{"version":"1.0.0","segments":[{"speaker":"Ralph Chami","startTime":3.389,"endTime":5.699,"body":"So that when you"},{"speaker":"Ralph Chami","startTime":3.389,"endTime":5.699,"body":"walk in and make the argument"},{"speaker":"Ralph Chami","startTime":5.699,"endTime":8.909,"body":"for conservation, you get the"},{"speaker":"Ralph Chami","startTime":5.699,"endTime":8.909,"body":"question How much is this gonna"},{"speaker":"Ralph Chami","startTime":8.909,"endTime":12.359,"body":"cost me say X dollars? What do I"},{"speaker":"Ralph Chami","startTime":8.909,"endTime":12.359,"body":"get in return? You say, Oh, you"},{"speaker":"Ralph Chami","startTime":12.359,"endTime":16.319,"body":"get y dollars and y dollars are"},{"speaker":"Ralph Chami","startTime":12.359,"endTime":16.319,"body":"far greater than the X dollars"},{"speaker":"Ralph Chami","startTime":16.319,"endTime":19.319,"body":"you're gonna put into it. And"},{"speaker":"Ralph Chami","startTime":16.319,"endTime":19.319,"body":"suddenly conservation becomes"},{"speaker":"Ralph Chami","startTime":19.499,"endTime":23.339,"body":"revenue generating on net. How"},{"speaker":"Ralph Chami","startTime":19.499,"endTime":23.339,"body":"wonderful is that?"},{"speaker":"Tom Raftery","startTime":27.72,"endTime":29.61,"body":"Good morning, good"},{"speaker":"Tom Raftery","startTime":27.72,"endTime":29.61,"body":"afternoon, or good evening"},{"speaker":"Tom Raftery","startTime":29.61,"endTime":33.36,"body":"wherever you are in the world."},{"speaker":"Tom Raftery","startTime":29.61,"endTime":33.36,"body":"This is the climate 21 podcast,"},{"speaker":"Tom Raftery","startTime":33.39,"endTime":36.48,"body":"the number one podcast"},{"speaker":"Tom Raftery","startTime":33.39,"endTime":36.48,"body":"showcasing best practices and"},{"speaker":"Tom Raftery","startTime":36.48,"endTime":39.84,"body":"climate emissions reductions."},{"speaker":"Tom Raftery","startTime":36.48,"endTime":39.84,"body":"And I'm your host, global Vice"},{"speaker":"Tom Raftery","startTime":39.84,"endTime":44.67,"body":"President for SAP. Tom Raftery."},{"speaker":"Tom Raftery","startTime":39.84,"endTime":44.67,"body":"Climate 21 is the name of an"},{"speaker":"Tom Raftery","startTime":44.67,"endTime":48.51,"body":"initiative by SAP to allow our"},{"speaker":"Tom Raftery","startTime":44.67,"endTime":48.51,"body":"customers calculate, report and"},{"speaker":"Tom Raftery","startTime":48.51,"endTime":52.23,"body":"reduce their greenhouse gas"},{"speaker":"Tom Raftery","startTime":48.51,"endTime":52.23,"body":"emissions. In this climate 21"},{"speaker":"Tom Raftery","startTime":52.23,"endTime":55.89,"body":"podcast, I would showcase best"},{"speaker":"Tom Raftery","startTime":52.23,"endTime":55.89,"body":"practices and thought leadership"},{"speaker":"Tom Raftery","startTime":55.89,"endTime":60.39,"body":"by SAP, by our customers, by our"},{"speaker":"Tom Raftery","startTime":55.89,"endTime":60.39,"body":"partners and by our competitors"},{"speaker":"Tom Raftery","startTime":60.39,"endTime":64.5,"body":"if their game in climate"},{"speaker":"Tom Raftery","startTime":60.39,"endTime":64.5,"body":"emissions reductions. Don't"},{"speaker":"Tom Raftery","startTime":64.5,"endTime":68.01,"body":"forget to subscribe to this"},{"speaker":"Tom Raftery","startTime":64.5,"endTime":68.01,"body":"podcast in your podcast app of"},{"speaker":"Tom Raftery","startTime":68.01,"endTime":73.89,"body":"choice to be sure you don't miss"},{"speaker":"Tom Raftery","startTime":68.01,"endTime":73.89,"body":"any episodes. Hi, everyone."},{"speaker":"Tom Raftery","startTime":73.89,"endTime":76.86,"body":"Welcome to the climate 21"},{"speaker":"Tom Raftery","startTime":73.89,"endTime":76.86,"body":"podcast. My name is Tom Raftery"},{"speaker":"Tom Raftery","startTime":76.86,"endTime":79.95,"body":"with SAP and with me on the show"},{"speaker":"Tom Raftery","startTime":76.86,"endTime":79.95,"body":"today I have my special guest,"},{"speaker":"Tom Raftery","startTime":79.95,"endTime":82.62,"body":"Ralph. Ralph, would you like to"},{"speaker":"Tom Raftery","startTime":79.95,"endTime":82.62,"body":"introduce yourself?"},{"speaker":"Ralph Chami","startTime":83.76,"endTime":86.61,"body":"Sure, my name is"},{"speaker":"Ralph Chami","startTime":83.76,"endTime":86.61,"body":"Ralph Shami. I work at the"},{"speaker":"Ralph Chami","startTime":86.61,"endTime":90.51,"body":"International Monetary Fund."},{"speaker":"Ralph Chami","startTime":86.61,"endTime":90.51,"body":"I've been there for 23 years."},{"speaker":"Ralph Chami","startTime":91.26,"endTime":97.11,"body":"And I work at the IMF, I'm known"},{"speaker":"Ralph Chami","startTime":91.26,"endTime":97.11,"body":"for my work on fragile states, I"},{"speaker":"Ralph Chami","startTime":97.11,"endTime":100.32,"body":"have a new book out called"},{"speaker":"Ralph Chami","startTime":97.11,"endTime":100.32,"body":"macroeconomic policy in fragile"},{"speaker":"Ralph Chami","startTime":100.32,"endTime":106.02,"body":"states. I am a financial"},{"speaker":"Ralph Chami","startTime":100.32,"endTime":106.02,"body":"economist by training. And with"},{"speaker":"Ralph Chami","startTime":106.02,"endTime":110.34,"body":"a lot of operational and"},{"speaker":"Ralph Chami","startTime":106.02,"endTime":110.34,"body":"experience, but for probably for"},{"speaker":"Ralph Chami","startTime":110.34,"endTime":113.49,"body":"your audience. The most"},{"speaker":"Ralph Chami","startTime":110.34,"endTime":113.49,"body":"interesting part is what I've"},{"speaker":"Ralph Chami","startTime":113.49,"endTime":117.06,"body":"been doing, which started as a"},{"speaker":"Ralph Chami","startTime":113.49,"endTime":117.06,"body":"hobby, working on valuing"},{"speaker":"Ralph Chami","startTime":117.06,"endTime":121.68,"body":"services of nature, to end the"},{"speaker":"Ralph Chami","startTime":117.06,"endTime":121.68,"body":"value of nature to our well"},{"speaker":"Ralph Chami","startTime":121.68,"endTime":124.5,"body":"being and our economic system."},{"speaker":"Tom Raftery","startTime":124.98,"endTime":127.11,"body":"And fascinating,"},{"speaker":"Tom Raftery","startTime":124.98,"endTime":127.11,"body":"fascinating because we've"},{"speaker":"Tom Raftery","startTime":127.11,"endTime":131.13,"body":"actually had two previous guests"},{"speaker":"Tom Raftery","startTime":127.11,"endTime":131.13,"body":"on the podcast allude to this"},{"speaker":"Tom Raftery","startTime":131.13,"endTime":136.35,"body":"kind of thing. So we had Sir"},{"speaker":"Tom Raftery","startTime":131.13,"endTime":136.35,"body":"David King on and he talked"},{"speaker":"Tom Raftery","startTime":136.35,"endTime":141.63,"body":"about, you know, the the ability"},{"speaker":"Tom Raftery","startTime":136.35,"endTime":141.63,"body":"to use whales for for climate"},{"speaker":"Tom Raftery","startTime":141.63,"endTime":144.6,"body":"repair. He's the director of the"},{"speaker":"Tom Raftery","startTime":141.63,"endTime":144.6,"body":"Center for climate repair in"},{"speaker":"Tom Raftery","startTime":144.6,"endTime":148.41,"body":"Cambridge. And this is one of"},{"speaker":"Tom Raftery","startTime":144.6,"endTime":148.41,"body":"the the possibilities he threw"},{"speaker":"Tom Raftery","startTime":148.41,"endTime":152.31,"body":"out there. And then a guy called"},{"speaker":"Tom Raftery","startTime":148.41,"endTime":152.31,"body":"Rob gardener, who's the head of"},{"speaker":"Tom Raftery","startTime":152.31,"endTime":156.09,"body":"investment for St. James wealth,"},{"speaker":"Tom Raftery","startTime":152.31,"endTime":156.09,"body":"wealth management company,"},{"speaker":"Tom Raftery","startTime":156.63,"endTime":159.96,"body":"mentioned the ability to use"},{"speaker":"Tom Raftery","startTime":156.63,"endTime":159.96,"body":"biodiversity for carbon"},{"speaker":"Tom Raftery","startTime":159.96,"endTime":164.34,"body":"sequestration, essentially. And"},{"speaker":"Tom Raftery","startTime":159.96,"endTime":164.34,"body":"so it comes it all, I think"},{"speaker":"Tom Raftery","startTime":164.37,"endTime":168.0,"body":"seems to come back to you under"},{"speaker":"Tom Raftery","startTime":164.37,"endTime":168.0,"body":"paper you wrote about this and"},{"speaker":"Tom Raftery","startTime":168.0,"endTime":171.15,"body":"about whales A while back. Can"},{"speaker":"Tom Raftery","startTime":168.0,"endTime":171.15,"body":"you tell me a little bit about"},{"speaker":"Tom Raftery","startTime":172.02,"endTime":176.85,"body":"how that came about? And maybe"},{"speaker":"Tom Raftery","startTime":172.02,"endTime":176.85,"body":"explain how we can use whales"},{"speaker":"Tom Raftery","startTime":176.85,"endTime":178.2,"body":"for carbon sequestration?"},{"speaker":"Ralph Chami","startTime":178.59,"endTime":183.72,"body":"Sure. So about four"},{"speaker":"Ralph Chami","startTime":178.59,"endTime":183.72,"body":"and some years ago, I was"},{"speaker":"Ralph Chami","startTime":183.75,"endTime":188.37,"body":"confiding in a colleague of"},{"speaker":"Ralph Chami","startTime":183.75,"endTime":188.37,"body":"mine, that my on my bucket list"},{"speaker":"Ralph Chami","startTime":188.37,"endTime":193.14,"body":"was that I would see blue"},{"speaker":"Ralph Chami","startTime":188.37,"endTime":193.14,"body":"whales, because it's the largest"},{"speaker":"Ralph Chami","startTime":193.14,"endTime":195.78,"body":"creature that ever lived. And"},{"speaker":"Ralph Chami","startTime":193.14,"endTime":195.78,"body":"the only way you could do that"},{"speaker":"Ralph Chami","startTime":195.78,"endTime":200.61,"body":"is in the wild. And she"},{"speaker":"Ralph Chami","startTime":195.78,"endTime":200.61,"body":"surprised me by saying, Well,"},{"speaker":"Ralph Chami","startTime":200.61,"endTime":203.28,"body":"I'm part of this research group"},{"speaker":"Ralph Chami","startTime":200.61,"endTime":203.28,"body":"that actually studies the great"},{"speaker":"Ralph Chami","startTime":203.28,"endTime":208.53,"body":"whales. And let me see if I can"},{"speaker":"Ralph Chami","startTime":203.28,"endTime":208.53,"body":"get you a place on that ship on"},{"speaker":"Ralph Chami","startTime":208.53,"endTime":213.39,"body":"the boat and make long story"},{"speaker":"Ralph Chami","startTime":208.53,"endTime":213.39,"body":"short, I ended up flying to Los"},{"speaker":"Ralph Chami","startTime":213.39,"endTime":217.44,"body":"Angeles from Washington DC on a"},{"speaker":"Ralph Chami","startTime":213.39,"endTime":217.44,"body":"moment's notice. And from there"},{"speaker":"Ralph Chami","startTime":217.44,"endTime":223.29,"body":"to Loreto, Mexico and join the"},{"speaker":"Ralph Chami","startTime":217.44,"endTime":223.29,"body":"group of people studying the"},{"speaker":"Ralph Chami","startTime":223.29,"endTime":226.89,"body":"blue whales and the great"},{"speaker":"Ralph Chami","startTime":223.29,"endTime":226.89,"body":"whales. And we'd be on the boat"},{"speaker":"Ralph Chami","startTime":226.89,"endTime":230.34,"body":"for 11 hours. And it was the"},{"speaker":"Ralph Chami","startTime":226.89,"endTime":230.34,"body":"first time I've ever seen a"},{"speaker":"Ralph Chami","startTime":230.34,"endTime":235.05,"body":"whale of any kind and let alone"},{"speaker":"Ralph Chami","startTime":230.34,"endTime":235.05,"body":"to be the first thing you see is"},{"speaker":"Ralph Chami","startTime":235.05,"endTime":241.65,"body":"this 110 foot magnificent"},{"speaker":"Ralph Chami","startTime":235.05,"endTime":241.65,"body":"creature quietly feeding next to"},{"speaker":"Ralph Chami","startTime":241.65,"endTime":249.63,"body":"you. If there's any iota of soul"},{"speaker":"Ralph Chami","startTime":241.65,"endTime":249.63,"body":"in your body, you can't but be"},{"speaker":"Ralph Chami","startTime":249.63,"endTime":254.88,"body":"in awe of this beautiful nature"},{"speaker":"Ralph Chami","startTime":249.63,"endTime":254.88,"body":"and the design of it all. And"},{"speaker":"Ralph Chami","startTime":254.88,"endTime":257.07,"body":"literally I mean I was sitting"},{"speaker":"Ralph Chami","startTime":254.88,"endTime":257.07,"body":"there thinking here I'm a"},{"speaker":"Ralph Chami","startTime":257.07,"endTime":259.74,"body":"financial economist in the"},{"speaker":"Ralph Chami","startTime":257.07,"endTime":259.74,"body":"middle of nowhere. I don't know"},{"speaker":"Ralph Chami","startTime":259.74,"endTime":263.67,"body":"anyone. I'm staring at this"},{"speaker":"Ralph Chami","startTime":259.74,"endTime":263.67,"body":"creature who by the way, just to"},{"speaker":"Ralph Chami","startTime":263.67,"endTime":267.06,"body":"give you an idea this this way"},{"speaker":"Ralph Chami","startTime":263.67,"endTime":267.06,"body":"you could fit a the largest"},{"speaker":"Ralph Chami","startTime":267.06,"endTime":271.38,"body":"African elephant in her mouth."