{"id":3501631,"date":"2024-06-11T11:03:19","date_gmt":"2024-06-11T11:03:19","guid":{"rendered":"https:\/\/www.resilience.org\/?p=3501631"},"modified":"2024-06-11T11:03:19","modified_gmt":"2024-06-11T11:03:19","slug":"what-is-nature-worth-indigenous-economics-says-it-is-far-beyond-any-monetary-value","status":"publish","type":"post","link":"https:\/\/www.resilience.org\/stories\/2024-06-11\/what-is-nature-worth-indigenous-economics-says-it-is-far-beyond-any-monetary-value\/","title":{"rendered":"What is nature worth? Indigenous economics says it is far beyond any monetary value"},"content":{"rendered":"<ul>\n<li><em>Last year, the New York Stock Exchange proposed a new nature-based asset class which put a price tag on global nature of $5,000 trillion.<\/em><\/li>\n<li><em>Though the proposal was withdrawn in January to the relief of many, Indigenous economist Rebecca Adamson argues that an attempt to financialize nature like this \u2014 which doesn\u2019t account for the full intrinsic value of ecosystems, and further incentivizes destruction of nature for profit \u2014 will likely be revived in the future.<\/em><\/li>\n<li><em>On this episode of Mongabay\u2019s podcast, Adamson speaks with co-host Rachel Donald about Indigenous economic principles based on sustainable usage and respect for nature, rather than unmitigated exploitation of it for profit.<\/em><\/li>\n<li><em>\u201cThe most simple thing would be to fit your economy into a living, breathing, natural physics law framework. And if you look at Indigenous economies, they really talk about balance and harmony, and those aren\u2019t quaint customs. Those are design principles,\u201d she says.<\/em><\/li>\n<\/ul>\n<p>Putting a dollar amount on a single species, let alone entire ecosystems, is a controversial idea, but creating a tradable asset class based on that monetary value is even more problematic,\u00a0<a href=\"https:\/\/www.sei.org\/wp-content\/uploads\/2019\/03\/kemp-benedictkartha872.pdf\" target=\"_blank\" rel=\"external noopener\" data-wpel-link=\"external\">experts say<\/a>.<\/p>\n<p>In 2023, the New York Stock Exchange (NYSE)\u00a0<a href=\"https:\/\/www.nyse.com\/publicdocs\/nyse\/markets\/nyse\/rule-filings\/filings\/2023\/SR-NYSE-2023-09.pdf\" target=\"_blank\" rel=\"external noopener\" data-wpel-link=\"external\">applied<\/a>\u00a0to the U.S. Securities and Exchange Commission (SEC) to establish a list of Natural Asset Companies (NACs) that would hold the rights to ecosystem services, which they valued at $5,000 trillion, essentially creating a new\u00a0<a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/nyse\/2023\/34-98665-ex3.pdf\" target=\"_blank\" rel=\"external noopener\" data-wpel-link=\"external\">nature-based asset class<\/a>. The SEC withdrew the application earlier this year following intense opposition from 25 Republican attorneys general.<\/p>\n<p>On this episode of the Mongabay Newscast, Indigenous economist Rebecca Adamson argues this financialization of nature comes with perverse incentives and fails to recognize the intrinsic value contained in biodiversity and all the benefits it provides for humans. Instead, she suggests basing economies on principles contained in Indigenous economics.<\/p>\n<p>Listen here:<\/p>\n<p><iframe loading=\"lazy\" class=\"iframe-class\" title=\"Embed Player\" src=\"https:\/\/play.libsyn.com\/embed\/episode\/id\/31607572\/height\/128\/theme\/modern\/size\/standard\/thumbnail\/yes\/custom-color\/143a4f\/time-start\/00:00:00\/hide-playlist\/yes\/download\/yes\/font-color\/FFFFFF\" width=\"100%\" height=\"128\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>While the natural asset class\u2019s withdrawal was for \u201call the wrong reasons,\u201d says Adamson, it was nonetheless a \u201crelief.\u201d She tells podcast co-host Rachel Donald why she thinks the financialization of nature is the wrong approach to protecting and sustainably using nature in the global economy, and why Indigenous economic principles offer a better path forward.<\/p>\n<p>\u201cIf you look at the way an Indigenous economy is designed, it\u2019s designed to meet the most needs for the most people\u201d via sophisticated redistribution of wealth principles, says Adamson, who is a director emerita of Calvert Impact Capital and founder of both First Nations Development Institute and First Peoples Worldwide, an Indigenous-led organization making grants to Indigenous communities in more than 60 countries. \u201cThroughout the society, there\u2019s customs and cultures and rituals about sharing [and] redistribution of wealth.\u00a0And we\u2019ve mapped this,\u201d she says.<\/p>\n<p><strong>Citation:<\/strong><\/p>\n<p>Kemp-Benedict, E., &amp; Kartha, S. (2019). Environmental financialization: What could go wrong?\u00a0<em>Real-World Economics Review<\/em>,\u00a0<em>87<\/em>, 69-89. Retrieved from <a href=\"http:\/\/www.paecon.net\/PAEReview\/issue87\/whole87.pdf#page=69\" target=\"_blank\" rel=\"external noopener\" data-wpel-link=\"external\">http:\/\/www.paecon.net\/PAEReview\/issue87\/whole87.pdf#page=69<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On this episode of the Mongabay Newscast, Indigenous economist Rebecca Adamson argues this financialization of nature comes with perverse incentives and fails to recognize the intrinsic value contained in biodiversity and all the benefits it provides for humans. Instead, she suggests basing economies on principles contained in Indigenous economics.<\/p>\n","protected":false},"author":128238,"featured_media":3501692,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[79717,213528,79718],"tags":[],"class_list":["post-3501631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-economy-featured","category-environment"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/posts\/3501631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/users\/128238"}],"replies":[{"embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/comments?post=3501631"}],"version-history":[{"count":0,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/posts\/3501631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/media\/3501692"}],"wp:attachment":[{"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/media?parent=3501631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/categories?post=3501631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.resilience.org\/wp-json\/wp\/v2\/tags?post=3501631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}