level<00:03:51.090> we<00:03:51.630> see<00:03:51.870> the<00:03:52.020> same<00:03:52.230> problem<00:03:52.590> again<00:03:52.740> and
level we see the same problem again and
level we see the same problem again and
again<00:03:53.270> so<00:03:54.270> rainfall<00:03:55.200> cycle<00:03:55.650> and<00:03:55.770> water
again so rainfall cycle and water
again so rainfall cycle and water
regulation<00:03:56.550> by<00:03:56.670> rainforest<00:03:57.180> at<00:03:57.360> an<00:03:57.540> ecosystem
regulation by rainforest at an ecosystem
regulation by rainforest at an ecosystem
level<00:03:58.110> at<00:03:59.010> the<00:03:59.160> species<00:03:59.400> level<00:03:59.730> it's<00:04:00.570> been
level at the species level it's been
level at the species level it's been
estimated<00:04:00.930> that<00:04:01.380> insect<00:04:01.950> based<00:04:02.100> pollination
estimated that insect based pollination
estimated that insect based pollination
bees<00:04:02.910> pollinating<00:04:03.770> fruit<00:04:04.770> and<00:04:05.040> so<00:04:05.280> on<00:04:05.400> is
bees pollinating fruit and so on is
bees pollinating fruit and so on is
something<00:04:06.750> like<00:04:06.870> 190<00:04:07.710> billion<00:04:07.950> dollars<00:04:08.370> worth
something like 190 billion dollars worth
something like 190 billion dollars worth
that's<00:04:09.030> something<00:04:09.360> like<00:04:09.390> an<00:04:09.920> 8%<00:04:10.920> of<00:04:11.070> the<00:04:11.160> total
that's something like an 8% of the total
that's something like an 8% of the total
agriculture<00:04:12.480> output<00:04:13.200> globally<00:04:14.270> completely
agriculture output globally completely
agriculture output globally completely
passes<00:04:15.570> below<00:04:15.780> the<00:04:15.870> radar<00:04:16.170> screen<00:04:16.380> when<00:04:16.830> did<00:04:17.010> a
passes below the radar screen when did a
passes below the radar screen when did a
bee<00:04:17.430> actually<00:04:18.030> ever<00:04:18.150> give<00:04:18.330> you<00:04:18.420> an<00:04:18.540> invoice<00:04:19.220> or
bee actually ever give you an invoice or
bee actually ever give you an invoice or
for<00:04:20.400> that<00:04:20.459> matter<00:04:20.520> if<00:04:21.090> you<00:04:21.390> look<00:04:21.540> at<00:04:21.690> the
for that matter if you look at the
for that matter if you look at the
genetic<00:04:21.870> level
genetic level
genetic level
60%<00:04:23.040> of<00:04:23.580> medicines<00:04:24.419> were<00:04:25.110> prospective<00:04:25.770> were
60% of medicines were prospective were
60% of medicines were prospective were
found<00:04:26.220> first<00:04:26.430> as
found first as
found first as
in<00:04:27.560> a<00:04:27.710> rainforest<00:04:28.100> or<00:04:28.310> a<00:04:28.370> reef<00:04:28.580> once<00:04:29.090> again
in a rainforest or a reef once again
in a rainforest or a reef once again
most<00:04:29.750> of<00:04:29.840> that<00:04:29.990> doesn't<00:04:30.200> get<00:04:30.410> paid<00:04:30.620> and<00:04:30.860> that
most of that doesn't get paid and that
most of that doesn't get paid and that
brings<00:04:31.460> me<00:04:31.580> to<00:04:31.610> another<00:04:31.760> aspect<00:04:32.180> of<00:04:32.360> this
brings me to another aspect of this
brings me to another aspect of this
which<00:04:33.050> is<00:04:33.110> to<00:04:33.380> whom<00:04:33.650> should<00:04:34.070> this<00:04:34.220> get<00:04:34.430> paid
which is to whom should this get paid
which is to whom should this get paid
that<00:04:36.710> genetic<00:04:37.070> material<00:04:37.100> probably<00:04:37.790> belonged
that genetic material probably belonged
that genetic material probably belonged
if<00:04:38.720> it<00:04:38.840> could<00:04:38.960> belong<00:04:39.139> to<00:04:39.260> anyone<00:04:39.440> to<00:04:39.740> a<00:04:39.770> local
if it could belong to anyone to a local
if it could belong to anyone to a local
community<00:04:40.520> of<00:04:40.700> poor<00:04:41.030> people<00:04:41.389> who<00:04:42.050> parted<00:04:42.440> with
community of poor people who parted with
community of poor people who parted with
the<00:04:42.680> knowledge<00:04:42.860> that<00:04:43.190> helped<00:04:43.520> the
the knowledge that helped the
the knowledge that helped the
researchers<00:04:44.120> to<00:04:44.240> find<00:04:44.510> the<00:04:44.720> molecule<00:04:45.080> which
researchers to find the molecule which
researchers to find the molecule which
then<00:04:45.440> became<00:04:45.800> the<00:04:45.860> medicine<00:04:46.310> they<00:04:47.060> were<00:04:47.120> the
then became the medicine they were the
then became the medicine they were the
ones<00:04:47.419> that<00:04:47.480> didn't<00:04:47.780> get<00:04:47.840> paid<00:04:48.080> and<00:04:48.919> if<00:04:49.340> you
ones that didn't get paid and if you
ones that didn't get paid and if you
look<00:04:49.550> at<00:04:49.669> the<00:04:49.760> species<00:04:50.150> level<00:04:51.520> you<00:04:52.520> saw<00:04:52.730> about
look at the species level you saw about
look at the species level you saw about
fish<00:04:53.270> today<00:04:53.990> the<00:04:54.410> depletion<00:04:54.740> of<00:04:55.010> ocean
fish today the depletion of ocean
fish today the depletion of ocean
fisheries<00:04:55.520> is<00:04:55.760> so<00:04:55.910> significant<00:04:56.510> that
fisheries is so significant that
fisheries is so significant that
effectively<00:04:58.310> it<00:04:58.550> is<00:04:58.900> affecting<00:04:59.900> the<00:05:00.230> ability
effectively it is affecting the ability
effectively it is affecting the ability
of<00:05:00.740> the<00:05:00.830> poor<00:05:01.070> the<00:05:01.280> artisanal<00:05:01.820> fisher<00:05:02.090> folk
of the poor the artisanal fisher folk
of the poor the artisanal fisher folk
and<00:05:02.630> those<00:05:03.080> who<00:05:03.320> fish<00:05:03.560> for<00:05:04.040> their<00:05:04.190> own
and those who fish for their own
and those who fish for their own
livelihoods<00:05:04.490> to<00:05:05.360> feed<00:05:05.630> their<00:05:05.870> families
livelihoods to feed their families
livelihoods to feed their families
something<00:05:07.850> like<00:05:07.970> a<00:05:08.000> billion<00:05:08.300> people<00:05:08.780> depend
something like a billion people depend
something like a billion people depend
on<00:05:09.230> fish<00:05:09.470> the<00:05:09.650> quantity<00:05:10.070> of<00:05:10.160> fish<00:05:10.310> in<00:05:10.460> the
on fish the quantity of fish in the
on fish the quantity of fish in the
oceans<00:05:10.910> a<00:05:11.120> billion<00:05:11.750> people<00:05:11.930> depend<00:05:12.169> on<00:05:12.530> fish
oceans a billion people depend on fish
oceans a billion people depend on fish
for<00:05:13.730> their<00:05:13.910> main<00:05:14.120> source<00:05:14.419> for<00:05:14.480> animal<00:05:14.900> protein
for their main source for animal protein
for their main source for animal protein
and<00:05:15.650> at<00:05:15.740> this<00:05:15.890> rate<00:05:16.070> at<00:05:16.220> which<00:05:16.250> we<00:05:16.520> are<00:05:16.550> losing
and at this rate at which we are losing
and at this rate at which we are losing
fish<00:05:17.120> it<00:05:17.780> is<00:05:17.990> a<00:05:18.260> human<00:05:18.830> problem<00:05:19.400> of<00:05:19.580> enormous
fish it is a human problem of enormous
fish it is a human problem of enormous
dimensions<00:05:20.660> a<00:05:20.840> health<00:05:21.050> problem<00:05:21.320> of<00:05:22.040> a<00:05:22.190> kind
dimensions a health problem of a kind
dimensions a health problem of a kind
that<00:05:22.550> we<00:05:22.700> haven't<00:05:22.880> seen<00:05:23.030> before<00:05:23.180> and<00:05:23.950> finally
that we haven't seen before and finally
that we haven't seen before and finally
at<00:05:25.220> the<00:05:25.250> ecosystem<00:05:25.580> level<00:05:26.110> whether<00:05:27.110> it's
at the ecosystem level whether it's
at the ecosystem level whether it's
flood<00:05:27.530> prevention<00:05:27.740> or<00:05:28.280> drought<00:05:28.520> control
flood prevention or drought control
flood prevention or drought control
provided<00:05:29.360> by<00:05:29.450> the<00:05:29.510> forests<00:05:29.930> or<00:05:30.380> whether<00:05:30.620> it<00:05:30.800> is
provided by the forests or whether it is
provided by the forests or whether it is
the<00:05:31.100> ability<00:05:31.460> of<00:05:31.580> poor<00:05:31.790> farmers<00:05:31.970> to<00:05:32.330> go<00:05:32.479> out
the ability of poor farmers to go out