},{"speaker":"Ralph Chami","startTime":267.06,"endTime":271.38,"body":"Well, he or she would disappear"},{"speaker":"Ralph Chami","startTime":271.38,"endTime":275.37,"body":"completely, just in the mouth."},{"speaker":"Ralph Chami","startTime":271.38,"endTime":275.37,"body":"Okay, so so it's not only the"},{"speaker":"Ralph Chami","startTime":275.37,"endTime":279.87,"body":"length, it's the volume of this"},{"speaker":"Ralph Chami","startTime":275.37,"endTime":279.87,"body":"creature. Anyway, make long"},{"speaker":"Ralph Chami","startTime":279.87,"endTime":283.92,"body":"story short. later on. We're"},{"speaker":"Ralph Chami","startTime":279.87,"endTime":283.92,"body":"having dinner together and I'm"},{"speaker":"Ralph Chami","startTime":283.92,"endTime":285.54,"body":"on my third glass of wine."},{"speaker":"Ralph Chami","startTime":287.67,"endTime":290.58,"body":"And I've tried to get into a"},{"speaker":"Ralph Chami","startTime":287.67,"endTime":290.58,"body":"conversation. So my background"},{"speaker":"Ralph Chami","startTime":290.58,"endTime":294.39,"body":"is in sciences. I was in physics"},{"speaker":"Ralph Chami","startTime":290.58,"endTime":294.39,"body":"and then statistics, finance and"},{"speaker":"Ralph Chami","startTime":294.39,"endTime":297.84,"body":"economics, and on a thing about"},{"speaker":"Ralph Chami","startTime":294.39,"endTime":297.84,"body":"whales or anything of the sort."},{"speaker":"Ralph Chami","startTime":298.05,"endTime":300.84,"body":"In fact, my interview for the"},{"speaker":"Ralph Chami","startTime":298.05,"endTime":300.84,"body":"job was Do you know to swim?"},{"speaker":"Ralph Chami","startTime":300.84,"endTime":303.84,"body":"Yes. Do you get seasick? No. Do"},{"speaker":"Ralph Chami","startTime":300.84,"endTime":303.84,"body":"you know how to dive? Yes. Okay,"},{"speaker":"Ralph Chami","startTime":304.08,"endTime":307.71,"body":"you can get on the boat,"},{"speaker":"Ralph Chami","startTime":304.08,"endTime":307.71,"body":"literally. So that's my"},{"speaker":"Ralph Chami","startTime":307.71,"endTime":310.02,"body":"knowledge. That was my But"},{"speaker":"Ralph Chami","startTime":307.71,"endTime":310.02,"body":"anyway, so there these guys are"},{"speaker":"Ralph Chami","startTime":310.02,"endTime":314.7,"body":"talking about carbon on the"},{"speaker":"Ralph Chami","startTime":310.02,"endTime":314.7,"body":"whales. And I know from my"},{"speaker":"Ralph Chami","startTime":314.7,"endTime":318.3,"body":"science days that we all carbon"},{"speaker":"Ralph Chami","startTime":314.7,"endTime":318.3,"body":"units, so I and I should have"},{"speaker":"Ralph Chami","startTime":318.3,"endTime":320.85,"body":"known better but I was trying to"},{"speaker":"Ralph Chami","startTime":318.3,"endTime":320.85,"body":"get into the conversation also"},{"speaker":"Ralph Chami","startTime":320.85,"endTime":325.32,"body":"out of it. I said, What's the"},{"speaker":"Ralph Chami","startTime":320.85,"endTime":325.32,"body":"big deal? We're all we're all"},{"speaker":"Ralph Chami","startTime":325.53,"endTime":329.85,"body":"carbon units. And one of the"},{"speaker":"Ralph Chami","startTime":325.53,"endTime":329.85,"body":"scientists there said yes, but"},{"speaker":"Ralph Chami","startTime":330.24,"endTime":333.57,"body":"you've been you've been on the"},{"speaker":"Ralph Chami","startTime":330.24,"endTime":333.57,"body":"boat for 11 hours now, watching"},{"speaker":"Ralph Chami","startTime":333.57,"endTime":337.38,"body":"this swale feeding and"},{"speaker":"Ralph Chami","startTime":333.57,"endTime":337.38,"body":"otherwise, the blue whales"},{"speaker":"Ralph Chami","startTime":337.38,"endTime":342.36,"body":"feeding you you think were the"},{"speaker":"Ralph Chami","startTime":337.38,"endTime":342.36,"body":"same caliber? Of course, I knew"},{"speaker":"Ralph Chami","startTime":342.36,"endTime":344.7,"body":"the answer. And I said, Yeah,"},{"speaker":"Ralph Chami","startTime":342.36,"endTime":344.7,"body":"but how, what are we talking"},{"speaker":"Ralph Chami","startTime":344.7,"endTime":348.24,"body":"about? And then they started"},{"speaker":"Ralph Chami","startTime":344.7,"endTime":348.24,"body":"telling me numbers. And of"},{"speaker":"Ralph Chami","startTime":348.24,"endTime":352.59,"body":"course, I'm a researcher. I'm"},{"speaker":"Ralph Chami","startTime":348.24,"endTime":352.59,"body":"not a scientific economist, I do"},{"speaker":"Ralph Chami","startTime":352.59,"endTime":355.95,"body":"a lot of research. And the"},{"speaker":"Ralph Chami","startTime":352.59,"endTime":355.95,"body":"question you always ask, Is this"},{"speaker":"Ralph Chami","startTime":355.95,"endTime":359.88,"body":"your opinion? Or his published"},{"speaker":"Ralph Chami","startTime":355.95,"endTime":359.88,"body":"work? Yeah. And so then they"},{"speaker":"Ralph Chami","startTime":359.88,"endTime":364.02,"body":"said, No, Andy Pershing wrote"},{"speaker":"Ralph Chami","startTime":359.88,"endTime":364.02,"body":"the paper in 2010. And why don't"},{"speaker":"Ralph Chami","startTime":364.02,"endTime":367.23,"body":"you have a look at it? This the"},{"speaker":"Ralph Chami","startTime":364.02,"endTime":367.23,"body":"his paper anyway, everybody's"},{"speaker":"Ralph Chami","startTime":367.23,"endTime":370.53,"body":"asleep at night, I can't sleep."},{"speaker":"Ralph Chami","startTime":367.23,"endTime":370.53,"body":"I'm downloading all this stuff"},{"speaker":"Ralph Chami","startTime":370.53,"endTime":375.15,"body":"on my iPad, I want to know so."},{"speaker":"Ralph Chami","startTime":370.53,"endTime":375.15,"body":"And the first thing you do you"},{"speaker":"Ralph Chami","startTime":375.15,"endTime":379.2,"body":"find when you when you read that"},{"speaker":"Ralph Chami","startTime":375.15,"endTime":379.2,"body":"paper is table one, where he"},{"speaker":"Ralph Chami","startTime":379.2,"endTime":382.2,"body":"actually looks at each species"},{"speaker":"Ralph Chami","startTime":379.2,"endTime":382.2,"body":"of the great whales and how much"},{"speaker":"Ralph Chami","startTime":382.2,"endTime":386.76,"body":"there's carbon in their tissue."},{"speaker":"Ralph Chami","startTime":382.2,"endTime":386.76,"body":"And, and, of course, as"},{"speaker":"Ralph Chami","startTime":386.76,"endTime":389.31,"body":"economists think a bit"},{"speaker":"Ralph Chami","startTime":386.76,"endTime":389.31,"body":"differently, also, on average,"},{"speaker":"Ralph Chami","startTime":389.31,"endTime":393.51,"body":"so how much how much carbon is"},{"speaker":"Ralph Chami","startTime":389.31,"endTime":393.51,"body":"on the way, but no one? The"},{"speaker":"Ralph Chami","startTime":393.54,"endTime":397.17,"body":"scientists, and rightly so don't"},{"speaker":"Ralph Chami","startTime":393.54,"endTime":397.17,"body":"speak that language. So quickly,"},{"speaker":"Ralph Chami","startTime":397.17,"endTime":400.47,"body":"I created this Excel"},{"speaker":"Ralph Chami","startTime":397.17,"endTime":400.47,"body":"spreadsheet, and I said, of"},{"speaker":"Ralph Chami","startTime":400.47,"endTime":402.66,"body":"course, I downloaded his article"},{"speaker":"Ralph Chami","startTime":400.47,"endTime":402.66,"body":"and other articles, and I"},{"speaker":"Ralph Chami","startTime":402.66,"endTime":406.26,"body":"started reading and I'm like,"},{"speaker":"Ralph Chami","startTime":402.66,"endTime":406.26,"body":"Oh, my God, oh my God, I gotta"},{"speaker":"Ralph Chami","startTime":406.26,"endTime":411.51,"body":"find out on average, how much is"},{"speaker":"Ralph Chami","startTime":406.26,"endTime":411.51,"body":"on a great whale, and breath."},{"speaker":"Ralph Chami","startTime":412.35,"endTime":418.08,"body":"You know, I calculated nine"},{"speaker":"Ralph Chami","startTime":412.35,"endTime":418.08,"body":"tonnes, that's carbon times 11"},{"speaker":"Ralph Chami","startTime":418.08,"endTime":421.5,"body":"over three, that's 33 tonnes of"},{"speaker":"Ralph Chami","startTime":418.08,"endTime":421.5,"body":"carbon dioxide that's being kept"},{"speaker":"Ralph Chami","startTime":421.56,"endTime":425.55,"body":"out of the atmosphere, because"},{"speaker":"Ralph Chami","startTime":421.56,"endTime":425.55,"body":"that's sitting on the body of"},{"speaker":"Ralph Chami","startTime":425.55,"endTime":428.01,"body":"the whale. And then when the"},{"speaker":"Ralph Chami","startTime":425.55,"endTime":428.01,"body":"whale dies, because they're so"},{"speaker":"Ralph Chami","startTime":428.01,"endTime":431.31,"body":"heavy, they're negatively"},{"speaker":"Ralph Chami","startTime":428.01,"endTime":431.31,"body":"buoyant, so they sink to the"},{"speaker":"Ralph Chami","startTime":431.31,"endTime":435.27,"body":"bottom of the ocean. And that"},{"speaker":"Ralph Chami","startTime":431.31,"endTime":435.27,"body":"carbon never interacts with the"},{"speaker":"Ralph Chami","startTime":435.27,"endTime":438.75,"body":"atmosphere. So it's sequestered"},{"speaker":"Ralph Chami","startTime":435.27,"endTime":438.75,"body":"there. And they, they actually"},{"speaker":"Ralph Chami","startTime":438.75,"endTime":441.42,"body":"they talk about it. And so I'm"},{"speaker":"Ralph Chami","startTime":438.75,"endTime":441.42,"body":"not saying anything that was"},{"speaker":"Ralph Chami","startTime":441.42,"endTime":445.74,"body":"just for us, the layman, the lay"},{"speaker":"Ralph Chami","startTime":441.42,"endTime":445.74,"body":"people. We didn't i didn't know"},{"speaker":"Ralph Chami","startTime":445.74,"endTime":449.46,"body":"any of this, right. So that's"},{"speaker":"Ralph Chami","startTime":445.74,"endTime":449.46,"body":"how it started. That's the first"},{"speaker":"Ralph Chami","startTime":449.46,"endTime":452.88,"body":"night no sleep. They claimed"},{"speaker":"Ralph Chami","startTime":449.46,"endTime":452.88,"body":"that the next day, I didn't say"},{"speaker":"Ralph Chami","startTime":452.88,"endTime":457.32,"body":"a word to anybody. Luckily for"},{"speaker":"Ralph Chami","startTime":452.88,"endTime":457.32,"body":"me, get on the weekend, get on"},{"speaker":"Ralph Chami","startTime":457.32,"endTime":459.63,"body":"the on the water, because"},{"speaker":"Ralph Chami","startTime":457.32,"endTime":459.63,"body":"northern winds, it was too"},{"speaker":"Ralph Chami","startTime":459.63,"endTime":464.55,"body":"choppy. So we were there and so"},{"speaker":"Ralph Chami","startTime":459.63,"endTime":464.55,"body":"I could digest what I had read."