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60 | SOLUTIONS FOR THE OCEAN / INNOVATIONS

ECONOMY AND OCEAN
Valuing marine

ecosystem services

For many years an economic blind spot, the value of ecosystem services must
fully integrate the financial markets. A shift that must be accompanied by

regulations, analysed the experts assembled by the MERI Foundation at the
Monaco Scientific Centre on 23 March 2022.

NATURAL VALUE THE WHALE’S SALARY

What criteria can be used to value the ecosystem Financial economist at the International Moneta-
services the ocean provides to human society? The ry Fund, Ralph Chami, spoke at length about the
first of the three afternoon talks organised in hybrid challenges regarding the economic sector’s contribu-
format by the MERI Foundation highlighted the need tion to the climate and protection of the ocean envi-
to integrate the value of marine ecosystem services ronment, presenting the “carbon offset service”.
into economic analysis and public policies. The aim
was to improve the rationality of decision making and Substantial, the carbon sequestration service provi-
to progress towards sustainable development and ded by whales is now recognised by the Internatio-
climate change mitigation. nal Monetary Fund: throughout their long lives, these
marine mammals accumulate a significant amount of
The development of a natural capital market should, carbon in their bodies. When they die, they sink to
argue the speakers, be coupled with strict regu- the bottom of the ocean; each great whale seques-
lations, at risk of seeing distorted effects. Well ma- ters 33 tons of CO on average , taking that carbon
6
2
naged, this market, the focal point of the suggestions out of the atmosphere for centuries, contrary to most
put forward during the conference, could be a win- terrestrial organisms which release the carbon into
win model: protected and even regenerated ecosys- the atmosphere. Moreover, they fertilise the ocean
tems, beneficial carbon equivalent selling parties and and promote the development of phytoplankton, res-
purchasing parties that reduce their carbon footprint ponsible for the production of half the earth’s oxygen
and improve their public image. and storing approximately 40% of all the CO pro-
2
duced (i.e. the value of 4 Amazon forests).

6. “Nature’s solution to climate change: A strategy to protect
whales can limit greenhouse gases and global warming”,
Ralph Chami & al., Finance & Developpement, december 2019.