the ability of poor farmers to go out
and<00:05:33.680> gather<00:05:33.919> leaf<00:05:34.220> litter<00:05:34.490> for<00:05:34.880> their<00:05:35.000> cattle
and gather leaf litter for their cattle
and gather leaf litter for their cattle
and<00:05:35.390> goats<00:05:35.540> or<00:05:35.810> whether<00:05:35.960> it's<00:05:36.140> the<00:05:36.260> ability<00:05:36.560> of
and goats or whether it's the ability of
and goats or whether it's the ability of
their<00:05:37.070> wives<00:05:37.340> to<00:05:37.640> go<00:05:37.760> in<00:05:37.880> and<00:05:38.030> collect<00:05:38.240> fuel
their wives to go in and collect fuel
their wives to go in and collect fuel
wood<00:05:38.780> from<00:05:39.020> the<00:05:39.140> forest<00:05:39.350> it<00:05:40.220> is<00:05:40.400> actually<00:05:40.760> the
wood from the forest it is actually the
wood from the forest it is actually the
poor<00:05:41.060> would<00:05:41.270> depend<00:05:41.510> most<00:05:41.750> on<00:05:41.930> these
poor would depend most on these
poor would depend most on these
ecosystem<00:05:42.590> services<00:05:43.390> we<00:05:44.390> did<00:05:44.570> estimates<00:05:45.110> in
ecosystem services we did estimates in
ecosystem services we did estimates in
our<00:05:45.350> in<00:05:45.530> our<00:05:45.650> study<00:05:45.919> that<00:05:45.979> for<00:05:46.370> countries<00:05:47.000> like
our in our study that for countries like
our in our study that for countries like
Brazil<00:05:47.450> India<00:05:47.720> and<00:05:47.810> Indonesia
Brazil India and Indonesia
Brazil India and Indonesia
even<00:05:49.160> though<00:05:49.310> ecosystem<00:05:50.000> services<00:05:50.419> these
even though ecosystem services these
even though ecosystem services these
benefits<00:05:51.590> that<00:05:51.740> flow<00:05:51.800> from<00:05:51.979> nature's<00:05:52.430> to
benefits that flow from nature's to
benefits that flow from nature's to
humanity<00:05:53.000> for<00:05:53.030> free<00:05:53.390> they're<00:05:53.990> not<00:05:54.110> very<00:05:54.260> big
humanity for free they're not very big
humanity for free they're not very big
in<00:05:54.680> percentage<00:05:55.160> terms<00:05:55.370> of<00:05:55.640> GDP<00:05:56.000> two<00:05:56.570> four
in percentage terms of GDP two four
in percentage terms of GDP two four
eight<00:05:56.840> ten<00:05:57.169> fifteen<00:05:57.530> percent<00:05:57.800> but<00:05:58.370> in<00:05:58.490> these
eight ten fifteen percent but in these
eight ten fifteen percent but in these
countries<00:05:58.820> if<00:05:59.240> we<00:05:59.360> measure<00:05:59.600> how<00:05:59.840> much<00:05:59.990> they're
countries if we measure how much they're
countries if we measure how much they're
worth<00:06:00.410> to<00:06:00.650> the<00:06:00.740> poor<00:06:00.979> the<00:06:01.520> answers<00:06:01.850> are<00:06:01.970> more
worth to the poor the answers are more
worth to the poor the answers are more
like<00:06:02.240> forty<00:06:02.780> five<00:06:02.960> percent<00:06:03.140> seventy<00:06:03.770> five
like forty five percent seventy five
like forty five percent seventy five
percent<00:06:04.070> ninety<00:06:04.760> percent<00:06:04.960> that's<00:06:05.960> the
percent ninety percent that's the
percent ninety percent that's the
difference<00:06:06.470> because<00:06:06.919> these<00:06:07.100> are<00:06:07.250> important
difference because these are important
difference because these are important
benefits<00:06:09.130> for<00:06:10.130> the<00:06:10.250> poor<00:06:10.460> and<00:06:10.700> you<00:06:10.970> can't
benefits for the poor and you can't
benefits for the poor and you can't
really<00:06:11.630> have<00:06:11.840> a<00:06:12.050> proper<00:06:12.380> model<00:06:12.680> for
really have a proper model for
really have a proper model for
development<00:06:13.850> if<00:06:14.090> at<00:06:14.240> the<00:06:14.330> same<00:06:14.539> time<00:06:14.840> you<00:06:15.320> are
development if at the same time you are
development if at the same time you are
destroying<00:06:15.890> or<00:06:16.190> allowing<00:06:16.580> the<00:06:17.060> degradation
destroying or allowing the degradation
destroying or allowing the degradation
of<00:06:17.780> the<00:06:17.840> very<00:06:18.080> asset<00:06:18.590> the<00:06:18.740> most<00:06:18.919> important
of the very asset the most important
of the very asset the most important
asset<00:06:19.760> which<00:06:20.180> is<00:06:20.330> your<00:06:20.600> development<00:06:21.050> asset
asset which is your development asset
asset which is your development asset
that<00:06:21.590> is<00:06:21.890> ecological<00:06:22.520> infrastructure<00:06:23.030> how
that is ecological infrastructure how
that is ecological infrastructure how
bad<00:06:24.020> can<00:06:24.229> things<00:06:24.350> get<00:06:24.590> well<00:06:25.460> here's<00:06:25.640> a<00:06:25.669> picture
bad can things get well here's a picture
bad can things get well here's a picture
of<00:06:26.060> something<00:06:26.450> called<00:06:26.750> the<00:06:26.900> mean<00:06:27.050> species
of something called the mean species
of something called the mean species
abundance<00:06:27.820> it's<00:06:28.820> basically<00:06:29.210> a<00:06:29.539> measure<00:06:30.110> of
abundance it's basically a measure of
abundance it's basically a measure of
how<00:06:30.860> many<00:06:30.919> tigers<00:06:31.550> toad<00:06:31.820> sticks<00:06:32.180> or<00:06:32.360> whatever
how many tigers toad sticks or whatever
how many tigers toad sticks or whatever
on<00:06:32.750> average<00:06:33.110> of<00:06:33.260> biomass<00:06:34.010> of<00:06:34.250> various<00:06:34.849> species
on average of biomass of various species
on average of biomass of various species
around<00:06:35.479> the<00:06:35.659> green<00:06:36.409> represents<00:06:36.770> the
around the green represents the
around the green represents the
percentage<00:06:38.000> if<00:06:38.210> you<00:06:38.360> dark<00:06:38.780> green<00:06:39.050> it's<00:06:39.229> like
percentage if you dark green it's like
percentage if you dark green it's like
80
80
80
to<00:06:40.250> 100%<00:06:40.580> if<00:06:41.060> it's<00:06:41.240> yellow<00:06:41.420> it's<00:06:41.690> 40<00:06:41.930> to<00:06:41.990> 60%
to 100% if it's yellow it's 40 to 60%
to 100% if it's yellow it's 40 to 60%
and<00:06:42.710> these<00:06:42.800> are<00:06:42.920> percentages<00:06:43.430> versus<00:06:43.820> the
and these are percentages versus the
and these are percentages versus the
original<00:06:44.180> state<00:06:44.990> so<00:06:45.200> to<00:06:45.230> speak<00:06:45.500> the
original state so to speak the
original state so to speak the
pre-industrial<00:06:46.040> area<00:06:46.610> 1750<00:06:47.560> now<00:06:48.560> I'm<00:06:48.620> going
pre-industrial area 1750 now I'm going
pre-industrial area 1750 now I'm going
to<00:06:48.830> show<00:06:48.980> you<00:06:49.040> how<00:06:49.370> business-as-usual
to show you how business-as-usual
to show you how business-as-usual
will<00:06:50.630> affect<00:06:50.990> this<00:06:51.170> and<00:06:51.410> just<00:06:52.010> watch<00:06:52.280> the
will affect this and just watch the
will affect this and just watch the
change<00:06:52.700> in<00:06:52.820> colors<00:06:53.120> in<00:06:53.300> India<00:06:53.690> China<00:06:54.490> Europe
change in colors in India China Europe
change in colors in India China Europe
sub-saharan<00:06:56.720> Africa<00:06:57.140> as<00:06:57.350> we<00:06:57.950> move<00:06:58.130> on<00:06:58.370> and
sub-saharan Africa as we move on and
sub-saharan Africa as we move on and
consume<00:06:59.380> global<00:07:00.380> biomass<00:07:00.800> at<00:07:01.070> a<00:07:01.100> rate<00:07:01.340> which
consume global biomass at a rate which
consume global biomass at a rate which
is<00:07:01.730> actually<00:07:02.090> not<00:07:02.390> going<00:07:02.900> to<00:07:03.080> be<00:07:03.170> able<00:07:03.290> to
is actually not going to be able to
is actually not going to be able to
sustain<00:07:04.010> us<00:07:04.190> see<00:07:05.180> that<00:07:05.300> again<00:07:05.860> the<00:07:06.860> only
sustain us see that again the only
sustain us see that again the only
places<00:07:07.250> that<00:07:07.370> remain<00:07:07.700> green<00:07:07.940> and<00:07:08.180> that's<00:07:08.360> not
places that remain green and that's not
places that remain green and that's not
good<00:07:08.690> news<00:07:08.720> is<00:07:09.050> in<00:07:09.170> fact<00:07:09.380> places<00:07:10.040> like<00:07:10.190> the
