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Tercek-Ch2-Not-Drop-Drink.Pdf Praise for Nature’s Fortune “Mark Tercek presents a timely argument for ‘valuing’ nature that will be meaningful as much to business as to environmentalists. He demonstrates how this can work and why it is important, whether with water and forests high in the Andes, the floodplains of the Mississippi, fisheries off the California coast, or even in the dense centers of major cities. The result is a compelling ‘business case’ for investment in nature that is also an agenda for action—and cooperation.” —Daniel Yergin, Pulitzer Prize-winning author of The Quest: Energy, Security, and the Remaking of the Modern World “In Nature's Fortune, Mark Tercek tackles the environment with a banker's eye and an outdoorsman's heart. He makes a clear case for why protecting nature is the smartest investment we can make.” —TeD Turner, Chairman, Turner enterprises, inc. “[a] very readable book . answer[s] the question of why anyone on Wall Street would be inter- ested in green policy . .” —Financial Times “This is a critically important book that comes at just the right moment. The business community is coming to understand the value—and the necessity—of protecting the environment. Now, the envi- ronmental community needs to talk about nature using the language of business: assets, risks, and in- novation. Nature’s Fortune is the guidebook that can move environmentalism to this next level.” —WalTer isaaCson, President and Ceo, The aspen institute, and author of The Innovators “In Nature's Fortune, Mark Tercek and Jonathan Adams expertly articulate the interdependence of our economy and nature's economy, and the practiced ways both can be saved in perpetuity.” —eDWarD o. Wilson, Harvard university research Professor, emeritus “The authors convincingly argue that corporate responsibility is not only the right ethical tactic, but the right business move . According to this savvy book, both environmentalists and business execu- tives need to understand how nature contributes to economic and ecological well-being.” —Publishers Weekly “Tercek has made it his mission to . re–formulate the way we think about economic and environmental issues, and to pursue conservation projects through innovative collaborations around the world.” —riCHarD HerTzberg, The Oregonian “From renewal of the Mississippi floodplain to the banning of fishing trawlers along ourshores to the restoration of prairie and wetlands in urban areas, unlikely allies are coming together to create models of sustainability that serve the interests of both business and environmentalist groups. The authors ex- amine this new kind of conservation and show how it is of utmost economic importance to our farms, fisheries, corporate stakeholders, and communities.” —Booklist “If ever business and nature are going to realize their full potential to grow together, it will come about from the vision and perspectives that are contained in the pages of this book. A case like this could only be made by an author who has led passionately on both sides of the equation.” —anDreW n. liveris, Chairman and Chief executive officer, The Dow Chemical Company “This book makes plain-as-day why we need to stop taking nature's gifts for granted. Its thoughtful so- lutions can underpin conservation goals with a powerful business logic. From an alarming premise, we are given reason to hope.” —CHris anDerson, TeD Curator “In this encouraging, intelligent book that comes none too soon, Mark Tercek and Jonathan Adams show that the corporate world ultimately can’t flourish unless the natural world does, too. Through stories equally compelling to entrepreneurs or environmentalists, CEOs or scientists, we see how Nature’s Fortune and our own are inextricable. If we conserve and nurture our planet’s gifts like any other crucial asset or investment, we profit—or, we squander them at our own peril. Happily, this book shows why we needn’t, ever.” —alan Weisman, author of The World Without Us and Countdown: Our Last, Best Hope on Earth “There are probably more important reasons to protect the natural world, but as this book makes clear, it's economic folly to keep wasting our one sweet planet. It’s worth infinitely more than econo- mists have traditionally taught—infinitely more!” —bill mCKibben, author of The End of Nature and founder, 350.org “The cause of conservation in the twenty-first century desperately needs sharp, sophisticated, practi- cal minds from the world of commerce. Mark Tercek’s is clearly among the best of them.” —DaviD Quammen, author of Spillover and The Song of the Dodo “Nature is essential for both our human as well as our economic well-being. As someone who has lived in both worlds, Mark Tercek is well positioned to take us on a guided tour of the intersection between business and the environment. With clear examples, this timely book provides a road map for smart investments and new alliances