Richard Peacock

Rachel Nelson

RPTM 220

16 April 2023

Position on Payment for Ecosystem Services

I found the documentary film Banking Nature to be extremely helpful and informative in

its analysis of an alternative view of financial policies that have been placed upon nature. The

film’s topics brought to light the certain business tactics that are employed for financial gain are

detrimental to nature. I found this quite alarming as bankers, politicians, and businessmen get

involved or garner interest in a new market, financial incentive will more than likely be their

motivation. The film gave examples of the different ways for viewers to assess the business

sector's intentions which may not truly be what is portrayed to the public eye.

The Earth’s population sees a constant increase with the human population estimated to

reach eight billion this year. The effects of the planet’s growing population are felt in numerous

areas as more and more areas’ natural resources are facing depletion like no other time in history.

The causes of these human-induced pressures are “deeply intertwined in the world economy and

in the soaring numbers of the human population” (Sachs). In turn, this has led humanity to

realize the limitations that are posed upon the Earth’s resources. Animal and plant species are

becoming extinct due to human conquest of lands that are seen as a valuable part of the

ecosystem. This conquest comes in many forms, though deforestation contributes as one of the

major problems that nature faces. Jeffery Sachs states, “when we lose forests, we degrade

ecosystems and lose a tremendous amount of biodiversity” (Sachs). In his words, Sachs displays

the enormous impact that deforestation has on the world. In times like these, people look to
governmental leaders who can assist in bringing changes necessary by an institution of policies

to help combat the challenges the world faces. The United Nations has gotten involved and

representative Pavan Sukhdev has become the climate ambassador. Sukhdev brings a global

focus on the issues to help the nations of the world understand the importance of the changes that

need to take place. I thought Sachs presented a valuable opinion on this matter, “we need a

breakthrough in global policy and action under a new set of Sustainable Development Goals that

at least have the potential to help us move from the very threatening path of business as usual to

a true path of sustainable development” (Sachs). In turn, policies are developing with such ideas

in mind and implementations such as carbon credits or green bonds. Businessmen and financial

institutions have been involved with the creation of these policies and adapting them in a

corporate structure as it is due to the various marketplaces that depend on the natural resources in

the production of goods that contribute to the environmental damage that has taken place.

There are environmentalists that would beg to differ in their assessment of how

bureaucracy is not truly beneficial to the environment, as corporations and banks are still looking

to profit from the situation. In comparison, Sachs states that “markets should serve human

purposes, not be ends in themselves or vehicles for rapacious greed that imposes huge social

costs on others” (Sachs). Pablo Solon was one of the environmentalists interviewed in the film

who gave an alternate point of view against that of governmental or corporate interest. Solon

gave a brief statement explaining the underlying details concerning carbon credits, saying “what

is sold in the markets is paper that indicates by buying them, you acquire twenty tons of CO2”

(Feydel et al.). Solon also points out that, “growth is limited by the regenerative capacity of our

planet” (Feydel et al.). This statement could be applied to the growth of industry that dictates

stock market pricing. Other environmentalists in the film also point out that the United Nations’
views could lead to the privatization of nature. In the chapter, Sachs explores these challenges,

stating “the pressures of the global economy are so strong that even when treaties or regulations

are put in place, vested interests often give a powerful counterforce to these measures” (Sachs).

The film gave an example of this, where people in Africa were not allowed to farm on the land to

feed their family or meet their basic needs by governmental decree. In another example, the film

looks at the practices of the Vale company of South America. They are planting trees as a show

of good faith, but on the other hand, they are processing ore and polluting local communities to

the point of inhabitability and even causing medical complications. Sachs mentions the element

humans face “when markets do not take into account the profound externalities of individual

behavior such as the loss of biological diversity or species extinction, free markets become the

antagonist of human well-being” (Sachs).

The film has influenced my thinking about the topic of biodiversity and helped clarify

some complicated issues that surround environmental awareness. It also helped to see the

viewpoints of the environmentalists in how policies and practices can be manipulated which is

not widespread knowledge or reported in the mainstream news. One of the main takeaways from

the film is the different approaches people have to this cause. There are those that truly care to

make the world a better place with a focus on environmental issues but may not have the

financial resources or influence to do so. There are also those who do have the financial

resources and influence to make changes for the better of nature but do not have the best

intentions to make those changes a reality. Those in this position have used the cause of

environmental awareness to make a profit and control resources to their advantage. They may

also institute complicated rules and regulations to further expand their authority. I thought the

film was a useful complement to my understanding of the chapter as it delved into the issues and
practices that are employed that were not fully explored in the reading. I would recommend this

film to anyone who has any interest in nature preservation or ecological progress because it

explores the practices that remain a destructive force to nature and provides insight into proper

solutions.
 Work Cited:

Feydel et al., Banking Nature. Dead Hamster VFX Studio, Java Films, Via Découvertes

Production, 2015.

Sachs, Jeffrey D. The Age of Sustainable Development. Columbia University Press, 2015.