good news is in fact places like the
good news is in fact places like the
Gobi<00:07:10.430> Desert
Gobi Desert
Gobi Desert
like<00:07:11.630> the<00:07:11.750> tundra<00:07:12.080> and<00:07:12.320> like<00:07:12.830> Sahara<00:07:13.250> or<00:07:13.550> that
like the tundra and like Sahara or that
like the tundra and like Sahara or that
doesn't<00:07:13.940> help<00:07:14.090> because<00:07:14.210> there<00:07:14.510> were<00:07:14.570> very<00:07:14.780> few
doesn't help because there were very few
doesn't help because there were very few
species<00:07:15.230> and<00:07:15.620> volume<00:07:15.890> of<00:07:16.070> biomass<00:07:16.550> there<00:07:16.790> in
species and volume of biomass there in
species and volume of biomass there in
the<00:07:16.970> first<00:07:17.210> place<00:07:17.710> this<00:07:18.710> is<00:07:18.890> the<00:07:18.920> challenge
the first place this is the challenge
the first place this is the challenge
the<00:07:20.270> reason<00:07:20.600> this<00:07:20.690> is<00:07:20.750> happening<00:07:21.850> boils<00:07:22.850> down
the reason this is happening boils down
the reason this is happening boils down
in<00:07:23.690> my<00:07:23.900> mind<00:07:24.140> to<00:07:24.440> one<00:07:24.650> basic<00:07:25.190> problem<00:07:25.520> which<00:07:25.700> is
in my mind to one basic problem which is
in my mind to one basic problem which is
our<00:07:26.060> inability<00:07:26.300> to<00:07:26.630> perceive<00:07:26.930> the<00:07:27.290> difference
our inability to perceive the difference
our inability to perceive the difference
between<00:07:28.570> public<00:07:29.570> benefits<00:07:30.290> and<00:07:30.530> private
between public benefits and private
between public benefits and private
profits<00:07:31.430> we<00:07:32.240> tend<00:07:32.540> to<00:07:32.690> constantly<00:07:33.410> ignore
profits we tend to constantly ignore
profits we tend to constantly ignore
public<00:07:35.180> wealth<00:07:35.420> simply<00:07:35.780> because<00:07:36.050> it<00:07:36.200> is<00:07:36.230> in
public wealth simply because it is in
public wealth simply because it is in
the<00:07:36.560> common<00:07:36.860> wealth<00:07:37.250> it's<00:07:37.490> it's<00:07:37.730> common<00:07:38.060> Goods
the common wealth it's it's common Goods
the common wealth it's it's common Goods
and<00:07:38.540> here's<00:07:39.110> an<00:07:39.200> example<00:07:39.470> from<00:07:39.710> Thailand
and here's an example from Thailand
and here's an example from Thailand
where<00:07:40.850> we<00:07:41.330> found<00:07:41.630> that<00:07:41.840> because<00:07:42.050> the<00:07:42.770> value<00:07:43.160> of
where we found that because the value of
where we found that because the value of
a<00:07:43.700> mangrove<00:07:44.330> is<00:07:44.570> not<00:07:44.870> that<00:07:45.050> much<00:07:45.230> it's<00:07:45.380> about
a mangrove is not that much it's about
a mangrove is not that much it's about
600<00:07:45.800> olives<00:07:46.190> over<00:07:46.340> the<00:07:46.430> life<00:07:46.580> of<00:07:46.790> nine<00:07:47.090> years
600 olives over the life of nine years
600 olives over the life of nine years
that<00:07:47.420> this<00:07:47.660> has<00:07:47.720> been<00:07:47.960> measured<00:07:48.260> compared<00:07:49.160> to
that this has been measured compared to
that this has been measured compared to
its<00:07:49.400> value<00:07:49.820> as<00:07:49.970> a<00:07:50.000> shrimp<00:07:50.360> farm<00:07:50.600> which<00:07:50.900> is<00:07:50.990> some
its value as a shrimp farm which is some
its value as a shrimp farm which is some
more<00:07:51.230> like<00:07:51.380> nine<00:07:51.620> thousand<00:07:51.950> six<00:07:52.040> hundred
more like nine thousand six hundred
more like nine thousand six hundred
dollars<00:07:52.610> there<00:07:53.330> has<00:07:53.450> been<00:07:53.600> a<00:07:53.660> gradual<00:07:54.260> trend
dollars there has been a gradual trend
dollars there has been a gradual trend
to<00:07:55.220> deplete<00:07:55.760> the<00:07:55.970> mangroves<00:07:56.390> and<00:07:56.570> convert
to deplete the mangroves and convert
to deplete the mangroves and convert
them<00:07:57.050> to<00:07:57.080> shrimp<00:07:57.350> farms<00:07:57.620> but<00:07:58.220> of<00:07:58.340> course<00:07:58.550> if
them to shrimp farms but of course if
them to shrimp farms but of course if
you<00:07:59.270> look<00:07:59.419> at<00:07:59.600> what<00:08:00.470> exactly<00:08:00.770> those<00:08:01.070> profits
you look at what exactly those profits
you look at what exactly those profits
are<00:08:01.669> almost<00:08:02.630> 8,000<00:08:03.169> of<00:08:03.260> those<00:08:03.410> dollars<00:08:03.650> are<00:08:04.400> in
are almost 8,000 of those dollars are in
are almost 8,000 of those dollars are in
fact<00:08:04.940> subsidies<00:08:05.710> so<00:08:06.710> you<00:08:06.800> compare<00:08:07.280> the<00:08:08.060> two
fact subsidies so you compare the two
fact subsidies so you compare the two
sides<00:08:08.600> of<00:08:08.750> the<00:08:08.870> coin<00:08:08.900> and<00:08:09.350> you<00:08:09.470> find<00:08:09.710> that<00:08:09.830> it's
sides of the coin and you find that it's
sides of the coin and you find that it's
more<00:08:10.190> like<00:08:10.340> twelve<00:08:10.580> hundred<00:08:10.730> versus<00:08:11.150> six
more like twelve hundred versus six
more like twelve hundred versus six
hundred<00:08:11.630> that's<00:08:12.020> not<00:08:12.200> that<00:08:12.350> hot<00:08:12.590> but<00:08:12.890> on<00:08:12.980> the
hundred that's not that hot but on the
hundred that's not that hot but on the
other<00:08:13.160> hand<00:08:13.280> if<00:08:13.640> you<00:08:13.820> start<00:08:14.120> measuring<00:08:14.510> how
other hand if you start measuring how
other hand if you start measuring how
much<00:08:15.290> would<00:08:15.530> it<00:08:15.650> actually<00:08:15.740> cost<00:08:16.220> to<00:08:16.340> restore
much would it actually cost to restore
much would it actually cost to restore
the<00:08:17.390> land<00:08:17.600> of<00:08:17.780> this<00:08:17.900> shrimp<00:08:18.140> farm<00:08:18.380> back<00:08:18.919> to
the land of this shrimp farm back to
the land of this shrimp farm back to
productive<00:08:19.669> use<00:08:20.140> once<00:08:21.220> salt<00:08:22.220> deposition<00:08:22.700> and
productive use once salt deposition and
productive use once salt deposition and
chemical<00:08:22.850> deposition<00:08:23.240> has<00:08:23.660> actually<00:08:24.020> had<00:08:24.140> its
chemical deposition has actually had its
chemical deposition has actually had its
effects<00:08:24.620> their<00:08:25.160> answer<00:08:25.520> is<00:08:25.669> more<00:08:25.880> like<00:08:26.060> twelve
effects their answer is more like twelve
effects their answer is more like twelve
thousand<00:08:27.080> dollars<00:08:27.110> of<00:08:27.410> cost<00:08:27.620> and<00:08:27.919> if<00:08:28.310> you<00:08:28.400> see
thousand dollars of cost and if you see
thousand dollars of cost and if you see
the<00:08:28.790> benefits<00:08:29.240> of<00:08:29.360> the<00:08:29.450> mangrove<00:08:29.840> in<00:08:29.990> terms<00:08:30.230> of
the benefits of the mangrove in terms of
the benefits of the mangrove in terms of
the<00:08:30.590> storm<00:08:30.980> protection<00:08:31.190> and<00:08:31.640> cyclone
the storm protection and cyclone
the storm protection and cyclone
protection<00:08:32.419> that<00:08:32.539> you<00:08:32.630> get<00:08:32.810> and<00:08:33.020> in<00:08:33.349> terms<00:08:33.560> of
protection that you get and in terms of
protection that you get and in terms of
the<00:08:33.770> fisheries<00:08:34.160> the<00:08:34.370> nurse<00:08:34.550> fish<00:08:34.789> in
the fisheries the nurse fish in
the fisheries the nurse fish in
nurseries<00:08:35.210> that<00:08:35.630> provide<00:08:35.930> fish<00:08:36.200> for<00:08:36.380> the<00:08:36.469> poor
nurseries that provide fish for the poor
nurseries that provide fish for the poor
that<00:08:37.340> answer<00:08:37.700> is<00:08:37.820> more<00:08:38.030> like<00:08:38.210> eleven<00:08:38.780> thousand
that answer is more like eleven thousand
that answer is more like eleven thousand
dollars<00:08:39.289> so<00:08:39.680> now<00:08:39.919> look<00:08:40.370> at<00:08:40.490> the<00:08:40.610> different
dollars so now look at the different
dollars so now look at the different
