Wednesday, 10 September 2008

Prince Rallies The City to Save Rainforests

The Prince of Wales has called upon hard-nosed city financiers to invest in Rainforests. Top city officials including Robert Swannell, Vice President of Citi Europe and Chris Gibson-Smith, chairman of the London Stock Exchange are among invitees to Mansion House tonight to discuss methods of investing billions in conservation schemes globally.

The carbon market is thought to be the best way of investing in forests, however presently most investment is directed towards new plantations rather than preserving standing forests.

Stanley Fink, former chief executive of Man Group, stated that if the true value of rainforests was reflected in their price, then they would not be cut down. Speaking to the Financial Times, Mr Fink stated that [ecosystem] services provided by the forests were worth around £8,500 per hectare of forest, as opposed to the £100-200 obtained through agriculture. The true value may in fact be much higher if retrospective carbon sequestration and other historical ecosystem services were included in the valuation.

Businesses including Macdonalds, Goldman Sachs, Shell and Rio Tinto will be represented at tonight's dinner at Mansion House.

See the Prince's Rainforest Project website here:

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