},{"speaker":"Ralph Chami","startTime":465.48,"endTime":469.65,"body":"And that's how it started. I"},{"speaker":"Ralph Chami","startTime":465.48,"endTime":469.65,"body":"mean that that conversation, but"},{"speaker":"Ralph Chami","startTime":469.68,"endTime":473.28,"body":"the next day again, we were all"},{"speaker":"Ralph Chami","startTime":469.68,"endTime":473.28,"body":"living together and we've cooked"},{"speaker":"Ralph Chami","startTime":473.28,"endTime":476.07,"body":"together. So they're having"},{"speaker":"Ralph Chami","startTime":473.28,"endTime":476.07,"body":"another conversation about whale"},{"speaker":"Ralph Chami","startTime":476.07,"endTime":480.27,"body":"carbon, I sorry, whale pump. I'm"},{"speaker":"Ralph Chami","startTime":476.07,"endTime":480.27,"body":"like, What in the world is a"},{"speaker":"Ralph Chami","startTime":480.27,"endTime":485.43,"body":"whale pump. And here is even"},{"speaker":"Ralph Chami","startTime":480.27,"endTime":485.43,"body":"more surprising. So science says"},{"speaker":"Ralph Chami","startTime":485.46,"endTime":490.14,"body":"phytoplankton capture 30% of all"},{"speaker":"Ralph Chami","startTime":485.46,"endTime":490.14,"body":"carbon dioxide that is emitted."},{"speaker":"Ralph Chami","startTime":490.8,"endTime":495.24,"body":"And and and and these are"},{"speaker":"Ralph Chami","startTime":490.8,"endTime":495.24,"body":"microscopic organisms that float"},{"speaker":"Ralph Chami","startTime":495.24,"endTime":500.37,"body":"in the ocean and and they return"},{"speaker":"Ralph Chami","startTime":495.24,"endTime":500.37,"body":"more than 50% of all the oxygen"},{"speaker":"Ralph Chami","startTime":500.37,"endTime":505.38,"body":"that we breathe, right? So okay,"},{"speaker":"Ralph Chami","startTime":500.37,"endTime":505.38,"body":"so where does this so how does"},{"speaker":"Ralph Chami","startTime":505.38,"endTime":507.81,"body":"this relate to the whales? So"},{"speaker":"Ralph Chami","startTime":505.38,"endTime":507.81,"body":"they're talking about the whale"},{"speaker":"Ralph Chami","startTime":507.81,"endTime":511.47,"body":"pump. It turns out that these"},{"speaker":"Ralph Chami","startTime":507.81,"endTime":511.47,"body":"whales, as I know, they eat,"},{"speaker":"Ralph Chami","startTime":511.53,"endTime":514.8,"body":"they feed on krill. They have no"},{"speaker":"Ralph Chami","startTime":511.53,"endTime":514.8,"body":"teeth, except for one species."},{"speaker":"Ralph Chami","startTime":514.8,"endTime":517.17,"body":"But the big ones don't really"},{"speaker":"Ralph Chami","startTime":514.8,"endTime":517.17,"body":"have no teeth. They call them"},{"speaker":"Ralph Chami","startTime":517.17,"endTime":521.22,"body":"baleen whales. And so they feed"},{"speaker":"Ralph Chami","startTime":517.17,"endTime":521.22,"body":"on krill, the krill feeds on"},{"speaker":"Ralph Chami","startTime":521.22,"endTime":524.67,"body":"Phyto. And the fighter for it to"},{"speaker":"Ralph Chami","startTime":521.22,"endTime":524.67,"body":"survive needs nitrogen,"},{"speaker":"Ralph Chami","startTime":524.67,"endTime":529.89,"body":"phosphorus, and iron. And I hope"},{"speaker":"Ralph Chami","startTime":524.67,"endTime":529.89,"body":"you had your breakfast on the"},{"speaker":"Ralph Chami","startTime":529.89,"endTime":533.79,"body":"way where does Phyto find all"},{"speaker":"Ralph Chami","startTime":529.89,"endTime":533.79,"body":"those nutrients in the middle of"},{"speaker":"Ralph Chami","startTime":533.79,"endTime":538.32,"body":"the ocean? It's in the poop of"},{"speaker":"Ralph Chami","startTime":533.79,"endTime":538.32,"body":"the great whales. So imagine"},{"speaker":"Ralph Chami","startTime":538.32,"endTime":540.57,"body":"this, and I actually had seen"},{"speaker":"Ralph Chami","startTime":538.32,"endTime":540.57,"body":"that and smelled"},{"speaker":"Ralph Chami","startTime":542.1,"endTime":547.32,"body":"poop of this great whales for"},{"speaker":"Ralph Chami","startTime":542.1,"endTime":547.32,"body":"the next two weeks. But so these"},{"speaker":"Ralph Chami","startTime":547.32,"endTime":550.62,"body":"words are very intelligent."},{"speaker":"Ralph Chami","startTime":547.32,"endTime":550.62,"body":"They, they they release their"},{"speaker":"Ralph Chami","startTime":550.62,"endTime":554.16,"body":"fecal plumes. They fertilize the"},{"speaker":"Ralph Chami","startTime":550.62,"endTime":554.16,"body":"Phyto. There is more Phyto there"},{"speaker":"Ralph Chami","startTime":554.16,"endTime":556.41,"body":"is more krill, there's more"},{"speaker":"Ralph Chami","startTime":554.16,"endTime":556.41,"body":"krill, there's more food for"},{"speaker":"Ralph Chami","startTime":556.41,"endTime":560.22,"body":"them. So now, of course, why is"},{"speaker":"Ralph Chami","startTime":556.41,"endTime":560.22,"body":"this relevant? Well, the"},{"speaker":"Ralph Chami","startTime":560.22,"endTime":563.37,"body":"scientists were talking about it"},{"speaker":"Ralph Chami","startTime":560.22,"endTime":563.37,"body":"as if like, you know, this is"},{"speaker":"Ralph Chami","startTime":563.37,"endTime":567.75,"body":"just a conversation. But for me,"},{"speaker":"Ralph Chami","startTime":563.37,"endTime":567.75,"body":"I was listening to them thinking"},{"speaker":"Ralph Chami","startTime":567.78,"endTime":572.52,"body":"but remember, I am sitting I'm"},{"speaker":"Ralph Chami","startTime":567.78,"endTime":572.52,"body":"sitting in the IMF. And the IMF"},{"speaker":"Ralph Chami","startTime":572.52,"endTime":575.76,"body":"is all about at the time, this"},{"speaker":"Ralph Chami","startTime":572.52,"endTime":575.76,"body":"is three or four years ago."},{"speaker":"Ralph Chami","startTime":576.33,"endTime":579.69,"body":"They're working on the climate"},{"speaker":"Ralph Chami","startTime":576.33,"endTime":579.69,"body":"change and the rate, what should"},{"speaker":"Ralph Chami","startTime":579.69,"endTime":583.05,"body":"be the price of carbon that"},{"speaker":"Ralph Chami","startTime":579.69,"endTime":583.05,"body":"would change people's behavior?"},{"speaker":"Ralph Chami","startTime":583.65,"endTime":587.07,"body":"And so I started to think, wait,"},{"speaker":"Ralph Chami","startTime":583.65,"endTime":587.07,"body":"maybe I can help these guys help"},{"speaker":"Ralph Chami","startTime":587.07,"endTime":589.92,"body":"them. Why do I want to help them"},{"speaker":"Ralph Chami","startTime":587.07,"endTime":589.92,"body":"because they were telling me"},{"speaker":"Ralph Chami","startTime":589.92,"endTime":593.07,"body":"that the whales were under"},{"speaker":"Ralph Chami","startTime":589.92,"endTime":593.07,"body":"threat. whales are dying. We"},{"speaker":"Ralph Chami","startTime":593.07,"endTime":598.98,"body":"used to have 5 million or 4.5"},{"speaker":"Ralph Chami","startTime":593.07,"endTime":598.98,"body":"pre whaling and we now down to a"},{"speaker":"Ralph Chami","startTime":598.98,"endTime":602.37,"body":"million million and a quarter"},{"speaker":"Ralph Chami","startTime":598.98,"endTime":602.37,"body":"But certain species haven't"},{"speaker":"Ralph Chami","startTime":602.37,"endTime":605.52,"body":"really recovered, such as the"},{"speaker":"Ralph Chami","startTime":602.37,"endTime":605.52,"body":"right whales, others have made"},{"speaker":"Ralph Chami","startTime":605.52,"endTime":608.76,"body":"some recovery, but they're all"},{"speaker":"Ralph Chami","startTime":605.52,"endTime":608.76,"body":"under threat from strikes on our"},{"speaker":"Ralph Chami","startTime":608.76,"endTime":613.8,"body":"testing, getting caught in fish"},{"speaker":"Ralph Chami","startTime":608.76,"endTime":613.8,"body":"nets and all that stuff. So I'm"},{"speaker":"Ralph Chami","startTime":613.8,"endTime":618.75,"body":"trying to help them. And I"},{"speaker":"Ralph Chami","startTime":613.8,"endTime":618.75,"body":"thought, Wait a minute, maybe"},{"speaker":"Ralph Chami","startTime":618.78,"endTime":622.95,"body":"maybe I can, maybe I can do"},{"speaker":"Ralph Chami","startTime":618.78,"endTime":622.95,"body":"something useful. First of all,"},{"speaker":"Ralph Chami","startTime":623.1,"endTime":626.34,"body":"to translate this knowledge that"},{"speaker":"Ralph Chami","startTime":623.1,"endTime":626.34,"body":"they have into a language that"},{"speaker":"Ralph Chami","startTime":626.34,"endTime":631.53,"body":"my people can understand. And"},{"speaker":"Ralph Chami","startTime":626.34,"endTime":631.53,"body":"who are my people? policymakers?"},{"speaker":"Ralph Chami","startTime":631.74,"endTime":634.92,"body":"I've you know, I've been in the"},{"speaker":"Ralph Chami","startTime":631.74,"endTime":634.92,"body":"policy circle for a long time."},{"speaker":"Ralph Chami","startTime":635.91,"endTime":641.16,"body":"And to the I'm a financial"},{"speaker":"Ralph Chami","startTime":635.91,"endTime":641.16,"body":"economist, finance guys, and"},{"speaker":"Ralph Chami","startTime":641.19,"endTime":644.07,"body":"this is a nice spot, cuz I'm not"},{"speaker":"Ralph Chami","startTime":641.19,"endTime":644.07,"body":"gonna use that words. And these"},{"speaker":"Ralph Chami","startTime":644.07,"endTime":648.66,"body":"are the let me say, the what's"},{"speaker":"Ralph Chami","startTime":644.07,"endTime":648.66,"body":"in it for me crowd. You know,"},{"speaker":"Ralph Chami","startTime":648.66,"endTime":652.89,"body":"the crowded, they only care if"},{"speaker":"Ralph Chami","startTime":648.66,"endTime":652.89,"body":"you can make it relevant for"},{"speaker":"Ralph Chami","startTime":652.89,"endTime":657.18,"body":"them. Right? away, does it?"