lens<00:08:41.150> if<00:08:41.750> you<00:08:41.900> look<00:08:42.050> at<00:08:42.140> the<00:08:42.229> lens<00:08:42.380> of<00:08:42.590> public
lens if you look at the lens of public
lens if you look at the lens of public
wealth<00:08:43.250> as<00:08:43.789> against<00:08:44.180> the<00:08:44.240> lens<00:08:44.390> of<00:08:44.540> private
wealth as against the lens of private
wealth as against the lens of private
profits<00:08:45.230> you<00:08:45.590> get<00:08:45.770> a<00:08:45.800> completely<00:08:46.400> different
profits you get a completely different
profits you get a completely different
answer<00:08:47.000> which<00:08:47.390> is<00:08:47.420> clearly<00:08:48.080> conservation
answer which is clearly conservation
answer which is clearly conservation
makes<00:08:49.040> more<00:08:49.190> sense<00:08:49.460> and<00:08:49.610> not<00:08:50.360> destruction
makes more sense and not destruction
makes more sense and not destruction
so<00:08:52.700> is<00:08:52.850> this<00:08:53.000> just<00:08:53.180> a<00:08:53.240> story<00:08:53.450> from<00:08:53.600> south
so is this just a story from south
so is this just a story from south
tallinn<00:08:54.200> sorry<00:08:54.680> this<00:08:55.370> is<00:08:55.580> a<00:08:55.610> global<00:08:56.029> story<00:08:56.270> and
tallinn sorry this is a global story and
tallinn sorry this is a global story and
here's<00:08:57.170> what<00:08:57.380> the<00:08:57.470> same<00:08:57.680> calculation<00:08:58.310> looks
here's what the same calculation looks
here's what the same calculation looks
like<00:08:58.730> which<00:08:58.910> was<00:08:59.060> done<00:08:59.270> recently<00:08:59.540> and<00:09:00.200> well<00:09:00.649> I
like which was done recently and well I
like which was done recently and well I
see<00:09:00.920> recency<00:09:01.190> over<00:09:01.339> the<00:09:01.430> last<00:09:01.550> ten<00:09:01.760> years<00:09:01.790> by<00:09:02.390> a
see recency over the last ten years by a
see recency over the last ten years by a
group<00:09:02.630> called<00:09:02.870> true<00:09:02.990> cost<00:09:03.230> and<00:09:03.500> they
group called true cost and they
group called true cost and they
calculated<00:09:05.000> for<00:09:05.120> the<00:09:05.180> top<00:09:05.330> 3000<00:09:05.779> corporations
calculated for the top 3000 corporations
calculated for the top 3000 corporations
what<00:09:06.440> are<00:09:06.589> the<00:09:06.860> externalities<00:09:07.490> in<00:09:07.610> other
what are the externalities in other
what are the externalities in other
words<00:09:07.910> what<00:09:08.060> are<00:09:08.180> the<00:09:08.270> costs<00:09:08.570> of<00:09:08.660> doing
words what are the costs of doing
words what are the costs of doing
business<00:09:09.170> as<00:09:09.290> usual<00:09:09.649> this<00:09:09.860> is<00:09:09.920> not<00:09:10.130> a<00:09:10.160> legal
business as usual this is not a legal
business as usual this is not a legal
stuff<00:09:10.760> this<00:09:11.029> is<00:09:11.120> basically<00:09:11.480> business<00:09:12.380> as
stuff this is basically business as
stuff this is basically business as
usual<00:09:12.860> which<00:09:13.040> causes<00:09:13.459> climate<00:09:13.910> changing
usual which causes climate changing
usual which causes climate changing
emissions<00:09:14.720> which<00:09:14.930> have<00:09:15.080> an<00:09:15.170> economic<00:09:15.529> cost
emissions which have an economic cost
emissions which have an economic cost
it<00:09:16.100> causes<00:09:16.399> pollutants<00:09:17.060> being<00:09:17.240> issued<00:09:17.300> which
it causes pollutants being issued which
it causes pollutants being issued which
have<00:09:17.750> an<00:09:17.839> economic<00:09:18.200> cost<00:09:18.350> health<00:09:18.980> cost<00:09:19.279> and<00:09:19.700> so
have an economic cost health cost and so
have an economic cost health cost and so
on<00:09:20.060> use<00:09:20.870> of<00:09:21.050> fresh<00:09:21.200> water
on use of fresh water
on use of fresh water
if<00:09:21.740> you<00:09:21.950> drill<00:09:22.250> water<00:09:22.790> to<00:09:23.240> make<00:09:23.390> coke<00:09:23.660> near<00:09:23.930> in
if you drill water to make coke near in
if you drill water to make coke near in
the<00:09:24.320> village<00:09:24.589> farm<00:09:24.800> that's<00:09:24.950> not<00:09:25.070> illegal<00:09:25.520> but
the village farm that's not illegal but
the village farm that's not illegal but
yes<00:09:25.880> it<00:09:26.029> costs<00:09:26.300> the<00:09:26.360> community<00:09:26.750> can<00:09:27.470> we<00:09:27.589> stop
yes it costs the community can we stop
yes it costs the community can we stop
this<00:09:27.950> and<00:09:28.279> how<00:09:28.520> I<00:09:28.790> think<00:09:29.089> the<00:09:29.270> first<00:09:29.510> point<00:09:29.690> to
this and how I think the first point to
this and how I think the first point to
make<00:09:29.839> is<00:09:30.050> that<00:09:30.080> we<00:09:30.320> need<00:09:30.529> to<00:09:30.560> recognize
make is that we need to recognize
make is that we need to recognize
natural<00:09:31.490> capital<00:09:31.910> basically<00:09:32.690> the<00:09:32.839> stuff<00:09:33.080> of
natural capital basically the stuff of
natural capital basically the stuff of
life<00:09:33.410> is<00:09:33.709> natural<00:09:34.310> capital<00:09:34.730> and<00:09:35.029> we<00:09:35.240> need<00:09:35.390> to
life is natural capital and we need to
life is natural capital and we need to
recognize<00:09:35.990> that<00:09:36.020> and<00:09:36.350> build<00:09:36.529> that<00:09:36.680> into<00:09:36.860> our
recognize that and build that into our
recognize that and build that into our
systems<00:09:37.779> when<00:09:38.779> we<00:09:38.899> measure<00:09:39.080> GDP<00:09:39.589> as<00:09:39.800> a<00:09:39.860> measure
systems when we measure GDP as a measure
systems when we measure GDP as a measure
of<00:09:40.220> economic<00:09:40.640> performance<00:09:40.790> at<00:09:41.149> the<00:09:41.240> national
of economic performance at the national
of economic performance at the national
level<00:09:41.630> we<00:09:41.959> don't<00:09:42.200> include<00:09:42.529> our<00:09:42.830> biggest<00:09:43.130> asset
level we don't include our biggest asset
level we don't include our biggest asset
at<00:09:43.670> the<00:09:43.760> country<00:09:44.060> level<00:09:44.089> when<00:09:44.990> we<00:09:45.110> measure
at the country level when we measure
at the country level when we measure
corporate<00:09:45.830> performances<00:09:46.339> we<00:09:46.430> don't<00:09:46.640> include
corporate performances we don't include
corporate performances we don't include
our<00:09:47.240> impacts<00:09:47.810> on<00:09:47.899> nature<00:09:48.230> and<00:09:48.260> on<00:09:48.560> what<00:09:48.830> our
our impacts on nature and on what our
our impacts on nature and on what our
business<00:09:49.670> cost<00:09:50.240> society<00:09:50.480> that<00:09:51.440> has<00:09:51.589> to<00:09:51.740> stop
business cost society that has to stop
business cost society that has to stop
in<00:09:52.160> fact<00:09:52.339> this<00:09:52.490> was<00:09:52.640> what<00:09:52.760> really<00:09:53.300> inspired<00:09:53.720> my
in fact this was what really inspired my
in fact this was what really inspired my
interest<00:09:54.350> in<00:09:54.860> this<00:09:54.950> space<00:09:55.190> I<00:09:55.430> began<00:09:55.850> a<00:09:55.880> project
interest in this space I began a project
interest in this space I began a project
way<00:09:56.390> back<00:09:56.600> called<00:09:56.870> the<00:09:56.959> green<00:09:57.140> accounting
way back called the green accounting
way back called the green accounting
project<00:09:57.920> that<00:09:58.339> was<00:09:58.490> in<00:09:58.610> the<00:09:58.760> in<00:09:59.000> early<00:09:59.450> 2000
project that was in the in early 2000
project that was in the in early 2000
when<00:10:00.680> India<00:10:01.160> was<00:10:01.220> going<00:10:01.579> gung-ho<00:10:01.820> about<00:10:02.240> GDP
when India was going gung-ho about GDP
when India was going gung-ho about GDP
growth<00:10:03.290> as<00:10:03.560> the<00:10:03.709> means<00:10:03.860> forward<00:10:04.250> looking<00:10:04.490> at
growth as the means forward looking at
growth as the means forward looking at
China<00:10:04.850> with<00:10:05.120> its<00:10:05.270> stellar<00:10:05.540> growths<00:10:05.810> of<00:10:06.020> eight
China with its stellar growths of eight
China with its stellar growths of eight
