Michigan Congresswoman Rashida Tlaib is pushing for action from public officials and U.S. residents to combat climate change.
According to the Western Herald, her call for urgency came in the form of a virtual speech March 21. She also pioneered the We Have a Right To Breathe campaign in an effort to fight pollution in Detroit.
“Transformative real change, from organizing labor in the workplace to civil rights movement, didn’t happen because a member of Congress was like ‘this is a great idea let me just do this.’ It was all done because of movement work on the outside,” Tlaib said, according to Western Herald.
Tlaib did not respond to Federal Newswire's requests for comment.
According to an article by A. Grace in Climate Conscious magazine, the New York Stock Exchange and Intrinsic Exchange Group have collaborated to introduce Natural Asset Companies, a novel asset class aimed at transforming ecosystems and related services into tradeable financial assets. NACs encompass various services that can be traded, including water purification, carbon sequestration, tourism, pollination, food production and soil fertility.
IEG asserts the existing economic system's imbalance impedes the resolution of complex challenges like climate change, with positive externalities, such as valuable natural resources, failing to generate wealth while negative externalities, like pollution, burden the general public with costs, according to the Climate Conscious article. The introduction of NACs seeks to provide incentives for businesses to support conservation efforts.
Concerns have emerged regarding the true intentions and beneficiaries of NACs, the Climate Conscious article reported. Some individuals worry NACs might be a disguised mechanism that primarily benefits the wealthy while disregarding the plight of damaged landscapes.
Critics say investors, including corporate raiders and asset management firms, are likely to reap the greatest rewards from NACs, the article reported. Environmental advocates are raising questions about the ownership of shared resources and the potential privatization of natural assets. Notably, prominent investors like the Rockefeller Foundation, Inter-American Development Bank and Aberdare Ventures have aligned themselves with NYSE and IEG, raising suspicions about their underlying motivations.
The efficacy of NACs in achieving their intended goals and addressing environmental concerns remains uncertain, according to the article. It is imperative to closely monitor whether the financialization of nature leads to the privatization of commonly shared resources and whether it genuinely serves the interests of conservation and climate action.
Only time will ascertain whether NACs prove to be a valuable tool that unites conservationists and large corporations, or if they exacerbate existing apprehensions regarding the exploitation of natural resources for financial gain, the Climate Conscious article reported.
Proponents argue NACs can deliver advantages if implemented with genuine intent, the article noted. IEG aims to channel funds into sustainable enterprises, such as regenerative farms, to foster a healthier environment and transform the way farmers are remunerated.
By incentivizing farmers for preserving wildlife habitats and adopting regenerative practices, small-scale farms can enhance profitability while also promoting biodiversity and mitigating soil degradation, Climate Conscious said. Moreover, proper restoration of soil and ecosystems holds promise in combating climate change, as soil serves as an effective carbon sink.
According to Harvard Business School Online, the tragedy of the commons is “a situation in which individuals with access to a public resource (also called a common) act in their own interest and, in doing so, ultimately deplete the resource.” The tragedy of the commons theory explains how individuals prioritize their personal needs, even if it harms others.
In situations where a common-pool resource, which lies between a public and private good, is at risk of overuse, individuals may prioritize their short-term interests, leading to unsustainable consumption and disregarding potential harm to the environment or the public, Harvard Business School Online reported.
According to Greg E. Welcher at the Heartland Institute, skepticism and conspiracy theories have arisen around the intentions of NACs. Critics argue Wall Street is seeking to capitalize on nature and assert control over natural assets. While the company claims to have conservation goals, some remain wary of their aim to extract profits from natural processes they seek to monetize.
The use of funds generated by NACs for conservation efforts is uncertain, as the focus shifts toward commodifying nature and allowing it to be bought and sold on the open market, according to the Heartland Institute article. While the concept of NACs may face resistance in regions where nature is not for sale, there are possibilities for investors in areas with available land.
The success of NACs will depend on whether the promised conservation projects and sustainability goals are upheld once nature becomes a tradable commodity, Heartland Institute reported. Critics express concern about potential consequences, such as the monetization of clean water, clean air and access to natural resources.