},{"speaker":"Ralph Chami","startTime":652.89,"endTime":657.18,"body":"Yeah, exactly. If I say the way"},{"speaker":"Ralph Chami","startTime":657.18,"endTime":659.25,"body":"it is a beautiful creature,"},{"speaker":"Ralph Chami","startTime":657.18,"endTime":659.25,"body":"they'd be like a, we've heard"},{"speaker":"Ralph Chami","startTime":659.25,"endTime":662.31,"body":"that before. Okay, what? Tell me"},{"speaker":"Ralph Chami","startTime":659.25,"endTime":662.31,"body":"something I don't know. How"},{"speaker":"Ralph Chami","startTime":662.31,"endTime":665.55,"body":"about if I tell you well, guess"},{"speaker":"Ralph Chami","startTime":662.31,"endTime":665.55,"body":"what, the whale captures so much"},{"speaker":"Ralph Chami","startTime":665.55,"endTime":668.55,"body":"carbon on its body. And"},{"speaker":"Ralph Chami","startTime":665.55,"endTime":668.55,"body":"indirectly through the"},{"speaker":"Ralph Chami","startTime":668.55,"endTime":672.81,"body":"fertilization of phytoplankton,"},{"speaker":"Ralph Chami","startTime":668.55,"endTime":672.81,"body":"that is equivalent to 1000s of"},{"speaker":"Ralph Chami","startTime":672.81,"endTime":677.91,"body":"trees one way. Now, even if you"},{"speaker":"Ralph Chami","startTime":672.81,"endTime":677.91,"body":"don't care for the way you"},{"speaker":"Ralph Chami","startTime":705.62,"endTime":708.11,"body":"presume to people, people care"},{"speaker":"Ralph Chami","startTime":705.62,"endTime":708.11,"body":"for themselves and for their"},{"speaker":"Ralph Chami","startTime":708.11,"endTime":712.1600000000001,"body":"loved ones. So they're, in"},{"speaker":"Ralph Chami","startTime":708.11,"endTime":712.1600000000001,"body":"essence, helping to save you. So"},{"speaker":"Ralph Chami","startTime":712.1600000000001,"endTime":715.7600000000001,"body":"that was the first part of the"},{"speaker":"Ralph Chami","startTime":712.1600000000001,"endTime":715.7600000000001,"body":"story. The second part is, How"},{"speaker":"Ralph Chami","startTime":715.7600000000001,"endTime":720.44,"body":"valuable is it. And the language"},{"speaker":"Ralph Chami","startTime":715.7600000000001,"endTime":720.44,"body":"of my people is the"},{"speaker":"Ralph Chami","startTime":720.44,"endTime":724.1600000000001,"body":"unfortunately, it's dollars and"},{"speaker":"Ralph Chami","startTime":720.44,"endTime":724.1600000000001,"body":"cents. And so I wanted to kind"},{"speaker":"Ralph Chami","startTime":724.1600000000001,"endTime":728.1500000000001,"body":"of crystallize that idea in"},{"speaker":"Ralph Chami","startTime":724.1600000000001,"endTime":728.1500000000001,"body":"their minds. So what I did is I"},{"speaker":"Ralph Chami","startTime":728.1500000000001,"endTime":733.61,"body":"looked at the value of the"},{"speaker":"Ralph Chami","startTime":728.1500000000001,"endTime":733.61,"body":"carbon that they that they"},{"speaker":"Ralph Chami","startTime":733.61,"endTime":737.9300000000001,"body":"capture and help sequester and"},{"speaker":"Ralph Chami","startTime":733.61,"endTime":737.9300000000001,"body":"also other things that whales do"},{"speaker":"Ralph Chami","startTime":737.96,"endTime":742.07,"body":"for which, but only the things"},{"speaker":"Ralph Chami","startTime":737.96,"endTime":742.07,"body":"that I could measure, right. And"},{"speaker":"Ralph Chami","startTime":742.07,"endTime":744.62,"body":"here, I want to underscore that"},{"speaker":"Ralph Chami","startTime":742.07,"endTime":744.62,"body":"because when you want to talk to"},{"speaker":"Ralph Chami","startTime":744.62,"endTime":747.44,"body":"the markets, you need to speak"},{"speaker":"Ralph Chami","startTime":744.62,"endTime":747.44,"body":"their language and their"},{"speaker":"Ralph Chami","startTime":747.44,"endTime":752.84,"body":"languages, prices markets. So I"},{"speaker":"Ralph Chami","startTime":747.44,"endTime":752.84,"body":"used carbon market, fish stock"},{"speaker":"Ralph Chami","startTime":753.11,"endTime":757.37,"body":"fisheries, which we have a price"},{"speaker":"Ralph Chami","startTime":753.11,"endTime":757.37,"body":"for and a market for, and whale"},{"speaker":"Ralph Chami","startTime":757.37,"endTime":760.58,"body":"tourism for which we have ticket"},{"speaker":"Ralph Chami","startTime":757.37,"endTime":760.58,"body":"sales. Yeah, sure, I didn't look"},{"speaker":"Ralph Chami","startTime":760.58,"endTime":763.34,"body":"at other things that beautiful"},{"speaker":"Ralph Chami","startTime":760.58,"endTime":763.34,"body":"things that the whales do,"},{"speaker":"Ralph Chami","startTime":763.34,"endTime":767.2700000000001,"body":"because there are no prices or"},{"speaker":"Ralph Chami","startTime":763.34,"endTime":767.2700000000001,"body":"markets for them. So only with"},{"speaker":"Ralph Chami","startTime":767.2700000000001,"endTime":771.32,"body":"these three things. And using a"},{"speaker":"Ralph Chami","startTime":767.2700000000001,"endTime":771.32,"body":"minimum I'm as I'm trained in"},{"speaker":"Ralph Chami","startTime":771.32,"endTime":773.75,"body":"mathematics and all that. So you"},{"speaker":"Ralph Chami","startTime":771.32,"endTime":773.75,"body":"always make the case with the"},{"speaker":"Ralph Chami","startTime":773.75,"endTime":778.82,"body":"minimum not with a person who"},{"speaker":"Ralph Chami","startTime":773.75,"endTime":778.82,"body":"has a $2 million, a lifetime"},{"speaker":"Ralph Chami","startTime":778.82,"endTime":783.1700000000001,"body":"value of a single whale, living"},{"speaker":"Ralph Chami","startTime":778.82,"endTime":783.1700000000001,"body":"whale, right? Living not only"},{"speaker":"Ralph Chami","startTime":783.1700000000001,"endTime":788.1500000000001,"body":"injured, living freely, to do"},{"speaker":"Ralph Chami","startTime":783.1700000000001,"endTime":788.1500000000001,"body":"what it was meant to do. And so"},{"speaker":"Ralph Chami","startTime":788.8100000000001,"endTime":791.7800000000001,"body":"I'm probably I'm jumping way"},{"speaker":"Ralph Chami","startTime":788.8100000000001,"endTime":791.7800000000001,"body":"ahead, but this is basically"},{"speaker":"Ralph Chami","startTime":791.7800000000001,"endTime":794.96,"body":"what I was after is I said,"},{"speaker":"Ralph Chami","startTime":791.7800000000001,"endTime":794.96,"body":"Look, look, I can tell your"},{"speaker":"Ralph Chami","startTime":794.96,"endTime":798.98,"body":"story to a crowd that has never"},{"speaker":"Ralph Chami","startTime":794.96,"endTime":798.98,"body":"heard anything about what you"},{"speaker":"Ralph Chami","startTime":798.98,"endTime":802.8800000000001,"body":"guys are talking about. And we"},{"speaker":"Ralph Chami","startTime":798.98,"endTime":802.8800000000001,"body":"can bring them into the into the"},{"speaker":"Ralph Chami","startTime":802.8800000000001,"endTime":806.33,"body":"solution. And they the"},{"speaker":"Ralph Chami","startTime":802.8800000000001,"endTime":806.33,"body":"scientists were like, why? or"},{"speaker":"Ralph Chami","startTime":806.72,"endTime":809.5400000000001,"body":"How can they help us I said,"},{"speaker":"Ralph Chami","startTime":806.72,"endTime":809.5400000000001,"body":"they have the decision to help"},{"speaker":"Ralph Chami","startTime":809.5400000000001,"endTime":811.85,"body":"you. And they have the money to"},{"speaker":"Ralph Chami","startTime":809.5400000000001,"endTime":811.85,"body":"help you."},{"speaker":"Ralph Chami","startTime":813.11,"endTime":817.5200000000001,"body":"And if we were facing a crisis"},{"speaker":"Ralph Chami","startTime":813.11,"endTime":817.5200000000001,"body":"of, of since then people have"},{"speaker":"Ralph Chami","startTime":817.5200000000001,"endTime":821.6,"body":"written about, you know, the"},{"speaker":"Ralph Chami","startTime":817.5200000000001,"endTime":821.6,"body":"death of nature, which is"},{"speaker":"Ralph Chami","startTime":821.6,"endTime":826.1600000000001,"body":"happening, by the way, Tom, at"},{"speaker":"Ralph Chami","startTime":821.6,"endTime":826.1600000000001,"body":"the same time that by the way,"},{"speaker":"Ralph Chami","startTime":826.1600000000001,"endTime":829.07,"body":"all of our focus is on climate"},{"speaker":"Ralph Chami","startTime":826.1600000000001,"endTime":829.07,"body":"change. But really, there's"},{"speaker":"Ralph Chami","startTime":829.07,"endTime":833.57,"body":"another risk that we are facing,"},{"speaker":"Ralph Chami","startTime":829.07,"endTime":833.57,"body":"and it's as important if not"},{"speaker":"Ralph Chami","startTime":833.6300000000001,"endTime":837.32,"body":"more immediate, is that that's"},{"speaker":"Ralph Chami","startTime":833.6300000000001,"endTime":837.32,"body":"of the natural world, because"},{"speaker":"Ralph Chami","startTime":837.32,"endTime":841.07,"body":"that's happening at a very fast"},{"speaker":"Ralph Chami","startTime":837.32,"endTime":841.07,"body":"pace. And by death, oh, by, by"},{"speaker":"Ralph Chami","startTime":841.07,"endTime":844.61,"body":"diversity, so I thought, why"},{"speaker":"Ralph Chami","startTime":841.07,"endTime":844.61,"body":"don't I bring the two together?"},{"speaker":"Ralph Chami","startTime":845.6600000000001,"endTime":848.9000000000001,"body":"So that was the idea behind"},{"speaker":"Ralph Chami","startTime":845.6600000000001,"endTime":848.9000000000001,"body":"writing. I agonized over how to"},{"speaker":"Ralph Chami","startTime":848.9000000000001,"endTime":852.3800000000001,"body":"write that paper for a long"},{"speaker":"Ralph Chami","startTime":848.9000000000001,"endTime":852.3800000000001,"body":"time. Because I knew I had one"},{"speaker":"Ralph Chami","startTime":852.3800000000001,"endTime":857.1800000000001,"body":"shot at it. Right? Yeah. So I"},{"speaker":"Ralph Chami","startTime":852.3800000000001,"endTime":857.1800000000001,"body":"sat in the middle and I said, if"},{"speaker":"Ralph Chami","startTime":857.1800000000001,"endTime":860.6600000000001,"body":"you helped to save the whale,"},{"speaker":"Ralph Chami","startTime":857.1800000000001,"endTime":860.6600000000001,"body":"why do you want to help save the"},{"speaker":"Ralph Chami","startTime":860.6600000000001,"endTime":864.5,"body":"whale aside from its intrinsic"},{"speaker":"Ralph Chami","startTime":860.6600000000001,"endTime":864.5,"body":"value? It's because it's"},{"speaker":"Ralph Chami","startTime":864.5300000000001,"endTime":869.96,"body":"providing service that's very"},{"speaker":"Ralph Chami","startTime":864.5300000000001,"endTime":869.96,"body":"important to us. Life, like,"},{"speaker":"Ralph Chami","startTime":870.32,"endTime":875.5100000000001,"body":"Alright, and, and, and so so"},{"speaker":"Ralph Chami","startTime":870.32,"endTime":875.5100000000001,"body":"it's valuable in and of itself."},{"speaker":"Ralph Chami","startTime":875.5400000000001,"endTime":879.8000000000001,"body":"It's valuable relative to us as"},{"speaker":"Ralph Chami","startTime":875.5400000000001,"endTime":879.8000000000001,"body":"a society. And it's valuable to"},{"speaker":"Ralph Chami","startTime":879.8000000000001,"endTime":884.9000000000001,"body":"us in terms of helping to fight"},{"speaker":"Ralph Chami","startTime":879.8000000000001,"endTime":884.9000000000001,"body":"climate change. And so you take"},{"speaker":"Ralph Chami","startTime":884.9000000000001,"endTime":889.85,"body":"the whale from being a victim to"},{"speaker":"Ralph Chami","startTime":884.9000000000001,"endTime":889.85,"body":"a whale that hold maybe not the"},{"speaker":"Ralph Chami","startTime":889.85,"endTime":895.1,"body":"key but certainly a key to"},{"speaker":"Ralph Chami","startTime":889.85,"endTime":895.1,"body":"solving the the climate crisis."},{"speaker":"Ralph Chami","startTime":895.1,"endTime":899.1500000000001,"body":"So it's a positive there's a"},{"speaker":"Ralph Chami","startTime":895.1,"endTime":899.1500000000001,"body":"positive aspect of this story."