nine<00:10:06.440> ten<00:10:06.649> percent<00:10:07.010> and<00:10:07.339> wondering<00:10:07.730> why<00:10:07.880> can't
nine ten percent and wondering why can't
nine ten percent and wondering why can't
we<00:10:08.209> do<00:10:08.300> the<00:10:08.420> same<00:10:08.450> and<00:10:08.870> a<00:10:09.680> few<00:10:10.430> friends<00:10:10.730> of<00:10:10.790> mine
we do the same and a few friends of mine
we do the same and a few friends of mine
and<00:10:11.060> I<00:10:11.120> decided<00:10:11.510> this<00:10:11.779> doesn't<00:10:12.140> make<00:10:12.260> sense
and I decided this doesn't make sense
and I decided this doesn't make sense
this<00:10:12.860> is<00:10:13.010> gonna<00:10:13.130> create<00:10:13.430> more<00:10:13.820> costs<00:10:14.270> to
this is gonna create more costs to
this is gonna create more costs to
society<00:10:14.870> and<00:10:14.959> more<00:10:15.140> losses<00:10:15.380> so<00:10:15.980> we<00:10:16.100> decided<00:10:16.399> to
society and more losses so we decided to
society and more losses so we decided to
do<00:10:16.700> a<00:10:16.730> massive<00:10:17.209> set<00:10:17.360> of<00:10:17.450> calculations<00:10:17.660> and
do a massive set of calculations and
do a massive set of calculations and
started<00:10:18.920> producing<00:10:19.040> green<00:10:19.490> accounts<00:10:19.880> for
started producing green accounts for
started producing green accounts for
India<00:10:20.240> and<00:10:20.360> it's<00:10:20.510> States<00:10:20.750> that's<00:10:21.560> how<00:10:21.829> my
India and it's States that's how my
India and it's States that's how my
interest<00:10:22.880> began<00:10:23.360> and<00:10:23.600> went<00:10:23.990> to<00:10:24.110> the<00:10:24.200> team
interest began and went to the team
interest began and went to the team
project<00:10:24.940> calculating<00:10:25.940> this<00:10:26.029> at<00:10:26.149> the<00:10:26.240> national
project calculating this at the national
project calculating this at the national
level<00:10:26.630> is<00:10:26.870> one<00:10:26.990> thing<00:10:27.200> and<00:10:27.290> it<00:10:27.380> has<00:10:27.500> begun<00:10:27.800> and
level is one thing and it has begun and
level is one thing and it has begun and
the<00:10:28.640> World<00:10:28.850> Bank<00:10:28.910> has<00:10:29.240> acknowledged<00:10:29.660> this<00:10:29.839> and
the World Bank has acknowledged this and
the World Bank has acknowledged this and
they've<00:10:30.230> started<00:10:30.500> a<00:10:30.709> project<00:10:30.860> called<00:10:31.070> waves
they've started a project called waves
they've started a project called waves
wealth<00:10:31.670> accounting<00:10:32.120> and<00:10:32.240> valuation<00:10:32.660> of
wealth accounting and valuation of
wealth accounting and valuation of
ecosystem<00:10:32.810> services<00:10:33.579> but<00:10:34.579> calculating<00:10:35.120> this
ecosystem services but calculating this
ecosystem services but calculating this
at<00:10:35.360> the<00:10:35.420> next<00:10:35.690> level<00:10:35.959> that<00:10:35.990> means<00:10:36.230> at<00:10:36.350> the<00:10:36.470> SEC
at the next level that means at the SEC
at the next level that means at the SEC
that<00:10:36.860> the<00:10:36.980> business<00:10:37.339> sector<00:10:37.520> level<00:10:37.760> is
that the business sector level is
that the business sector level is
important<00:10:38.360> and<00:10:38.630> actually<00:10:38.750> we've<00:10:39.050> done<00:10:39.290> this
important and actually we've done this
important and actually we've done this
with<00:10:39.829> the<00:10:39.980> tea<00:10:40.130> project<00:10:40.579> we've<00:10:40.760> done<00:10:40.790> this<00:10:41.029> for
with the tea project we've done this for
with the tea project we've done this for
a<00:10:41.240> very<00:10:41.420> difficult<00:10:41.690> case<00:10:42.140> which<00:10:42.980> was<00:10:43.220> for
a very difficult case which was for
a very difficult case which was for
deforestation<00:10:44.450> in<00:10:44.690> China<00:10:44.930> this<00:10:45.470> is<00:10:45.620> important
deforestation in China this is important
deforestation in China this is important
because<00:10:46.220> in<00:10:46.520> China<00:10:46.790> in<00:10:47.060> 1997<00:10:47.779> the<00:10:48.470> Yellow
because in China in 1997 the Yellow
because in China in 1997 the Yellow
River<00:10:48.740> actually<00:10:49.100> went<00:10:49.430> dry<00:10:49.670> for<00:10:50.000> nine<00:10:50.149> months
River actually went dry for nine months
River actually went dry for nine months
causing<00:10:51.110> severe<00:10:51.380> loss<00:10:51.620> of<00:10:51.770> agricultural
causing severe loss of agricultural
causing severe loss of agricultural
output<00:10:53.000> and<00:10:53.149> pain<00:10:53.839> and<00:10:54.110> loss<00:10:54.380> to<00:10:54.560> society<00:10:54.730> just
output and pain and loss to society just
output and pain and loss to society just
a<00:10:55.820> year<00:10:55.970> later<00:10:56.029> the<00:10:56.390> Yangtze<00:10:56.779> flooded<00:10:57.140> causing
a year later the Yangtze flooded causing
a year later the Yangtze flooded causing
something<00:10:58.010> like<00:10:58.300> 5500<00:10:59.300> deaths<00:10:59.510> so<00:11:00.440> clearly
something like 5500 deaths so clearly
something like 5500 deaths so clearly
there<00:11:01.040> was<00:11:01.160> a<00:11:01.220> problem<00:11:01.550> with<00:11:01.730> deforestation
there was a problem with deforestation
there was a problem with deforestation
it<00:11:02.570> was<00:11:02.839> associated<00:11:03.529> largely<00:11:03.829> with<00:11:04.130> the
it was associated largely with the
it was associated largely with the
construction
construction
construction
industry<00:11:05.120> and<00:11:05.390> the<00:11:05.630> Chinese<00:11:05.900> government
industry and the Chinese government
industry and the Chinese government
responded<00:11:06.650> sensibly<00:11:07.010> and<00:11:07.280> placed<00:11:07.790> a<00:11:07.940> ban<00:11:08.090> on
responded sensibly and placed a ban on
responded sensibly and placed a ban on
felling<00:11:08.780> but<00:11:09.620> retrospective<00:11:10.190> on<00:11:10.310> 40<00:11:10.610> years
felling but retrospective on 40 years
felling but retrospective on 40 years
shows<00:11:11.270> that<00:11:11.930> if<00:11:12.440> we<00:11:12.710> had<00:11:12.910> accounted<00:11:13.910> for<00:11:13.940> these
shows that if we had accounted for these
shows that if we had accounted for these
costs<00:11:14.660> the<00:11:15.020> costs<00:11:15.350> of<00:11:15.470> loss<00:11:15.650> of<00:11:15.860> topsoil<00:11:16.670> the
costs the costs of loss of topsoil the
costs the costs of loss of topsoil the
costs<00:11:17.240> of<00:11:17.390> loss<00:11:18.080> of<00:11:18.320> waterways<00:11:18.800> the<00:11:19.430> lost
costs of loss of waterways the lost
costs of loss of waterways the lost
productivity<00:11:20.230> the<00:11:21.230> loss<00:11:21.410> to<00:11:21.620> local
productivity the loss to local
productivity the loss to local
communities<00:11:22.340> as<00:11:22.580> a<00:11:22.610> result<00:11:22.970> of<00:11:23.090> all<00:11:23.210> these
communities as a result of all these
communities as a result of all these
factors<00:11:23.750> desertification<00:11:24.230> and<00:11:24.740> so<00:11:24.890> on<00:11:25.010> those
factors desertification and so on those
factors desertification and so on those
costs<00:11:26.470> are<00:11:27.470> almost<00:11:27.860> twice<00:11:28.070> as<00:11:28.100> much<00:11:28.370> as<00:11:28.610> the
costs are almost twice as much as the
costs are almost twice as much as the
market<00:11:28.880> price<00:11:29.240> of<00:11:29.420> timber<00:11:29.720> so<00:11:29.900> in<00:11:30.020> fact<00:11:30.290> the
market price of timber so in fact the
market price of timber so in fact the
price<00:11:31.250> of<00:11:31.520> timber<00:11:31.850> in<00:11:32.030> the<00:11:32.180> Beijing
price of timber in the Beijing
price of timber in the Beijing
marketplace<00:11:33.020> ought<00:11:33.260> to<00:11:33.410> have<00:11:33.530> been<00:11:33.680> three
marketplace ought to have been three
marketplace ought to have been three
times<00:11:33.920> what<00:11:34.400> it<00:11:34.520> was<00:11:34.700> had<00:11:35.450> it<00:11:35.600> reflected<00:11:36.410> the
times what it was had it reflected the
times what it was had it reflected the
true<00:11:36.740> pain<00:11:36.980> and<00:11:37.190> the<00:11:37.250> cost<00:11:37.490> to<00:11:37.880> the<00:11:37.910> society
