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Financing conservation by valuing carbon services produced by wild animals

Author

Listed:
  • Fabio Berzaghi

    (a Laboratory of Climate and Environmental Sciences, UMR - Commissariat à l’énergie atomique (CEA), 91190 Gif-sur-Yvette, France;)

  • Ralph Chami

    (b Institute for Capacity Development, The International Monetary Fund, Washington, DC 20431;)

  • Thomas Cosimano

    (c Department of Finance, University of Notre Dame, Notre Dame, IN 46556;)

  • Connel Fullenkamp

    (d Department of Economics, Duke University, Durham, NC 27708)

Abstract

The involvement of financial markets is critical to deliver effective and long-lasting solutions to mitigate climate change and reverse biodiversity loss. However, financial markets have not invested in ecosystem services because these are often valued based on non-market prices, which deter investments. Based on existing carbon market prices, we value the carbon services produced by forest elephants and show that wild animals’ carbon services are valuable enough to attract investors. This framework would facilitate financing of conservation programs and local communities and broaden the portfolio of nature-based solutions to mitigate climate change.

Suggested Citation

  • Fabio Berzaghi & Ralph Chami & Thomas Cosimano & Connel Fullenkamp, 2022. "Financing conservation by valuing carbon services produced by wild animals," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, vol. 119(22), pages 2120426119-, May.
    • Handle: RePEc:nas:journl:v:119:y:2022:p:e2120426119
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