},{"speaker":"Ralph Chami","startTime":899.1500000000001,"endTime":903.0200000000001,"body":"So why don't you come with me?"},{"speaker":"Ralph Chami","startTime":899.1500000000001,"endTime":903.0200000000001,"body":"Come with me, let's let's invest"},{"speaker":"Ralph Chami","startTime":903.0200000000001,"endTime":907.4000000000001,"body":"in the protection and"},{"speaker":"Ralph Chami","startTime":903.0200000000001,"endTime":907.4000000000001,"body":"regeneration of the whales. And,"},{"speaker":"Ralph Chami","startTime":907.58,"endTime":911.84,"body":"and then at the same time, we"},{"speaker":"Ralph Chami","startTime":907.58,"endTime":911.84,"body":"help to save our ourselves"},{"speaker":"Ralph Chami","startTime":911.87,"endTime":915.35,"body":"because climate change is really"},{"speaker":"Ralph Chami","startTime":911.87,"endTime":915.35,"body":"about us. Not really about the"},{"speaker":"Ralph Chami","startTime":915.35,"endTime":917.0,"body":"planet. Yeah, yeah,"},{"speaker":"Tom Raftery","startTime":917.0300000000001,"endTime":919.5500000000001,"body":"sorry. And the long"},{"speaker":"Tom Raftery","startTime":917.0300000000001,"endTime":919.5500000000001,"body":"to answer your question. No, no,"},{"speaker":"Tom Raftery","startTime":919.5500000000001,"endTime":923.99,"body":"that's great. That's great. And"},{"speaker":"Tom Raftery","startTime":919.5500000000001,"endTime":923.99,"body":"the cool thing about a whale"},{"speaker":"Tom Raftery","startTime":924.1400000000001,"endTime":928.0400000000001,"body":"which is worth $2 million, you"},{"speaker":"Tom Raftery","startTime":924.1400000000001,"endTime":928.0400000000001,"body":"know, at a minute Among right,"},{"speaker":"Tom Raftery","startTime":928.34,"endTime":933.11,"body":"yes, if you put up with another"},{"speaker":"Tom Raftery","startTime":928.34,"endTime":933.11,"body":"whale, worth $2 million, you get"},{"speaker":"Tom Raftery","startTime":933.11,"endTime":934.73,"body":"a third whale coming out. Worth."},{"speaker":"Ralph Chami","startTime":936.44,"endTime":941.24,"body":"Absolutely,"},{"speaker":"Ralph Chami","startTime":936.44,"endTime":941.24,"body":"absolutely. Yeah, it's a gift in"},{"speaker":"Ralph Chami","startTime":941.24,"endTime":945.11,"body":"a sense. It's a It's a gift that"},{"speaker":"Ralph Chami","startTime":941.24,"endTime":945.11,"body":"keeps on giving. Yeah. And so"},{"speaker":"Ralph Chami","startTime":945.11,"endTime":948.4100000000001,"body":"what you what you're what you"},{"speaker":"Ralph Chami","startTime":945.11,"endTime":948.4100000000001,"body":"just said is actually quite"},{"speaker":"Ralph Chami","startTime":948.4100000000001,"endTime":952.5500000000001,"body":"important because when you do"},{"speaker":"Ralph Chami","startTime":948.4100000000001,"endTime":952.5500000000001,"body":"the mathematics of it, people"},{"speaker":"Ralph Chami","startTime":952.5500000000001,"endTime":954.83,"body":"said, How did you value it, I"},{"speaker":"Ralph Chami","startTime":952.5500000000001,"endTime":954.83,"body":"said, Look, I was a professor of"},{"speaker":"Ralph Chami","startTime":954.83,"endTime":960.71,"body":"Finance. And and this is like a"},{"speaker":"Ralph Chami","startTime":954.83,"endTime":960.71,"body":"bond. And when you think of so"},{"speaker":"Ralph Chami","startTime":960.74,"endTime":965.0300000000001,"body":"when you think of the, the, the"},{"speaker":"Ralph Chami","startTime":960.74,"endTime":965.0300000000001,"body":"33 times that is kept of carbon"},{"speaker":"Ralph Chami","startTime":965.0300000000001,"endTime":967.97,"body":"dioxide is kept out of the"},{"speaker":"Ralph Chami","startTime":965.0300000000001,"endTime":967.97,"body":"atmosphere, that's like a"},{"speaker":"Ralph Chami","startTime":967.97,"endTime":972.08,"body":"balloon payment of a bond that"},{"speaker":"Ralph Chami","startTime":967.97,"endTime":972.08,"body":"lives 60 years, or depending on"},{"speaker":"Ralph Chami","startTime":972.08,"endTime":975.2900000000001,"body":"the species of the whale. And"},{"speaker":"Ralph Chami","startTime":972.08,"endTime":975.2900000000001,"body":"when it dies, it gives you this"},{"speaker":"Ralph Chami","startTime":975.2900000000001,"endTime":979.73,"body":"payment, unfortunately, it has"},{"speaker":"Ralph Chami","startTime":975.2900000000001,"endTime":979.73,"body":"happened when it passes away. So"},{"speaker":"Ralph Chami","startTime":979.7600000000001,"endTime":984.1400000000001,"body":"he asserts a zero coupon bond,"},{"speaker":"Ralph Chami","startTime":979.7600000000001,"endTime":984.1400000000001,"body":"that that pays off after 60"},{"speaker":"Ralph Chami","startTime":984.1400000000001,"endTime":986.9300000000001,"body":"years and you discounted to the"},{"speaker":"Ralph Chami","startTime":984.1400000000001,"endTime":986.9300000000001,"body":"present, and you get the value."},{"speaker":"Ralph Chami","startTime":987.4100000000001,"endTime":993.7700000000001,"body":"But this way, is also helping to"},{"speaker":"Ralph Chami","startTime":987.4100000000001,"endTime":993.7700000000001,"body":"fertilize Phyto and Phyto is is"},{"speaker":"Ralph Chami","startTime":993.7700000000001,"endTime":997.5500000000001,"body":"gap capturing how much carbon"},{"speaker":"Ralph Chami","startTime":993.7700000000001,"endTime":997.5500000000001,"body":"some estimates would put it at"},{"speaker":"Ralph Chami","startTime":997.5500000000001,"endTime":1000.85,"body":"37 Giga tons per year, which is"},{"speaker":"Ralph Chami","startTime":997.5500000000001,"endTime":1000.85,"body":"equivalent to four Amazon"},{"speaker":"Ralph Chami","startTime":1000.85,"endTime":1005.83,"body":"forests a year. So there's a"},{"speaker":"Ralph Chami","startTime":1000.85,"endTime":1005.83,"body":"flow argument there. But so you"},{"speaker":"Ralph Chami","startTime":1005.83,"endTime":1010.2700000000001,"body":"have to grab that one too. But"},{"speaker":"Ralph Chami","startTime":1005.83,"endTime":1010.2700000000001,"body":"as you just put it this way it"},{"speaker":"Ralph Chami","startTime":1010.2700000000001,"endTime":1014.2600000000001,"body":"gives life to when it's when"},{"speaker":"Ralph Chami","startTime":1010.2700000000001,"endTime":1014.2600000000001,"body":"it's an adult, and it mates with"},{"speaker":"Ralph Chami","startTime":1014.2600000000001,"endTime":1017.5300000000001,"body":"another whale to another whale."},{"speaker":"Ralph Chami","startTime":1014.2600000000001,"endTime":1017.5300000000001,"body":"And so when you do the"},{"speaker":"Ralph Chami","startTime":1017.5300000000001,"endTime":1022.0600000000001,"body":"mathematics, the way we build"},{"speaker":"Ralph Chami","startTime":1017.5300000000001,"endTime":1022.0600000000001,"body":"it, just allow me just one"},{"speaker":"Ralph Chami","startTime":1022.0600000000001,"endTime":1023.8000000000001,"body":"minute, two minutes, because"},{"speaker":"Ralph Chami","startTime":1022.0600000000001,"endTime":1023.8000000000001,"body":"it's important for your"},{"speaker":"Ralph Chami","startTime":1023.8000000000001,"endTime":1027.4,"body":"audience. All right. So it's"},{"speaker":"Ralph Chami","startTime":1023.8000000000001,"endTime":1027.4,"body":"important to understand that"},{"speaker":"Ralph Chami","startTime":1027.4,"endTime":1031.18,"body":"there's an upper bound to this,"},{"speaker":"Ralph Chami","startTime":1027.4,"endTime":1031.18,"body":"or there's a limit is a cap. And"},{"speaker":"Ralph Chami","startTime":1031.18,"endTime":1035.53,"body":"the cap is what did nature,"},{"speaker":"Ralph Chami","startTime":1031.18,"endTime":1035.53,"body":"nature deem the number of whales"},{"speaker":"Ralph Chami","startTime":1035.53,"endTime":1039.37,"body":"ought to be? According to the"},{"speaker":"Ralph Chami","startTime":1035.53,"endTime":1039.37,"body":"scientists, there used to be 5"},{"speaker":"Ralph Chami","startTime":1039.37,"endTime":1043.75,"body":"million or 4.5. Pre whaling,"},{"speaker":"Ralph Chami","startTime":1039.37,"endTime":1043.75,"body":"okay? So you're building from"},{"speaker":"Ralph Chami","startTime":1043.75,"endTime":1048.76,"body":"where you are right now. But"},{"speaker":"Ralph Chami","startTime":1043.75,"endTime":1048.76,"body":"that 4.5 represent to us the"},{"speaker":"Ralph Chami","startTime":1048.76,"endTime":1052.5700000000002,"body":"potential if you don't have that"},{"speaker":"Ralph Chami","startTime":1048.76,"endTime":1052.5700000000002,"body":"potential, people could say, why"},{"speaker":"Ralph Chami","startTime":1052.5700000000002,"endTime":1057.1000000000001,"body":"don't you have a billion whales,"},{"speaker":"Ralph Chami","startTime":1052.5700000000002,"endTime":1057.1000000000001,"body":"come on, Indian nature said, you"},{"speaker":"Ralph Chami","startTime":1057.1000000000001,"endTime":1059.8600000000001,"body":"ought to have 4.5, for whatever"},{"speaker":"Ralph Chami","startTime":1057.1000000000001,"endTime":1059.8600000000001,"body":"reason, that's the equilibrium"},{"speaker":"Ralph Chami","startTime":1059.8600000000001,"endTime":1064.21,"body":"number that the oceans can"},{"speaker":"Ralph Chami","startTime":1059.8600000000001,"endTime":1064.21,"body":"probably hold. Right, so now"},{"speaker":"Ralph Chami","startTime":1064.21,"endTime":1067.45,"body":"you're building the profile from"},{"speaker":"Ralph Chami","startTime":1064.21,"endTime":1067.45,"body":"what you have, to what you could"},{"speaker":"Ralph Chami","startTime":1067.48,"endTime":1071.6200000000001,"body":"we could have. Yeah. And so when"},{"speaker":"Ralph Chami","startTime":1067.48,"endTime":1071.6200000000001,"body":"you build the model, it's a"},{"speaker":"Ralph Chami","startTime":1071.6200000000001,"endTime":1076.06,"body":"dynamical model. For those of"},{"speaker":"Ralph Chami","startTime":1071.6200000000001,"endTime":1076.06,"body":"you, your audience that love"},{"speaker":"Ralph Chami","startTime":1076.3300000000002,"endTime":1080.74,"body":"mathematics, it's a differential"},{"speaker":"Ralph Chami","startTime":1076.3300000000002,"endTime":1080.74,"body":"equation, you know, on a compact"},{"speaker":"Ralph Chami","startTime":1080.74,"endTime":1084.64,"body":"set, and it has an axiom, and it"},{"speaker":"Ralph Chami","startTime":1080.74,"endTime":1084.64,"body":"has a fixed point, and you can"},{"speaker":"Ralph Chami","startTime":1084.64,"endTime":1087.19,"body":"calculate, and you can actually"},{"speaker":"Ralph Chami","startTime":1084.64,"endTime":1087.19,"body":"come up with a solution. But to"},{"speaker":"Ralph Chami","startTime":1087.19,"endTime":1091.3600000000001,"body":"do that, you got to work with"},{"speaker":"Ralph Chami","startTime":1087.19,"endTime":1091.3600000000001,"body":"the scientists, and you build a"},{"speaker":"Ralph Chami","startTime":1091.3600000000001,"endTime":1095.1100000000001,"body":"population model, it's a"},{"speaker":"Ralph Chami","startTime":1091.3600000000001,"endTime":1095.1100000000001,"body":"logistic model means it"},{"speaker":"Ralph Chami","startTime":1095.1100000000001,"endTime":1099.19,"body":"increases and then eventually it"},{"speaker":"Ralph Chami","startTime":1095.1100000000001,"endTime":1099.19,"body":"tapers