true pain and the cost to the society
true pain and the cost to the society
within<00:11:38.750> China<00:11:39.400> of<00:11:40.400> course<00:11:40.730> after<00:11:41.060> the<00:11:41.300> event
within China of course after the event
within China of course after the event
one<00:11:41.660> can<00:11:41.840> be<00:11:41.960> wise<00:11:42.140> the<00:11:42.650> way<00:11:42.770> to<00:11:42.830> do<00:11:43.070> this<00:11:43.220> is<00:11:43.400> to
one can be wise the way to do this is to
one can be wise the way to do this is to
do<00:11:43.640> it<00:11:43.760> on<00:11:43.910> a<00:11:43.940> company<00:11:44.390> basis<00:11:44.750> to<00:11:45.410> take
do it on a company basis to take
do it on a company basis to take
leadership<00:11:45.890> forward<00:11:46.490> and<00:11:46.640> to<00:11:47.000> do<00:11:47.150> it<00:11:47.180> for<00:11:47.450> as
leadership forward and to do it for as
leadership forward and to do it for as
many<00:11:47.750> important<00:11:48.380> sectors<00:11:48.740> which<00:11:48.920> have<00:11:49.100> a<00:11:49.130> cost
many important sectors which have a cost
many important sectors which have a cost
and<00:11:49.670> to<00:11:49.880> disclose<00:11:50.270> these<00:11:50.780> answers<00:11:51.230> someone
and to disclose these answers someone
and to disclose these answers someone
wants<00:11:52.400> to<00:11:52.430> ask<00:11:52.520> me<00:11:52.700> who<00:11:53.450> is<00:11:53.600> better<00:11:53.840> or<00:11:53.960> worse
wants to ask me who is better or worse
wants to ask me who is better or worse
is<00:11:54.500> it<00:11:54.620> Unilever<00:11:55.130> as<00:11:55.280> a<00:11:55.310> TNG<00:11:55.850> when<00:11:56.030> it<00:11:56.120> comes<00:11:56.330> to
is it Unilever as a TNG when it comes to
is it Unilever as a TNG when it comes to
their<00:11:56.630> impact<00:11:57.080> on<00:11:57.320> rainforests<00:11:58.310> in<00:11:58.460> Indonesia
their impact on rainforests in Indonesia
their impact on rainforests in Indonesia
and<00:11:59.120> I<00:11:59.180> couldn't<00:11:59.480> answer<00:11:59.630> because<00:12:00.020> neither<00:12:00.200> of
and I couldn't answer because neither of
and I couldn't answer because neither of
these<00:12:00.500> companies<00:12:00.830> good<00:12:01.130> that<00:12:01.280> they<00:12:01.400> are<00:12:01.430> and
these companies good that they are and
these companies good that they are and
professionals<00:12:02.390> or<00:12:02.480> they<00:12:02.570> are<00:12:02.660> do<00:12:02.900> not
professionals or they are do not
professionals or they are do not
calculate<00:12:03.800> or<00:12:03.980> disclose<00:12:04.400> their
calculate or disclose their
calculate or disclose their
externalities<00:12:05.620> but<00:12:06.620> if<00:12:06.740> we<00:12:06.800> look<00:12:06.920> at
externalities but if we look at
externalities but if we look at
companies<00:12:07.190> like<00:12:07.400> kuma<00:12:07.880> Yorkin<00:12:08.300> sites<00:12:08.540> there
companies like kuma Yorkin sites there
companies like kuma Yorkin sites there
Cioran<00:12:09.890> chairman<00:12:10.280> once<00:12:10.880> challenged<00:12:11.300> me<00:12:11.390> at<00:12:11.510> a
Cioran chairman once challenged me at a
Cioran chairman once challenged me at a
function<00:12:11.990> saying<00:12:12.260> that<00:12:12.440> he's<00:12:12.620> going<00:12:12.770> to
function saying that he's going to
function saying that he's going to
implement<00:12:13.550> my<00:12:13.700> project<00:12:14.090> before<00:12:14.210> I<00:12:14.330> finish<00:12:14.690> it
implement my project before I finish it
implement my project before I finish it
well<00:12:15.470> I<00:12:15.500> think<00:12:15.650> we<00:12:15.890> kind<00:12:16.070> of<00:12:16.190> did<00:12:16.460> it<00:12:16.580> at<00:12:16.700> the
well I think we kind of did it at the
well I think we kind of did it at the
same<00:12:16.910> time<00:12:16.970> but<00:12:17.390> he's<00:12:17.510> done<00:12:17.630> it<00:12:17.690> he's
same time but he's done it he's
same time but he's done it he's
basically<00:12:18.470> worked<00:12:18.800> out<00:12:18.980> the<00:12:19.220> cost<00:12:19.460> to<00:12:19.700> Puma
basically worked out the cost to Puma
basically worked out the cost to Puma
Puma<00:12:20.180> has<00:12:20.420> 2.7<00:12:20.870> billion<00:12:21.350> dollars<00:12:21.590> of<00:12:21.680> turnover
Puma has 2.7 billion dollars of turnover
Puma has 2.7 billion dollars of turnover
300<00:12:22.940> million<00:12:23.150> dollars<00:12:23.390> of<00:12:23.480> profits<00:12:23.840> 200
300 million dollars of profits 200
300 million dollars of profits 200
million<00:12:24.860> dollars<00:12:25.100> after-tax<00:12:25.960> 94<00:12:26.960> million
million dollars after-tax 94 million
million dollars after-tax 94 million
dollars<00:12:27.560> of<00:12:27.740> externalities<00:12:28.130> cost<00:12:28.730> to
dollars of externalities cost to
dollars of externalities cost to
business<00:12:29.180> now<00:12:29.300> that's<00:12:29.510> not<00:12:29.720> a<00:12:29.750> happy
business now that's not a happy
business now that's not a happy
situation<00:12:30.200> for<00:12:30.770> them<00:12:30.890> but<00:12:31.130> they<00:12:31.250> have<00:12:31.400> the
situation for them but they have the
situation for them but they have the
confidence<00:12:31.820> and<00:12:32.270> the<00:12:32.360> courage<00:12:32.450> to<00:12:32.870> come
confidence and the courage to come
confidence and the courage to come
forward<00:12:33.560> and<00:12:33.770> say<00:12:33.950> here's<00:12:34.460> what<00:12:34.550> we<00:12:34.700> are
forward and say here's what we are
forward and say here's what we are
measuring<00:12:35.090> we<00:12:35.780> are<00:12:35.870> measuring<00:12:36.050> it<00:12:36.350> because<00:12:36.650> we
measuring we are measuring it because we
measuring we are measuring it because we
know<00:12:36.980> that<00:12:37.250> you<00:12:38.240> cannot<00:12:38.540> manage<00:12:38.810> what<00:12:39.050> you<00:12:39.110> do
know that you cannot manage what you do
know that you cannot manage what you do
not<00:12:39.320> measure<00:12:39.560> that's<00:12:40.400> an<00:12:40.580> example<00:12:41.060> I<00:12:41.210> think
not measure that's an example I think
not measure that's an example I think
for<00:12:41.840> us<00:12:41.960> to<00:12:41.990> look<00:12:42.230> at<00:12:42.410> and<00:12:42.650> for<00:12:43.100> us<00:12:43.220> to<00:12:43.370> draw
for us to look at and for us to draw
for us to look at and for us to draw
comfort<00:12:43.760> from<00:12:43.910> if<00:12:44.540> more<00:12:44.870> companies<00:12:45.260> did<00:12:45.470> this
comfort from if more companies did this
comfort from if more companies did this
and<00:12:45.890> if<00:12:46.070> more<00:12:46.250> sectors<00:12:46.730> engage<00:12:47.060> this<00:12:47.300> has
and if more sectors engage this has
and if more sectors engage this has
sectors
sectors
sectors
you<00:12:48.470> could<00:12:48.710> have<00:12:48.890> analysts<00:12:49.400> business
you could have analysts business
you could have analysts business
analysts<00:12:50.150> and<00:12:50.300> you<00:12:50.780> could<00:12:50.990> have<00:12:51.080> people<00:12:51.140> like
analysts and you could have people like
analysts and you could have people like
us<00:12:51.740> and<00:12:51.980> consumers<00:12:52.460> and<00:12:52.610> NGOs<00:12:52.970> actually<00:12:53.600> look
us and consumers and NGOs actually look
us and consumers and NGOs actually look
and<00:12:54.050> compare<00:12:54.530> the<00:12:54.920> social<00:12:55.280> performance<00:12:55.460> of
and compare the social performance of
and compare the social performance of
companies<00:12:55.970> today<00:12:56.420> we<00:12:56.540> can't<00:12:56.870> yet<00:12:57.020> do<00:12:57.200> that<00:12:57.380> but
companies today we can't yet do that but
companies today we can't yet do that but
I<00:12:57.920> think<00:12:58.040> the<00:12:58.550> path<00:12:58.760> is<00:12:59.000> laid<00:12:59.150> out<00:12:59.210> this<00:12:59.630> can<00:12:59.840> be
I think the path is laid out this can be
I think the path is laid out this can be
done<00:13:00.140> and<00:13:00.470> I'm<00:13:00.800> delighted<00:13:01.040> that<00:13:01.310> the
done and I'm delighted that the
done and I'm delighted that the
Institute<00:13:01.790> of<00:13:01.910> Chartered<00:13:02.030> Accountants<00:13:02.600> in
Institute of Chartered Accountants in
