Sustainable Allocation of Investments: Integrating Natural Capital in the Equation Chair: Professor Phoebe Koundouri Speakers: Shiri Zemah-Shamir Plutarchos Sakellaris Nikitas Pittis Renato De Filippo PHOEBE Zisimos Mantas Kostas Bakoyannis, Vasilis Lampropoulos Yanni Paniaras

Integrating Natural Capital in Investment Decisions The implementation of Sustainable Development and SDGs of Agenda 2030, presuppose a robust answer to the questions: Why is it important to value nature? How should one evaluate and manage natural resources and other open access/public goods over time and space in an uncertain world? How this valuation can be integrated in investment strategies and decisions?

Integrating Natural Capital in Investment Decisions SDSN Greece thematic priority: (http://unsdsn.gr/sdsn-greece-thematic-priorities): Natural Resources, Economic, Social Sustainability Structured and methodologically sound approaches Total Economic Value of Resources Management tools and policy making Interdisciplinary nature of the challenge SDSN Greece thematic priority: (http://unsdsn.gr/sdsn-greece-thematic-priorities): Achieving Natural Resources, Economic, Social Sustainability by developing structured and methodologically sound approaches to recognizing, demonstrating and capturing the Total Economic Value of resources, integrating them in sustainable management tools and policy making, while recognizing the interdisciplinary nature of the challenge.

Environment Total Economic Value Use Value Non Use Value Anthropocentric Values  Structure & Processes  Environmental Functions    Human Benefits Use Non-Use Values Values Environment   Total Economic Value Use Value Non Use Value Actual Use Value Option Value Existence Value For Others Warm Glow Direct Use Value Indirect Use Value Bequest Value Altruistic Value

Total Economic Value: - Reflects the preferences of individuals; preferences can be studied and estimated by stated & revealed preference methods . - Systematic tool for considering full range of impacts on human welfare. - Essential for resource allocation and policy making.

Integrating Natural Capital in Investment Decisions National accounting systems that treat natural resources, the environment and energy, as free, unlimited resources fail to account for the vital goods and services nature provides to people. The measurement and valuation of nature’s benefits in terms of nature/ecosystem goods and services needs to be incorporated into a general standard format consistent with conventional national accounts in order to make “nature’s values visible”. Natural Value should go in Cost-Benefit Analysis, a process for evaluating the merits of a particular project/investment or course of action in a systematic and rigorous way.

Integrating Natural Capital in Investment Decisions

Integrating Natural Capital in Investment Decisions The discussion will focus on: The level of integration of the state-of-the-art of the relevant academic literature into policy. The effect of this integration, on the assessment of country-specific and international environmental and energy projects/programs/policies and SDGs implementation. The sources of concerns, opportunities and the way forward.

Integrating Natural Capital in Investment Decisions Speakers: Shiri Zemah-Shamir (IDC Herzliya and University of Haifa) Plutarchos Sakellaris (Professor, Athens University of Economics and Buiness, Former Vice President of the European Investment Bank) Nikitas Pittis (Professor, University of Piraeus and ICRE8) Renato De Filippo (Climate Change Manager, Eni Oil & Gas Company) Zisimos Mantas (Business Development Officer, EEG-EUNICE Energy Group) Kostas Bakoyannis (Regional Governor of Sterea Ellada) Vasilis Lampropoulos (Chief Technical Officer, Thenamaris Ships Management Inc.) Yanni Paniaras (Chairman Business Council for Sustainable Development, Hellenic Federation of Enterprises - SEV) 20 Minutes for Q&As