Can Science together with Economy & Finance be inspired by Nature to create a thriving future development? What are the possible actions to be taken and the innovative solutions to be proposed? The high-profile conference "Enjeux et Solutions pour un Futur Durable”(Natural Capital: Challenges and Solutions for a Sustainable Future), held at the Yacht Club de Monaco on the 9th November 2023 by the will of Centre Scientifique de Monaco and BNP Paribas in partnership with the Prince Albert II of Monaco Foundation, took off from these premises to give voice to experts from the fields of Research, Finance, Startup, Philanthropy and Business Sector. A unique opportunity to sit together at the same table and debate on key issues, with the support of many eco-reponsible associations and institutions.
The morning round tables focused on Blue Economy, Scientific studies and expeditions, Marine Protected Areas (MPAs), innovative Biotechnology and Sustainable Finance companies and startups to encourage Nature-Based Solution (NBS). The synergy between Sience and Economy is considered by many experts in the field the key to tipping scales towards climate mitigation & adaptation and biodiversity conservation. The meeting recorded great participation in terms of attendants and media coverage.
The conference was followed by a two-day multidisciplinary highly-professional Workshop whose purpose was to define both the marine and land Natural Capital, in order to make an economic evaluation to be included in the national wealth.
Françoise Puzenat, Territory Manager Monaco at BNP Paribas, pointed out: « I am delighted that BNP Paribas is alongside CSM, which is doing a remarkable job in Monaco on issues related to Natural Capital. The preservation of Natural Capital is fundamental, both for present and future generations. Banks have an up-to-date role in adapting financing criteria to better take into account these topics. Since 2010, BNP Paribas Group has adopted strict sectorial policies to oversee its financing and investment activities in the sectors most at risk for the environment. The Group has also decided to allocate 4 billion euros of financing to companies contributing to the protection of terrestrial and marine biodiversity by 2025 ».
Prof Denis Allemand, Scientific Director at CSM, highlighted: « Putting a cost to the natural stock is showcasing its inner eco-systemic value resulting from the synergy between science and economy, finally integrated. In order to protect the environment and its precious biodiversity we need to interact to influence positively decision-makers».
Dr Nathalie Hilmi, Section Head for Environmental Economics at CSM, stressed: « Nature can help us by providing effective tools to fight against climate change and biodiversity loss. Federating the economic and financial world in a joint project with scientific research is definitely a winning approach and we are determined to fully contribute to it ».
Three compelling Sessions have addressed several complex issues on a case-study basis to highlight major reference stakeholder groups, notably:
• Institutions & Philanthropy
Moderated by Fabio Vitale, Head of Wealth Planning & Sustainable Solutions at BNP Paribas Wealth Management.
• Business Sector & Startups
Moderated by Joana Foglia Berrebi, Expert in Sustainable Finance.
• Finance
Moderated by Dr Nathalie Hilmi, Section Head of Environmental Economics at CSM.
The technical Workshop Blue Carbon – Developing Solutions for a Just Transition, set at the Monaco Scientific Centre, involved panellists to make a tangible contribution to design and expand solutions aimed at safeguarding ocean wildlife and marine ecosystems while offering egalitarian social-cost, financial mechanisms in favour of the communities directly affected by extreme weather events, following up United Nations leader lines. The debate, fuelled by a multi-panel peer-review animated by experts with different backgrounds, plunged into: Valuation Mechanisms & Governance Structures, Private Sector Financing & Insurance Mechanisms and Triple Win Roadmaps.
Seeking the best ways to merge private sector and public financing, without excluding the essential knowledge contribution of indigenous peoples, was the core mission of the meeting. The drafting of a shared Blue Carbon Roadmap to balance ecology and social facets, based on case study and research, will be the final goal through the exchange of concise reports for each working group setting the basis for a comprehensive key document to foster Blue Carbon Solutions.
BNP Paribas had the privilege to associate with the local reference actor, the Centre Scientifique de Monaco, with the aim of shining a spotlight on the Monegasque ecosystem on such an important topic as the preservation of our Natural Capital.
Science, Economy and Finance all have a role to play in preserving our Natural Capital. ***
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By Maurice Abbati
Springer International Publishing