Institute of Chartered Accountants in
the<00:13:02.780> UK<00:13:03.140> has<00:13:03.260> already<00:13:03.590> set<00:13:03.890> up<00:13:03.920> a<00:13:04.130> coalition<00:13:04.640> to
the UK has already set up a coalition to
the UK has already set up a coalition to
do<00:13:05.150> this<00:13:05.270> an<00:13:05.420> international<00:13:05.930> coalition<00:13:06.520> the
do this an international coalition the
do this an international coalition the
other<00:13:07.810> favorite<00:13:08.810> if<00:13:08.930> you<00:13:08.960> like<00:13:09.230> solution<00:13:10.100> for
other favorite if you like solution for
other favorite if you like solution for
me<00:13:10.340> is<00:13:10.490> the<00:13:10.640> creation<00:13:11.030> of<00:13:11.120> green<00:13:11.300> carbon
me is the creation of green carbon
me is the creation of green carbon
markets<00:13:12.050> and<00:13:12.230> by<00:13:12.290> the<00:13:12.350> way<00:13:12.500> these<00:13:12.620> are<00:13:12.800> my
markets and by the way these are my
markets and by the way these are my
favourites<00:13:13.340> externalities<00:13:14.030> calculation<00:13:14.660> and
favourites externalities calculation and
favourites externalities calculation and
green<00:13:15.020> carbon<00:13:15.230> markets<00:13:15.710> teeb<00:13:16.310> has<00:13:16.520> more<00:13:17.000> than
green carbon markets teeb has more than
green carbon markets teeb has more than
doesn't<00:13:18.680> separate<00:13:19.220> groups<00:13:19.460> of<00:13:19.640> solutions
doesn't separate groups of solutions
doesn't separate groups of solutions
including<00:13:20.600> protected<00:13:21.350> area<00:13:21.560> evaluation<00:13:22.160> and
including protected area evaluation and
including protected area evaluation and
payments<00:13:22.760> for<00:13:22.790> ecosystem<00:13:23.390> services<00:13:23.840> and<00:13:23.900> eco
payments for ecosystem services and eco
payments for ecosystem services and eco
certification<00:13:24.980> and<00:13:25.130> you<00:13:25.160> name<00:13:25.370> it<00:13:25.520> but<00:13:25.640> these
certification and you name it but these
certification and you name it but these
are<00:13:25.850> the<00:13:26.090> favorites<00:13:26.450> what's<00:13:27.350> green<00:13:27.560> carbon
are the favorites what's green carbon
are the favorites what's green carbon
today<00:13:28.790> what<00:13:29.090> we<00:13:29.240> have<00:13:29.420> is<00:13:29.840> basically<00:13:30.050> a<00:13:30.410> brown
today what we have is basically a brown
today what we have is basically a brown
carbon<00:13:31.010> market<00:13:31.310> place<00:13:31.460> it's<00:13:31.640> about<00:13:31.700> energy
carbon market place it's about energy
carbon market place it's about energy
emissions<00:13:32.600> the<00:13:32.930> European<00:13:33.290> Union<00:13:33.590> ETS<00:13:33.980> is<00:13:34.220> the
emissions the European Union ETS is the
emissions the European Union ETS is the
main<00:13:34.610> market<00:13:34.850> place<00:13:35.150> it's<00:13:35.330> not<00:13:35.450> doing<00:13:35.690> too
main market place it's not doing too
main market place it's not doing too
well<00:13:35.870> we've<00:13:36.320> over<00:13:36.680> issued<00:13:37.010> a<00:13:37.190> bit<00:13:37.610> like
well we've over issued a bit like
well we've over issued a bit like
inflation<00:13:38.090> you<00:13:38.420> over<00:13:38.630> issue<00:13:38.780> currency<00:13:39.110> you
inflation you over issue currency you
inflation you over issue currency you
get<00:13:39.830> what<00:13:39.980> you<00:13:40.070> see<00:13:40.280> a<00:13:40.460> declining<00:13:41.270> prices<00:13:41.690> but
get what you see a declining prices but
get what you see a declining prices but
that's<00:13:42.470> all<00:13:42.620> about<00:13:42.650> energy<00:13:43.550> and<00:13:43.970> industry<00:13:44.690> but
that's all about energy and industry but
that's all about energy and industry but
what<00:13:45.290> we<00:13:45.470> are<00:13:45.500> missing<00:13:45.800> out<00:13:45.920> is<00:13:46.100> also<00:13:46.280> some
what we are missing out is also some
what we are missing out is also some
other<00:13:46.940> emissions<00:13:47.360> like<00:13:47.480> black<00:13:47.810> carbon<00:13:48.080> that
other emissions like black carbon that
other emissions like black carbon that
is<00:13:48.440> soot<00:13:48.740> what<00:13:49.280> we<00:13:49.400> are<00:13:49.460> also<00:13:49.580> missing<00:13:49.820> is<00:13:50.120> blue
is soot what we are also missing is blue
is soot what we are also missing is blue
carbon<00:13:50.690> which<00:13:50.870> by<00:13:51.020> the<00:13:51.080> way<00:13:51.200> is<00:13:51.410> the<00:13:51.740> largest
carbon which by the way is the largest
carbon which by the way is the largest
store<00:13:52.340> of<00:13:52.490> carbon<00:13:52.820> more<00:13:53.120> than<00:13:53.240> 55%<00:13:53.800> thankfully
store of carbon more than 55% thankfully
store of carbon more than 55% thankfully
the<00:13:55.370> flux<00:13:55.700> in<00:13:55.880> other<00:13:56.030> words<00:13:56.210> the<00:13:56.330> flow<00:13:56.600> of
the flux in other words the flow of
the flux in other words the flow of
emissions<00:13:57.200> from<00:13:57.290> the<00:13:57.470> ocean<00:13:57.860> to<00:13:58.130> the
emissions from the ocean to the
emissions from the ocean to the
atmosphere<00:13:58.460> and<00:13:59.000> vice-versa<00:13:59.480> is<00:13:59.930> more<00:14:00.230> or
atmosphere and vice-versa is more or
atmosphere and vice-versa is more or
less<00:14:00.350> balanced<00:14:00.800> in<00:14:01.220> fact<00:14:01.460> what's<00:14:01.640> being
less balanced in fact what's being
less balanced in fact what's being
absorbed<00:14:02.240> is<00:14:02.630> something<00:14:03.050> like<00:14:03.520> 25%<00:14:04.520> of<00:14:05.090> our
absorbed is something like 25% of our
absorbed is something like 25% of our
emissions<00:14:05.630> which<00:14:06.260> then<00:14:06.500> leads<00:14:06.740> to
emissions which then leads to
emissions which then leads to
acidification<00:14:07.820> or<00:14:08.330> lower<00:14:09.020> alkalinity<00:14:09.770> in
acidification or lower alkalinity in
acidification or lower alkalinity in
oceans<00:14:10.370> more<00:14:10.850> of<00:14:11.000> that<00:14:11.150> in<00:14:11.300> a<00:14:11.360> minute
oceans more of that in a minute
oceans more of that in a minute
and<00:14:12.080> finally<00:14:12.560> there's<00:14:13.070> deforestation<00:14:13.790> and
and finally there's deforestation and
and finally there's deforestation and
there's<00:14:14.840> emission<00:14:15.380> of<00:14:15.530> methane<00:14:15.620> from
there's emission of methane from
there's emission of methane from
agriculture<00:14:17.650> green<00:14:18.650> carbon<00:14:18.950> which<00:14:19.250> is<00:14:19.280> the<00:14:19.490> de
agriculture green carbon which is the de
agriculture green carbon which is the de
Forest<00:14:19.850> station<00:14:20.210> and<00:14:20.480> agricultural
Forest station and agricultural
Forest station and agricultural
emissions<00:14:21.200> and<00:14:21.590> blue<00:14:22.490> carbon<00:14:22.880> together
emissions and blue carbon together
emissions and blue carbon together
comprise<00:14:23.990> 25<00:14:24.650> percent<00:14:25.010> of<00:14:25.100> our<00:14:25.220> emissions<00:14:25.400> we
comprise 25 percent of our emissions we
comprise 25 percent of our emissions we
have<00:14:26.390> the<00:14:26.540> means<00:14:26.720> already<00:14:26.930> in<00:14:27.200> our<00:14:27.320> hands
have the means already in our hands
have the means already in our hands
through<00:14:28.190> a<00:14:28.280> structure<00:14:28.910> through<00:14:29.210> a<00:14:29.270> mechanism
through a structure through a mechanism
through a structure through a mechanism
called<00:14:29.810> red<00:14:30.230> plus<00:14:30.530> a<00:14:30.800> scheme<00:14:31.370> for<00:14:31.400> the<00:14:31.640> reduced
called red plus a scheme for the reduced
called red plus a scheme for the reduced
emissions<00:14:32.450> from<00:14:32.630> deforestation<00:14:32.990> and<00:14:33.500> forest
emissions from deforestation and forest
emissions from deforestation and forest
degradation<00:14:33.860> and<00:14:34.460> already<00:14:35.300> no<00:14:35.690> way<00:14:35.870> has
degradation and already no way has
degradation and already no way has
contributed<00:14:36.740> a<00:14:37.070> billion<00:14:37.430> dollars<00:14:37.790> each
contributed a billion dollars each