off, okay, and we can"},{"speaker":"Ralph Chami","startTime":1099.19,"endTime":1103.3600000000001,"body":"actually track that, but it's"},{"speaker":"Ralph Chami","startTime":1099.19,"endTime":1103.3600000000001,"body":"not one way let's just put it"},{"speaker":"Ralph Chami","startTime":1103.3600000000001,"endTime":1106.51,"body":"this way, this giving life to"},{"speaker":"Ralph Chami","startTime":1103.3600000000001,"endTime":1106.51,"body":"another way, if some of them"},{"speaker":"Ralph Chami","startTime":1106.51,"endTime":1110.56,"body":"survives, don't survive. And you"},{"speaker":"Ralph Chami","startTime":1106.51,"endTime":1110.56,"body":"have to capture all of that"},{"speaker":"Ralph Chami","startTime":1110.56,"endTime":1115.48,"body":"you're tracking overlapping"},{"speaker":"Ralph Chami","startTime":1110.56,"endTime":1115.48,"body":"generations all the way out. And"},{"speaker":"Ralph Chami","startTime":1115.48,"endTime":1119.2,"body":"it takes about I think, we"},{"speaker":"Ralph Chami","startTime":1115.48,"endTime":1119.2,"body":"calculated took about 150 years"},{"speaker":"Ralph Chami","startTime":1119.71,"endTime":1124.1200000000001,"body":"sitrus variables meaning without"},{"speaker":"Ralph Chami","startTime":1119.71,"endTime":1124.1200000000001,"body":"any EQ everything else constant"},{"speaker":"Ralph Chami","startTime":1125.98,"endTime":1131.53,"body":"to achieve that, 5 million or"},{"speaker":"Ralph Chami","startTime":1125.98,"endTime":1131.53,"body":"4.5 million, you can double that"},{"speaker":"Ralph Chami","startTime":1131.6200000000001,"endTime":1136.5700000000002,"body":"population within 25 years, as"},{"speaker":"Ralph Chami","startTime":1131.6200000000001,"endTime":1136.5700000000002,"body":"some of them because they do"},{"speaker":"Ralph Chami","startTime":1136.5700000000002,"endTime":1141.64,"body":"recuperate quite quickly if when"},{"speaker":"Ralph Chami","startTime":1136.5700000000002,"endTime":1141.64,"body":"if and when left alone. So you"},{"speaker":"Ralph Chami","startTime":1141.64,"endTime":1145.0900000000001,"body":"have to do you build the"},{"speaker":"Ralph Chami","startTime":1141.64,"endTime":1145.0900000000001,"body":"population model first, then you"},{"speaker":"Ralph Chami","startTime":1145.75,"endTime":1149.41,"body":"you impose on it the valuation"},{"speaker":"Ralph Chami","startTime":1145.75,"endTime":1149.41,"body":"model using financial"},{"speaker":"Ralph Chami","startTime":1149.41,"endTime":1152.14,"body":"techniques, and then you"},{"speaker":"Ralph Chami","startTime":1149.41,"endTime":1152.14,"body":"discount all of that to the"},{"speaker":"Ralph Chami","startTime":1152.14,"endTime":1156.88,"body":"present, because our decisions"},{"speaker":"Ralph Chami","startTime":1152.14,"endTime":1156.88,"body":"are in the present. So we have"},{"speaker":"Ralph Chami","startTime":1156.88,"endTime":1161.14,"body":"to have, you know, and why is"},{"speaker":"Ralph Chami","startTime":1156.88,"endTime":1161.14,"body":"that important? Because the cost"},{"speaker":"Ralph Chami","startTime":1161.14,"endTime":1164.23,"body":"of conservation is understood"},{"speaker":"Ralph Chami","startTime":1161.14,"endTime":1164.23,"body":"whenever you say I want to"},{"speaker":"Ralph Chami","startTime":1164.5,"endTime":1168.64,"body":"preserve something, or conserve"},{"speaker":"Ralph Chami","startTime":1164.5,"endTime":1168.64,"body":"something. The first thing comes"},{"speaker":"Ralph Chami","startTime":1168.64,"endTime":1170.98,"body":"to mind to people with the money"},{"speaker":"Ralph Chami","startTime":1168.64,"endTime":1170.98,"body":"is how much is this going to"},{"speaker":"Ralph Chami","startTime":1170.98,"endTime":1174.6100000000001,"body":"cost me? Yeah. Yeah, what you"},{"speaker":"Ralph Chami","startTime":1170.98,"endTime":1174.6100000000001,"body":"really want to say is, yeah,"},{"speaker":"Ralph Chami","startTime":1174.6100000000001,"endTime":1178.45,"body":"it's going to cost you x pounds"},{"speaker":"Ralph Chami","startTime":1174.6100000000001,"endTime":1178.45,"body":"or dollars or euros. And they're"},{"speaker":"Ralph Chami","startTime":1178.45,"endTime":1182.56,"body":"going to say, what do I get in"},{"speaker":"Ralph Chami","startTime":1178.45,"endTime":1182.56,"body":"return? Before our work? It came"},{"speaker":"Ralph Chami","startTime":1182.56,"endTime":1184.96,"body":"along people, the scientists"},{"speaker":"Ralph Chami","startTime":1182.56,"endTime":1184.96,"body":"would say, Oh, you get"},{"speaker":"Ralph Chami","startTime":1184.96,"endTime":1189.91,"body":"biodiversity and you get more"},{"speaker":"Ralph Chami","startTime":1184.96,"endTime":1189.91,"body":"fishes in the ocean. And and"},{"speaker":"Ralph Chami","startTime":1189.91,"endTime":1192.73,"body":"this and suddenly the politician"},{"speaker":"Ralph Chami","startTime":1189.91,"endTime":1192.73,"body":"or the guy with the money,"},{"speaker":"Ralph Chami","startTime":1192.76,"endTime":1195.01,"body":"they're, you know, they're,"},{"speaker":"Ralph Chami","startTime":1192.76,"endTime":1195.01,"body":"they're not scientists, they're"},{"speaker":"Ralph Chami","startTime":1195.01,"endTime":1198.0700000000002,"body":"like, Oh my god, there's another"},{"speaker":"Ralph Chami","startTime":1195.01,"endTime":1198.0700000000002,"body":"tree hugger here, you say?"},{"speaker":"Ralph Chami","startTime":1199.509,"endTime":1203.3790000000001,"body":"So what I was trying to say is I"},{"speaker":"Ralph Chami","startTime":1199.509,"endTime":1203.3790000000001,"body":"can translate that wonderful"},{"speaker":"Ralph Chami","startTime":1203.3790000000001,"endTime":1207.189,"body":"benefits that that are right now"},{"speaker":"Ralph Chami","startTime":1203.3790000000001,"endTime":1207.189,"body":"in the realm of science to the"},{"speaker":"Ralph Chami","startTime":1207.189,"endTime":1210.8790000000001,"body":"language of dollars and cents,"},{"speaker":"Ralph Chami","startTime":1207.189,"endTime":1210.8790000000001,"body":"so that when you walk in and"},{"speaker":"Ralph Chami","startTime":1210.8790000000001,"endTime":1213.6090000000002,"body":"make the argument for"},{"speaker":"Ralph Chami","startTime":1210.8790000000001,"endTime":1213.6090000000002,"body":"conservation, you get the"},{"speaker":"Ralph Chami","startTime":1213.6090000000002,"endTime":1217.089,"body":"question How much is this going"},{"speaker":"Ralph Chami","startTime":1213.6090000000002,"endTime":1217.089,"body":"to cost me say X dollars? What"},{"speaker":"Ralph Chami","startTime":1217.089,"endTime":1220.809,"body":"do I get in return you say, Oh,"},{"speaker":"Ralph Chami","startTime":1217.089,"endTime":1220.809,"body":"you get y dollars. And y dollars"},{"speaker":"Ralph Chami","startTime":1220.839,"endTime":1223.179,"body":"are far greater than the X"},{"speaker":"Ralph Chami","startTime":1220.839,"endTime":1223.179,"body":"dollars you're gonna put into"},{"speaker":"Ralph Chami","startTime":1223.179,"endTime":1227.409,"body":"it. And suddenly conservation"},{"speaker":"Ralph Chami","startTime":1223.179,"endTime":1227.409,"body":"becomes revenue generating on"},{"speaker":"Ralph Chami","startTime":1228.249,"endTime":1231.579,"body":"How wonderful is that? Because"},{"speaker":"Ralph Chami","startTime":1228.249,"endTime":1231.579,"body":"the money goes, and we'll"},{"speaker":"Ralph Chami","startTime":1231.579,"endTime":1237.039,"body":"discuss that in a bit. The"},{"speaker":"Ralph Chami","startTime":1231.579,"endTime":1237.039,"body":"funding goes now to to invest in"},{"speaker":"Ralph Chami","startTime":1237.039,"endTime":1240.249,"body":"a natural. I hate to use the"},{"speaker":"Ralph Chami","startTime":1237.039,"endTime":1240.249,"body":"word, but that's the language of"},{"speaker":"Ralph Chami","startTime":1240.249,"endTime":1246.819,"body":"my creed, a natural asset. But"},{"speaker":"Ralph Chami","startTime":1240.249,"endTime":1246.819,"body":"it keeps on giving. The not the"},{"speaker":"Ralph Chami","startTime":1246.8490000000002,"endTime":1251.469,"body":"nature's nature thrives, and the"},{"speaker":"Ralph Chami","startTime":1246.8490000000002,"endTime":1251.469,"body":"revenue thrives, and lots of"},{"speaker":"Ralph Chami","startTime":1251.469,"endTime":1253.3890000000001,"body":"other good things happen as a"},{"speaker":"Ralph Chami","startTime":1251.469,"endTime":1253.3890000000001,"body":"result."},{"speaker":"Tom Raftery","startTime":1253.989,"endTime":1257.679,"body":"No, that's"},{"speaker":"Tom Raftery","startTime":1253.989,"endTime":1257.679,"body":"fantastic. And I mean, just you"},{"speaker":"Tom Raftery","startTime":1257.679,"endTime":1263.289,"body":"said a single whale is worth 2"},{"speaker":"Tom Raftery","startTime":1257.679,"endTime":1263.289,"body":"million. There are one and a"},{"speaker":"Tom Raftery","startTime":1263.289,"endTime":1266.8890000000001,"body":"quarter, I think you said in the"},{"speaker":"Tom Raftery","startTime":1263.289,"endTime":1266.8890000000001,"body":"words today, we could double"},{"speaker":"Tom Raftery","startTime":1266.8890000000001,"endTime":1273.0990000000002,"body":"that in 25 years. So that's one"},{"speaker":"Tom Raftery","startTime":1266.8890000000001,"endTime":1273.0990000000002,"body":"and a quarter million multiplied"},{"speaker":"Tom Raftery","startTime":1273.0990000000002,"endTime":1278.049,"body":"by 2 million in 25 years. That's"},{"speaker":"Tom Raftery","startTime":1273.0990000000002,"endTime":1278.049,"body":"a nice return on investment."},{"speaker":"Ralph Chami","startTime":1278.799,"endTime":1282.909,"body":"Absolutely. And the"},{"speaker":"Ralph Chami","startTime":1278.799,"endTime":1282.909,"body":"beauty of it is not on Yes,"},{"speaker":"Ralph Chami","startTime":1282.939,"endTime":1287.319,"body":"return. And when I say return in"},{"speaker":"Ralph Chami","startTime":1282.939,"endTime":1287.319,"body":"so many, not just in monetary"},{"speaker":"Ralph Chami","startTime":1287.319,"endTime":1289.8990000000001,"body":"terms, absolutely. Yeah. And you"},{"speaker":"Ralph Chami","startTime":1287.319,"endTime":1289.8990000000001,"body":"can you can multiply that and"},{"speaker":"Ralph Chami","startTime":1289.8990000000001,"endTime":1294.579,"body":"you can. But imagine what this"},{"speaker":"Ralph Chami","startTime":1289.8990000000001,"endTime":1294.579,"body":"is really saying this is saying"},{"speaker":"Ralph Chami","startTime":1294.6090000000002,"endTime":1299.499,"body":"livewhale is far more valuable"},{"speaker":"Ralph Chami","startTime":1294.6090000000002,"endTime":1299.499,"body":"for us to us than it that way."