to build a sustainable and prosperous future for people and planet. Bravo!” —Helene gaYle, President and Ceo, Care usa “Nature has long beenrecognized as a source of wealth, but we have yet to give natural capital the proper weight in economic decision making. In this timely book, Mark Tercek argues persuasively that investing in conservation and sustainable use can yield huge dividends for both people and the envi- ronment.” —luis alberTo moreno, President of the inter-american Development bank “In this telling work . Mark Tercek reveals how an investment banker becomes a conservationist and brings two seemingly incompatible worlds together with amazing grace and immense success.” —marsHall golDsmiTH, author of What Got You Here Won’t Get You There, MOJO, and Succession “In the 1970s, environmentalists and business despised each other. In this century, they are often close partners. The change was brought about by leaders like Mark Tercek. His book shows how prosperity is as dependent on clean rivers as on strong bridges (both are infrastructure). GMO crops can be as welcome as restoring wildlands, since they both contribute to a healthier planet.” —sTeWarT branD, author of Whole Earth Discipline “Mark Tercek argues with refreshing clarity and persuasiveness that we must recognize the substantial economic value in our scarce natural resources. I agree wholeheartedly that the ultimate allocation and use of these resources must be market-based, backed by wise regulation. Tercek makes his point with wonderful real-life examples and prodigious logic.” —JoHn FaHeY, Chairman and Ceo, national geographic society “This is an important book for environmentalists, investment bankers, and everyone else. It presents a compellingcase that investing in nature is a great deal—not just morally but economically as well. It is in all of our enlightened self-interest to take this book very seriously.” —morTon sCHaPiro, Professor of economics and President, northwestern university Nature’s Fortune Nature’s Fortune How Business and Society Thrive by Investing in Nature MARKR.TERCEK JONATHANS.ADAMS Washington | Covelo | London Copyright © 2013 The Nature Conservancy All rights reserved under International and Pan-American Copyright Conventions. No part of this book may be reproduced in any form or by any means without permission in writing from the publisher: Island Press, 2000 M Street, NW, Suite 650, Washington, DC 20036 Island Press is a trademark of The Center for Resource Economics. Library of Congress Cataloging-in-Publication Data Tercek, Mark R. Nature’s fortune : how business and society thrive by investing in nature / Mark R. Tercek, Jonathan S. Adams. pages cm Includes bibliographical references and index. ISBN 978-0-465-03181-8 (hardcover)—ISBN 978-0-465-04696-6 (e-book) 1. Environmental protection—Economic aspects. 2. Conservation of natural resources—Economic aspects. 3. Sustainable development— Environmental aspects. I. Adams, Jonathan S. II. Title. HC79.E5T47135 2013 333.72—dc23 2012048261 Printed on recycled, acid-free paper Manufactured in the United States of America 10 9 8 7 6 5 4 3 2 1 For Amy, Alison, Margo, Luke, and Rex. For Susan, Madeleine, and Joseph. Contents A Note to Readers xiii Introduction xv 1 Maybe It’s Not Chinatown After All 1 2 Not a Drop to Drink 19 3 Let Floodplains Be Floodplains 37 4 The New Fishing 59 5 Feeding the World—and Saving It 81 6 The Million-Dollar Mile 105 7 Investing in the Future in the Face of Climate Change 127 8 Town and Country 147 9 The Business Case for Nature 165 Conclusion 189 Afterword 199 Acknowledgments 207 Works Cited 211 Index 231 xi A Note to Readers as PresiDenT anD Ceo oF THe naTure ConservanCY, i alWaYs advocate for greater investments in protecting nature. Many people encouraged me to put my ideas about such investments in writing in order to reach a broader audience. I’d never written a book before so I knew I would need help. I turned to Jonathan Adams––a great sci- ence writer whose books I very much admire. Jonathan has been a strong and ful l partner in this project. This is how we worked: I came up with the original argument for the book. Thereafter, Jonathan and I together developed the stories, did the necessary research, talked with experts, wrote draft after draft, and refined the argument. I’ve really enjoyed the partnership. Jonathan has been a great coauthor. To capture the spirit of the talks that inspired this book, we’ve written the book together in my voice. Mark R.Tercek xiii Introduction WHaT is an invesTmenT banKer Doing TrYing To save naTure? At one of my first big events after I joined The Nature Conservancy (TNC), I was in a room filled with giants from the field—environmental thought leaders, major philanthropists, and leaders of other conservation organizations. One guest in particular stood out from the crowd: a gentleman in his nineties, still fit and sharp.
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