Free market mechanisms have been used for years to tackle the environmental crisis – with disastrous results. It’s time for some new ideas
, with one study suggesting that 10 organisations using the term all define it differently.
The call to put “a price on nature” can appeal even to environmentalists, who hope it might force businesses that treat the Earth as worthless to register its degradation on their balance sheets.To harness markets for nature, technocrats and economists must separate an ecology into its component parts and then assign values to the aspects deemed worthy of protection.
“[T]he idea that finance would have a key role to play [in respect of the environment],” says the letter, “is a very specific political framing that empowers private finance actors – who can then negotiate dearly their participation – while downplaying the power of governments to set up appropriate regulations.”
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