contributed a billion dollars each
towards<00:14:38.510> Indonesia<00:14:38.960> and<00:14:39.320> Brazil<00:14:39.470> to
towards Indonesia and Brazil to
towards Indonesia and Brazil to
implement<00:14:40.520> this<00:14:40.820> Red<00:14:41.060> Cross<00:14:41.300> scheme<00:14:41.600> so<00:14:42.140> we
implement this Red Cross scheme so we
implement this Red Cross scheme so we
actually<00:14:42.440> have<00:14:42.800> some<00:14:43.040> movement<00:14:43.190> forward<00:14:43.910> but
actually have some movement forward but
actually have some movement forward but
the<00:14:44.150> thing<00:14:44.300> is<00:14:44.330> to<00:14:44.690> do<00:14:44.810> a<00:14:44.840> lot<00:14:45.080> more<00:14:45.110> of<00:14:45.320> that
the thing is to do a lot more of that
the thing is to do a lot more of that
will<00:14:46.100> this<00:14:46.250> solve<00:14:46.550> the<00:14:47.240> problem<00:14:47.630> will
will this solve the problem will
will this solve the problem will
economic<00:14:48.170> solve<00:14:48.380> everything
economic solve everything
economic solve everything
well<00:14:49.310> I'm<00:14:49.940> afraid<00:14:50.060> not<00:14:50.330> there<00:14:51.050> is<00:14:51.170> an<00:14:51.290> area
well I'm afraid not there is an area
well I'm afraid not there is an area
that<00:14:52.100> is<00:14:52.280> the<00:14:52.970> oceans<00:14:53.330> coral<00:14:53.750> reefs<00:14:53.930> as<00:14:54.230> you
that is the oceans coral reefs as you
that is the oceans coral reefs as you
can<00:14:54.500> see<00:14:55.390> they<00:14:56.390> cut<00:14:56.750> across<00:14:56.990> the<00:14:57.170> entire<00:14:57.410> globe
can see they cut across the entire globe
can see they cut across the entire globe
all<00:14:57.890> the<00:14:58.010> way<00:14:58.130> from<00:14:58.400> Micronesia<00:14:59.000> across
all the way from Micronesia across
all the way from Micronesia across
Indonesia<00:15:00.470> Malaysia<00:15:00.980> India<00:15:01.960> Madagascar<00:15:02.960> and
Indonesia Malaysia India Madagascar and
Indonesia Malaysia India Madagascar and
to<00:15:03.560> the<00:15:03.650> rest<00:15:03.830> of<00:15:03.950> the<00:15:04.040> Caribbean<00:15:04.540> these<00:15:05.540> red
to the rest of the Caribbean these red
to the rest of the Caribbean these red
dots<00:15:05.960> these<00:15:06.200> red<00:15:06.410> areas<00:15:06.740> basically<00:15:06.980> provide
dots these red areas basically provide
dots these red areas basically provide
the<00:15:08.240> food<00:15:08.510> and<00:15:08.780> livelihood<00:15:08.960> for<00:15:09.530> more<00:15:09.770> than
the food and livelihood for more than
the food and livelihood for more than
half<00:15:10.220> a<00:15:10.370> billion<00:15:10.550> people<00:15:10.880> so<00:15:11.600> that's<00:15:11.780> almost
half a billion people so that's almost
half a billion people so that's almost
an<00:15:12.470> eighth<00:15:12.590> of<00:15:12.830> society<00:15:13.460> and<00:15:13.630> the<00:15:14.630> sad<00:15:14.810> thing
an eighth of society and the sad thing
an eighth of society and the sad thing
is<00:15:15.110> that<00:15:15.170> as<00:15:15.500> these<00:15:15.710> color<00:15:15.980> reefs<00:15:16.220> are<00:15:16.400> lost
is that as these color reefs are lost
is that as these color reefs are lost
and<00:15:16.820> scientists<00:15:17.300> tell<00:15:17.420> us<00:15:17.450> that<00:15:17.600> any<00:15:18.170> level<00:15:18.530> of
and scientists tell us that any level of
and scientists tell us that any level of
carbon<00:15:19.910> dioxide<00:15:19.940> in<00:15:20.420> the<00:15:20.450> atmosphere<00:15:20.540> above
carbon dioxide in the atmosphere above
carbon dioxide in the atmosphere above
350<00:15:21.680> parts<00:15:22.010> per<00:15:22.160> million<00:15:22.400> is<00:15:22.700> too<00:15:22.880> dangerous
350 parts per million is too dangerous
350 parts per million is too dangerous
for<00:15:23.330> the<00:15:23.660> survival<00:15:24.020> of<00:15:24.080> these<00:15:24.230> reefs<00:15:24.470> we<00:15:25.100> are
for the survival of these reefs we are
for the survival of these reefs we are
not<00:15:25.310> only<00:15:25.460> risking<00:15:25.910> the<00:15:26.210> extinction<00:15:26.720> of<00:15:26.840> the
not only risking the extinction of the
not only risking the extinction of the
entire<00:15:27.260> coral<00:15:27.770> species<00:15:28.040> the<00:15:28.370> warm<00:15:28.550> water
entire coral species the warm water
entire coral species the warm water
corals<00:15:29.090> we're<00:15:29.270> not<00:15:29.360> only<00:15:29.450> risking
corals we're not only risking
corals we're not only risking
fourth<00:15:30.839> of<00:15:31.019> all<00:15:31.170> fish<00:15:31.740> species<00:15:32.010> which<00:15:32.490> are<00:15:32.610> in
fourth of all fish species which are in
fourth of all fish species which are in
the<00:15:32.790> oceans<00:15:33.060> but<00:15:33.089> we<00:15:33.269> are<00:15:33.360> risking<00:15:33.690> the<00:15:33.810> very
the oceans but we are risking the very
the oceans but we are risking the very
lives<00:15:34.230> and<00:15:34.529> livelihoods<00:15:34.680> of<00:15:35.160> more<00:15:35.760> than<00:15:36.380> 500
lives and livelihoods of more than 500
lives and livelihoods of more than 500
million<00:15:37.709> people<00:15:37.860> who<00:15:38.339> live<00:15:38.579> in<00:15:38.820> the
million people who live in the
million people who live in the
developing<00:15:39.060> world<00:15:39.420> in<00:15:39.810> poor<00:15:39.990> countries<00:15:40.370> so<00:15:41.370> in
developing world in poor countries so in
developing world in poor countries so in
selecting<00:15:42.240> targets<00:15:42.720> of<00:15:42.899> 450<00:15:43.410> parts<00:15:43.560> per
selecting targets of 450 parts per
selecting targets of 450 parts per
million<00:15:43.949> and<00:15:44.310> selecting<00:15:44.820> 2<00:15:44.970> degrees<00:15:45.300> at<00:15:45.630> the
million and selecting 2 degrees at the
million and selecting 2 degrees at the
climate<00:15:46.290> negotiations<00:15:46.860> what<00:15:47.610> we<00:15:47.760> have<00:15:47.910> done
climate negotiations what we have done
climate negotiations what we have done
is<00:15:48.300> we've<00:15:48.480> made<00:15:48.660> an<00:15:48.870> ethical<00:15:49.320> choice<00:15:49.560> we've
is we've made an ethical choice we've
is we've made an ethical choice we've
actually<00:15:50.279> kind<00:15:50.699> of<00:15:50.790> made<00:15:50.940> an<00:15:51.060> ethical<00:15:51.570> choice
actually kind of made an ethical choice
actually kind of made an ethical choice
in<00:15:52.139> society<00:15:52.680> to<00:15:53.160> not<00:15:53.399> have<00:15:53.639> coral<00:15:54.060> reefs<00:15:54.589> well
in society to not have coral reefs well
in society to not have coral reefs well
what<00:15:56.310> I<00:15:56.339> would<00:15:56.430> say<00:15:56.670> to<00:15:56.730> you<00:15:56.910> in<00:15:57.060> parting<00:15:57.420> is
what I would say to you in parting is
what I would say to you in parting is
that<00:15:57.720> we<00:15:58.410> may<00:15:58.560> have<00:15:58.649> done<00:15:58.829> that<00:15:58.980> let's<00:15:59.339> think
that we may have done that let's think
that we may have done that let's think
about<00:15:59.639> it<00:15:59.940> and<00:16:00.089> what<00:16:00.209> it<00:16:00.329> means<00:16:00.449> but<00:16:00.930> please
about it and what it means but please
about it and what it means but please
let's<00:16:01.500> not<00:16:01.589> do<00:16:01.829> more<00:16:02.010> of<00:16:02.070> that<00:16:02.190> because<00:16:02.850> mother
let's not do more of that because mother
let's not do more of that because mother
nature<00:16:03.120> only<00:16:03.600> has<00:16:03.750> that<00:16:03.990> much<00:16:04.230> in<00:16:04.589> ecological
nature only has that much in ecological
nature only has that much in ecological
infrastructure<00:16:06.240> and<00:16:06.540> that<00:16:07.019> much<00:16:07.230> natural
infrastructure and that much natural
infrastructure and that much natural
capital<00:16:08.040> I<00:16:08.220> don't<00:16:08.639> think<00:16:08.790> we<00:16:08.880> can<00:16:08.970> afford<00:16:09.120> too
capital I don't think we can afford too
capital I don't think we can afford too
much<00:16:09.660> of<00:16:09.930> such<00:16:10.260> ethical<00:16:10.649> choices<00:16:10.800> thank<00:16:11.490> you
Pavan Sukhdev, nature, Earth, water, air, tree, TED, TED-Ed, TED, Ed, TEDEducation