},{"speaker":"Ralph Chami","startTime":1301.419,"endTime":1305.019,"body":"And it's going to sort of so"},{"speaker":"Ralph Chami","startTime":1301.419,"endTime":1305.019,"body":"let's let's, let's assume we can"},{"speaker":"Ralph Chami","startTime":1305.019,"endTime":1307.8990000000001,"body":"we can monetize, by the way,"},{"speaker":"Ralph Chami","startTime":1305.019,"endTime":1307.8990000000001,"body":"when we talk about monetary"},{"speaker":"Ralph Chami","startTime":1307.8990000000001,"endTime":1311.799,"body":"value, it's not about selling"},{"speaker":"Ralph Chami","startTime":1307.8990000000001,"endTime":1311.799,"body":"the whale at all, this is about"},{"speaker":"Ralph Chami","startTime":1311.799,"endTime":1315.189,"body":"selling the services of the"},{"speaker":"Ralph Chami","startTime":1311.799,"endTime":1315.189,"body":"whale, or if you like paying the"},{"speaker":"Ralph Chami","startTime":1315.189,"endTime":1319.8990000000001,"body":"whales for the services that"},{"speaker":"Ralph Chami","startTime":1315.189,"endTime":1319.8990000000001,"body":"it's been providing to us. Or it"},{"speaker":"Ralph Chami","startTime":1319.8990000000001,"endTime":1323.679,"body":"will be providing in the future"},{"speaker":"Ralph Chami","startTime":1319.8990000000001,"endTime":1323.679,"body":"simply recognizing their value,"},{"speaker":"Ralph Chami","startTime":1323.709,"endTime":1326.8890000000001,"body":"and you're paying them the"},{"speaker":"Ralph Chami","startTime":1323.709,"endTime":1326.8890000000001,"body":"minimum by the way of what"},{"speaker":"Ralph Chami","startTime":1326.979,"endTime":1329.8590000000002,"body":"they've been giving us for free"},{"speaker":"Ralph Chami","startTime":1326.979,"endTime":1329.8590000000002,"body":"for so long."},{"speaker":"Tom Raftery","startTime":1330.309,"endTime":1332.949,"body":"And who does the"},{"speaker":"Tom Raftery","startTime":1330.309,"endTime":1332.949,"body":"money come from and go to?"},{"speaker":"Ralph Chami","startTime":1333.8500000000001,"endTime":1336.67,"body":"Beautiful? Okay, so"},{"speaker":"Ralph Chami","startTime":1333.8500000000001,"endTime":1336.67,"body":"then that's the question I"},{"speaker":"Ralph Chami","startTime":1336.67,"endTime":1341.05,"body":"always get asked. Okay, Rob, so"},{"speaker":"Ralph Chami","startTime":1336.67,"endTime":1341.05,"body":"you did a model valuation? But"},{"speaker":"Ralph Chami","startTime":1341.26,"endTime":1345.1000000000001,"body":"how do we, how do we, you know,"},{"speaker":"Ralph Chami","startTime":1341.26,"endTime":1345.1000000000001,"body":"act on this? Yeah, I mean, to"},{"speaker":"Ralph Chami","startTime":1345.1000000000001,"endTime":1350.44,"body":"make this happen? The answer is,"},{"speaker":"Ralph Chami","startTime":1345.1000000000001,"endTime":1350.44,"body":"allow me just to build it for"},{"speaker":"Ralph Chami","startTime":1350.44,"endTime":1354.88,"body":"you, please. So when you"},{"speaker":"Ralph Chami","startTime":1350.44,"endTime":1354.88,"body":"recognize what you have, so we"},{"speaker":"Ralph Chami","startTime":1354.88,"endTime":1357.73,"body":"have so many ways, the next"},{"speaker":"Ralph Chami","startTime":1354.88,"endTime":1357.73,"body":"part, Ralph and company Come"},{"speaker":"Ralph Chami","startTime":1357.91,"endTime":1361.48,"body":"come around, and my colleagues"},{"speaker":"Ralph Chami","startTime":1357.91,"endTime":1361.48,"body":"and I, and we value that service"},{"speaker":"Ralph Chami","startTime":1361.48,"endTime":1364.96,"body":"as whatever, whatever the dollar"},{"speaker":"Ralph Chami","startTime":1361.48,"endTime":1364.96,"body":"amount. Question is, can I act"},{"speaker":"Ralph Chami","startTime":1364.96,"endTime":1368.56,"body":"on it? Can I sell their service?"},{"speaker":"Ralph Chami","startTime":1364.96,"endTime":1368.56,"body":"And the answer is not yet."},{"speaker":"Ralph Chami","startTime":1369.28,"endTime":1373.24,"body":"Because to sell their service,"},{"speaker":"Ralph Chami","startTime":1369.28,"endTime":1373.24,"body":"that means the market has to"},{"speaker":"Ralph Chami","startTime":1373.24,"endTime":1377.26,"body":"recognize what do you have is"},{"speaker":"Ralph Chami","startTime":1373.24,"endTime":1377.26,"body":"really what is called a"},{"speaker":"Ralph Chami","startTime":1377.26,"endTime":1380.5,"body":"financial asset, or financial"},{"speaker":"Ralph Chami","startTime":1377.26,"endTime":1380.5,"body":"capital. So you have to"},{"speaker":"Ralph Chami","startTime":1380.5,"endTime":1385.81,"body":"financialized the, those those"},{"speaker":"Ralph Chami","startTime":1380.5,"endTime":1385.81,"body":"services in a way that the"},{"speaker":"Ralph Chami","startTime":1385.81,"endTime":1391.0900000000001,"body":"markets could act on. And for"},{"speaker":"Ralph Chami","startTime":1385.81,"endTime":1391.0900000000001,"body":"the markets to act on, that that"},{"speaker":"Ralph Chami","startTime":1391.18,"endTime":1396.46,"body":"recognition has to be codified"},{"speaker":"Ralph Chami","startTime":1391.18,"endTime":1396.46,"body":"in the law, kind of every asset."},{"speaker":"Ralph Chami","startTime":1396.46,"endTime":1399.52,"body":"So let me step back. I taught"},{"speaker":"Ralph Chami","startTime":1396.46,"endTime":1399.52,"body":"corporate finance for many"},{"speaker":"Ralph Chami","startTime":1399.52,"endTime":1403.3,"body":"years, any student of corporate"},{"speaker":"Ralph Chami","startTime":1399.52,"endTime":1403.3,"body":"finance understands that any"},{"speaker":"Ralph Chami","startTime":1403.3,"endTime":1406.15,"body":"asset I mean, think of bonds,"},{"speaker":"Ralph Chami","startTime":1403.3,"endTime":1406.15,"body":"stocks, and bonds, okay,"},{"speaker":"Ralph Chami","startTime":1406.24,"endTime":1411.28,"body":"simplest. They only exist in the"},{"speaker":"Ralph Chami","startTime":1406.24,"endTime":1411.28,"body":"law, right? They don't exist"},{"speaker":"Ralph Chami","startTime":1411.28,"endTime":1415.1200000000001,"body":"physically. Why do they exist?"},{"speaker":"Ralph Chami","startTime":1411.28,"endTime":1415.1200000000001,"body":"Because there's a certain law on"},{"speaker":"Ralph Chami","startTime":1415.1200000000001,"endTime":1418.8400000000001,"body":"the books that says, Oh, that is"},{"speaker":"Ralph Chami","startTime":1415.1200000000001,"endTime":1418.8400000000001,"body":"recognized as something you can"},{"speaker":"Ralph Chami","startTime":1418.8700000000001,"endTime":1423.31,"body":"put on your balance sheet, which"},{"speaker":"Ralph Chami","startTime":1418.8700000000001,"endTime":1423.31,"body":"will change your net worth. So"},{"speaker":"Ralph Chami","startTime":1423.31,"endTime":1426.4,"body":"now we have a way of going I put"},{"speaker":"Ralph Chami","startTime":1423.31,"endTime":1426.4,"body":"the whale on my balance sheet,"},{"speaker":"Ralph Chami","startTime":1426.76,"endTime":1431.68,"body":"the answer's no. Why not?"},{"speaker":"Ralph Chami","startTime":1426.76,"endTime":1431.68,"body":"Because there's a certain action"},{"speaker":"Ralph Chami","startTime":1431.68,"endTime":1436.24,"body":"that you need to take. And here,"},{"speaker":"Ralph Chami","startTime":1431.68,"endTime":1436.24,"body":"I want to underscore something"},{"speaker":"Ralph Chami","startTime":1436.24,"endTime":1439.54,"body":"that I always chuckle when I or"},{"speaker":"Ralph Chami","startTime":1436.24,"endTime":1439.54,"body":"I cringe, depending when I'm"},{"speaker":"Ralph Chami","startTime":1439.54,"endTime":1444.91,"body":"reading it during the day, from"},{"speaker":"Ralph Chami","startTime":1439.54,"endTime":1444.91,"body":"what economists language is, and"},{"speaker":"Ralph Chami","startTime":1444.91,"endTime":1448.96,"body":"what the financial world"},{"speaker":"Ralph Chami","startTime":1444.91,"endTime":1448.96,"body":"language is. Economists do not"},{"speaker":"Ralph Chami","startTime":1448.96,"endTime":1452.89,"body":"necessarily speak the language"},{"speaker":"Ralph Chami","startTime":1448.96,"endTime":1452.89,"body":"of the markets. We are an"},{"speaker":"Ralph Chami","startTime":1452.89,"endTime":1458.1100000000001,"body":"arrogant crowd who think we know"},{"speaker":"Ralph Chami","startTime":1452.89,"endTime":1458.1100000000001,"body":"everything. And, and, and we"},{"speaker":"Ralph Chami","startTime":1458.1100000000001,"endTime":1462.28,"body":"really don't know much. Okay. So"},{"speaker":"Ralph Chami","startTime":1458.1100000000001,"endTime":1462.28,"body":"when we talk about natural"},{"speaker":"Ralph Chami","startTime":1462.28,"endTime":1467.8300000000002,"body":"capital, that's a purely"},{"speaker":"Ralph Chami","startTime":1462.28,"endTime":1467.8300000000002,"body":"economic jargon. And why because"},{"speaker":"Ralph Chami","startTime":1467.8300000000002,"endTime":1470.65,"body":"when you for anyone who's taking"},{"speaker":"Ralph Chami","startTime":1467.8300000000002,"endTime":1470.65,"body":"a course in economics, we talk"},{"speaker":"Ralph Chami","startTime":1470.65,"endTime":1473.5,"body":"about capital and labor"},{"speaker":"Ralph Chami","startTime":1470.65,"endTime":1473.5,"body":"production is a function of"},{"speaker":"Ralph Chami","startTime":1473.5,"endTime":1478.81,"body":"capital and labor. Yes. But when"},{"speaker":"Ralph Chami","startTime":1473.5,"endTime":1478.81,"body":"you say that to somebody from"},{"speaker":"Ralph Chami","startTime":1478.81,"endTime":1482.38,"body":"the financial world, to look at"},{"speaker":"Ralph Chami","startTime":1478.81,"endTime":1482.38,"body":"your capital, so that's on your"},{"speaker":"Ralph Chami","startTime":1482.38,"endTime":1486.28,"body":"balance sheet. And because"},{"speaker":"Ralph Chami","startTime":1482.38,"endTime":1486.28,"body":"that's what they understand"},{"speaker":"Ralph Chami","startTime":1486.28,"endTime":1489.46,"body":"capital to be out on your"},{"speaker":"Ralph Chami","startTime":1486.28,"endTime":1489.46,"body":"balance sheet, it's a it's the"},{"speaker":"Ralph Chami","startTime":1489.46,"endTime":1491.89,"body":"difference between your assets"},{"speaker":"Ralph Chami","startTime":1489.46,"endTime":1491.89,"body":"and your liabilities. That's"},{"speaker":"Ralph Chami","startTime":1491.89,"endTime":1495.4,"body":"your net worth. That's your"},{"speaker":"Ralph Chami","startTime":1491.89,"endTime":1495.4,"body":"capital. The answer is yes, it"},{"speaker":"Ralph Chami","startTime":1495.4,"endTime":1501.64,"body":"could be, but not yet. So the"},{"speaker":"Ralph Chami","startTime":1495.4,"endTime":1501.64,"body":"question is what allows stocks"},{"speaker":"Ralph Chami","startTime":1501.64,"endTime":1504.7,"body":"and bonds to be on the balance"},{"speaker":"Ralph Chami","startTime":1501.64,"endTime":1504.7,"body":"sheet? That's what you got to"},{"speaker":"Ralph Chami","startTime":1504.7,"endTime":1510.22,"body":"ask. It's the law. It's"},{"speaker":"Ralph Chami","startTime":1504.7,"endTime":1510.22,"body":"codifying it in the law. And"},{"speaker":"Ralph Chami","startTime":1510.22,"endTime":1514.18,"body":"that is not the Invisible Hand"},{"speaker":"Ralph Chami","startTime":1510.22,"endTime":1514.18,"body":"of the market. That's the very"},{"speaker":"Ralph Chami","startTime":1514.18,"endTime":1517.3300000000002,"body":"visible hand of the government."},{"speaker":"Ralph Chami","startTime":1514.18,"endTime":1517.3300000000002,"body":"Yep. And why would the"},{"speaker":"Ralph Chami","startTime":1517.3300000000002,"endTime":1521.1100000000001,"body":"government allow you to put a"},{"speaker":"Ralph Chami","startTime":1517.3300000000002,"endTime":1521.1100000000001,"body":"piece of paper on your balance"},{"speaker":"Ralph Chami","startTime":1521.1100000000001,"endTime":1523.78,"body":"sheet, because the government's"},{"speaker":"Ralph Chami","startTime":1521.1100000000001,"endTime":1523.78,"body":"gonna tax the hell out of it."