Ivey Impact Podcast

How do we price the value of nature?


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For centuries, business thrived by taking from the earth. But that profit has come at a cost: a biodiversity crisis threatening our future. In response, a new financial model is emerging – one where returns come not from depletion, but from restoration.

To explore what this transformation means for business and society, Julian Birkinshaw is joined on Dialogue with the Dean by Diane-Laure Arjaliès, Associate Professor of Managerial Accounting and Control & Sustainability at Ivey Business School, founder of School’s Sustainable Finance Lab, and a global leader in sustainable finance.

Together, they discuss the role of sustainable finance, pushing the boundaries of capitalism, and the development of the Deshkan Ziibi Conservation Impact Bond. A first-of-its-kind financial model, the Bond is already transforming outcomes in Canada – and sparking global change. The key to its success? “Two-Eyed seeing,” a powerful approach that weaves Western finance with Indigenous knowledge to restore balance with the natural world.

Thought-provoking and hopeful, this conversation reveals how finance, reconciliation, and business can move beyond extraction to create solutions that heal the land, empower communities, and redefine the very meaning of value.

In this episode: 

1:26: Can nature pay dividends?
 5:01: Breaking down Conservation Impact Bonds
 11:01: Why planting more may not equal conservation success
 15:35: Is Two-Eyed Seeing the key to better decisions?
 18:17: How Two-Eyed Seeing transforms the classroom
 21:51: The future of business is shared

To learn more about the research discussed in this episode, please visit: 

‘Let's Go to the Land Instead’: Indigenous Perspectives on Biodiversity and the Possibilities of Regenerative Capital: https://onlinelibrary.wiley.com/doi/10.1111/joms.13141

The Deshkan Ziibi Conservation Impact Bond Project: On Conservation Finance, Decolonization, and Community-Based Participatory Research: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3976535 

Can Financialization Save Nature? The Case of Endangered Species:
https://onlinelibrary.wiley.com/doi/10.1111/1911-3846.12810 

Celebrating the End of Enlightenment: Organization Theory in the Age of the Anthropocene and Gaia (and why Neither is the Solution to Our Ecological Crisis:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3875545 

The Motivations and Practices of Impact Assessment in Socially Responsible Investing: The French Case and its Implications for the Accounting and Impact Investing Communities https://www.tandfonline.com/doi/full/10.1080/0969160X.2022.2032239 

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Ivey Impact PodcastBy Ivey Business School