‘Green Wall Street’ in Australia won’t save the planet. Markets value profits, not platypuses | Richard Denniss

Neoliberalism can’t and won’t fix our climate crisis or save our endangered species from extinction.

Market-based policies have failed spectacularly when it comes to aged care, disability care and saving the Murray River. But despite the catalogue of catastrophe, earlier this month Tanya Plibersek said: “Ultimately, I would like to see the market truly valuing nature, so that protecting forests is more valuable than destroying them.”

The environment minister went on to suggest that by establishing a biodiversity market Australia could one day “ house its own Green Wall Street: a trusted global financial hub, where the world comes to invest in environmental protection and restoration”.

Markets do not value people, platypuses, or ecosystems. The only thing markets “value” is expected future profits that a company or an activity might generate. The share price of a company reflects investor expectations of future profits and dividends. It would be great if the…

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This article was written by Richard Denniss and originally published on www.theguardian.com