Financialization of Nature (Attac TV)

Financialization of Nature / Attac TV / June 2012

This animated film by European civil society groups argues the green economy will result in financial speculation based on nature’s services.

In recent years the financial sector has become more important relative to the productive economy. Up to now this has meant speculation based on raw materials. But since the financial crisis when the housing bubble burst the focus has shifted to nature.

The proposal for a green economy is based on creating new market instruments to work out how much ecosystems are worth and what it costs to conserve them. To do this the environment’s services, for example carbon captured or water purification by trees, needs to be measured and quantified so it can be priced.

The video argues this green economy is not a solution to stop climate change or reduce social inequalities. Instead of protecting the environment this proposal will lead to land grabbing as poor communities are forced from their land and overall developing countries will lose out. The winners will be actors involved in financial markets.

The groups who made the video conclude it is necessary to change production and consumption patterns with a focus on local economies based on real needs and food sovereignty. This requires reducing and regulating the power of the financial sector to ensure it works for the public good.

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This summary was prepared by Why Green Economy?. The views expressed have been paraphrased. See the original source for more information.