},{"speaker":"Ralph Chami","startTime":1524.23,"endTime":1528.55,"body":"It's gonna it's going to it's"},{"speaker":"Ralph Chami","startTime":1524.23,"endTime":1528.55,"body":"going to either To tax it or"},{"speaker":"Ralph Chami","startTime":1528.55,"endTime":1531.55,"body":"create some fees or something,"},{"speaker":"Ralph Chami","startTime":1528.55,"endTime":1531.55,"body":"so it's going to generate"},{"speaker":"Ralph Chami","startTime":1531.55,"endTime":1535.5700000000002,"body":"revenue for itself from it, then"},{"speaker":"Ralph Chami","startTime":1531.55,"endTime":1535.5700000000002,"body":"it sees that, ah, it's incentive"},{"speaker":"Ralph Chami","startTime":1535.5700000000002,"endTime":1538.06,"body":"compatible. So I'm going to let"},{"speaker":"Ralph Chami","startTime":1535.5700000000002,"endTime":1538.06,"body":"you know, put it on your balance"},{"speaker":"Ralph Chami","startTime":1538.06,"endTime":1542.5,"body":"sheet and allow the lawyers to"},{"speaker":"Ralph Chami","startTime":1538.06,"endTime":1542.5,"body":"mint it into law. And then I can"},{"speaker":"Ralph Chami","startTime":1542.5,"endTime":1546.28,"body":"extract some it from. So now"},{"speaker":"Ralph Chami","startTime":1542.5,"endTime":1546.28,"body":"let's take that model, by the"},{"speaker":"Ralph Chami","startTime":1546.28,"endTime":1548.5,"body":"way that applies to all the"},{"speaker":"Ralph Chami","startTime":1546.28,"endTime":1548.5,"body":"derivatives, I taught the"},{"speaker":"Ralph Chami","startTime":1548.5,"endTime":1551.53,"body":"derivatives, I've taught all"},{"speaker":"Ralph Chami","startTime":1548.5,"endTime":1551.53,"body":"that stuff. And I practiced it"},{"speaker":"Ralph Chami","startTime":1551.53,"endTime":1555.4,"body":"to all this crazy stuff that,"},{"speaker":"Ralph Chami","startTime":1551.53,"endTime":1555.4,"body":"you know, people say cause the"},{"speaker":"Ralph Chami","startTime":1555.4,"endTime":1559.1200000000001,"body":"2008 crisis, because the lawyers"},{"speaker":"Ralph Chami","startTime":1555.4,"endTime":1559.1200000000001,"body":"were sitting in the back rooms"},{"speaker":"Ralph Chami","startTime":1559.1200000000001,"endTime":1562.45,"body":"and minting all these new"},{"speaker":"Ralph Chami","startTime":1559.1200000000001,"endTime":1562.45,"body":"instruments. And, and the"},{"speaker":"Ralph Chami","startTime":1562.45,"endTime":1565.24,"body":"government was rubber stamping"},{"speaker":"Ralph Chami","startTime":1562.45,"endTime":1565.24,"body":"them, yes, yes, this is an"},{"speaker":"Ralph Chami","startTime":1565.24,"endTime":1567.79,"body":"instrument, put it on your"},{"speaker":"Ralph Chami","startTime":1565.24,"endTime":1567.79,"body":"balance sheet. Without even"},{"speaker":"Ralph Chami","startTime":1567.79,"endTime":1571.06,"body":"reading the fine print. Why is"},{"speaker":"Ralph Chami","startTime":1567.79,"endTime":1571.06,"body":"that? Because the government"},{"speaker":"Ralph Chami","startTime":1571.06,"endTime":1575.29,"body":"thought I'm going to get so much"},{"speaker":"Ralph Chami","startTime":1571.06,"endTime":1575.29,"body":"revenue out of it. Okay, so now"},{"speaker":"Ralph Chami","startTime":1575.29,"endTime":1580.42,"body":"let's take this wonderful"},{"speaker":"Ralph Chami","startTime":1575.29,"endTime":1580.42,"body":"machinery. And, and and look at"},{"speaker":"Ralph Chami","startTime":1580.96,"endTime":1584.47,"body":"assets that actually exists,"},{"speaker":"Ralph Chami","startTime":1580.96,"endTime":1584.47,"body":"nature exists in front of you."},{"speaker":"Ralph Chami","startTime":1585.49,"endTime":1588.49,"body":"Because that's the weird part of"},{"speaker":"Ralph Chami","startTime":1585.49,"endTime":1588.49,"body":"this conversation. Tom, is I get"},{"speaker":"Ralph Chami","startTime":1588.49,"endTime":1591.55,"body":"people say, really an elephant?"},{"speaker":"Ralph Chami","startTime":1588.49,"endTime":1591.55,"body":"I said, Oh, so you find the"},{"speaker":"Ralph Chami","startTime":1591.55,"endTime":1595.75,"body":"elephant to be a weird asset but"},{"speaker":"Ralph Chami","startTime":1591.55,"endTime":1595.75,"body":"a CDO? Have you ever met a"},{"speaker":"Ralph Chami","startTime":1595.75,"endTime":1599.02,"body":"collateralized debt obligation?"},{"speaker":"Ralph Chami","startTime":1595.75,"endTime":1599.02,"body":"Have you ever smelled it? Have"},{"speaker":"Ralph Chami","startTime":1599.02,"endTime":1602.56,"body":"you ever touched it? That to you"},{"speaker":"Ralph Chami","startTime":1599.02,"endTime":1602.56,"body":"is real? But what's real is not"},{"speaker":"Ralph Chami","startTime":1602.56,"endTime":1607.96,"body":"real? Why? Well, because the big"},{"speaker":"Ralph Chami","startTime":1602.56,"endTime":1607.96,"body":"investment banks tell you, this"},{"speaker":"Ralph Chami","startTime":1607.96,"endTime":1611.23,"body":"is valuable as hell it must be"},{"speaker":"Ralph Chami","startTime":1607.96,"endTime":1611.23,"body":"must be true, because they told"},{"speaker":"Ralph Chami","startTime":1611.23,"endTime":1614.68,"body":"me it's true. Well, they told"},{"speaker":"Ralph Chami","startTime":1611.23,"endTime":1614.68,"body":"you, it's true, because they can"},{"speaker":"Ralph Chami","startTime":1615.1000000000001,"endTime":1618.52,"body":"codify it in the law. And"},{"speaker":"Ralph Chami","startTime":1615.1000000000001,"endTime":1618.52,"body":"therefore it ends up on the"},{"speaker":"Ralph Chami","startTime":1618.52,"endTime":1623.17,"body":"balance sheet. So whatever I"},{"speaker":"Ralph Chami","startTime":1618.52,"endTime":1623.17,"body":"said to you, I said to you, we"},{"speaker":"Ralph Chami","startTime":1623.17,"endTime":1624.8500000000001,"body":"need the action of the"},{"speaker":"Ralph Chami","startTime":1623.17,"endTime":1624.8500000000001,"body":"government."},{"speaker":"Ralph Chami","startTime":1626.38,"endTime":1629.89,"body":"And I can explain that in much"},{"speaker":"Ralph Chami","startTime":1626.38,"endTime":1629.89,"body":"more detail. So the government"},{"speaker":"Ralph Chami","startTime":1629.89,"endTime":1636.1000000000001,"body":"has to allow us to, to convert"},{"speaker":"Ralph Chami","startTime":1629.89,"endTime":1636.1000000000001,"body":"what the economists call natural"},{"speaker":"Ralph Chami","startTime":1636.1000000000001,"endTime":1640.96,"body":"capital into what the finance"},{"speaker":"Ralph Chami","startTime":1636.1000000000001,"endTime":1640.96,"body":"people in the markets call it,"},{"speaker":"Ralph Chami","startTime":1641.0800000000002,"endTime":1645.0700000000002,"body":"the financial capital."},{"speaker":"Ralph Chami","startTime":1641.0800000000002,"endTime":1645.0700000000002,"body":"Otherwise, it cannot be on the"},{"speaker":"Ralph Chami","startTime":1645.0700000000002,"endTime":1648.55,"body":"balance sheet. And then all of"},{"speaker":"Ralph Chami","startTime":1645.0700000000002,"endTime":1648.55,"body":"I've done in terms of valuation"},{"speaker":"Ralph Chami","startTime":1648.55,"endTime":1652.3300000000002,"body":"is just a nice number that makes"},{"speaker":"Ralph Chami","startTime":1648.55,"endTime":1652.3300000000002,"body":"people you know, cause this wow"},{"speaker":"Ralph Chami","startTime":1652.3300000000002,"endTime":1656.38,"body":"factor, how about, so what do we"},{"speaker":"Ralph Chami","startTime":1652.3300000000002,"endTime":1656.38,"body":"need to do, the government has"},{"speaker":"Ralph Chami","startTime":1656.38,"endTime":1661.51,"body":"to come in and say this, this in"},{"speaker":"Ralph Chami","startTime":1656.38,"endTime":1661.51,"body":"the case of the whale, of this"},{"speaker":"Ralph Chami","startTime":1661.51,"endTime":1665.44,"body":"whale is valuable to us, it's a"},{"speaker":"Ralph Chami","startTime":1661.51,"endTime":1665.44,"body":"national treasure. If you don't"},{"speaker":"Ralph Chami","startTime":1665.44,"endTime":1669.6100000000001,"body":"like the word asset, it's a"},{"speaker":"Ralph Chami","startTime":1665.44,"endTime":1669.6100000000001,"body":"national national treasure, it"},{"speaker":"Ralph Chami","startTime":1669.6100000000001,"endTime":1674.02,"body":"is providing so much services to"},{"speaker":"Ralph Chami","startTime":1669.6100000000001,"endTime":1674.02,"body":"the society to our well being"},{"speaker":"Ralph Chami","startTime":1674.41,"endTime":1679.66,"body":"and potentially to us in terms"},{"speaker":"Ralph Chami","startTime":1674.41,"endTime":1679.66,"body":"of revenue fiscal revenue. So,"},{"speaker":"Ralph Chami","startTime":1679.66,"endTime":1685.3300000000002,"body":"we are going to allow you to"},{"speaker":"Ralph Chami","startTime":1679.66,"endTime":1685.3300000000002,"body":"call it under some law to call"},{"speaker":"Ralph Chami","startTime":1685.3300000000002,"endTime":1691.42,"body":"it a net a few like a capital in"},{"speaker":"Ralph Chami","startTime":1685.3300000000002,"endTime":1691.42,"body":"the language of the market, or"},{"speaker":"Ralph Chami","startTime":1691.45,"endTime":1695.14,"body":"or an asset, a financial asset"},{"speaker":"Ralph Chami","startTime":1691.45,"endTime":1695.14,"body":"that you can put it on your"},{"speaker":"Ralph Chami","startTime":1695.14,"endTime":1699.76,"body":"balance sheet. Once that is"},{"speaker":"Ralph Chami","startTime":1695.14,"endTime":1699.76,"body":"done, and not only that is given"},{"speaker":"Ralph Chami","startTime":1699.79,"endTime":1703.63,"body":"a value to it. Financial markets"},{"speaker":"Ralph Chami","startTime":1699.79,"endTime":1703.63,"body":"will look at this, oh my"},{"speaker":"Ralph Chami","startTime":1703.63,"endTime":1709.8700000000001,"body":"goodness, this is new class of"},{"speaker":"Ralph Chami","startTime":1703.63,"endTime":1709.8700000000001,"body":"assets. We can build, we can"},{"speaker":"Ralph Chami","startTime":1709.8700000000001,"endTime":1713.56,"body":"build all kinds of services"},{"speaker":"Ralph Chami","startTime":1709.8700000000001,"endTime":1713.56,"body":"around it. And I can give you a"},{"speaker":"Ralph Chami","startTime":1713.56,"endTime":1717.97,"body":"real life example if you like"},{"speaker":"Ralph Chami","startTime":1713.56,"endTime":1717.97,"body":"please, around so. So let me let"},{"speaker":"Ralph Chami","startTime":1717.97,"endTime":1723.31,"body":"me so in the in the Gulf of"},{"speaker":"Ralph Chami","startTime":1717.97,"endTime":1723.31,"body":"Corcovado in Chile, there's a"},{"speaker":"Ralph Chami","startTime":1723.31,"endTime":1726.19,"body":"beautiful experiment that is"},{"speaker":"Ralph Chami","startTime":1723.31,"endTime":1726.19,"body":"happening as we speak, and"},{"speaker":"Ralph Chami","startTime":1726.19,"endTime":1729.43,"body":"people can go on there. And"},{"speaker":"Ralph Chami","startTime":1726.19,"endTime":1729.43,"body":"Google it is called the blue"},{"speaker":"Ralph Chami","startTime":1729.43,"endTime":1735.3400000000001,"body":"boat initiative. Okay. And it's,"},{"speaker":"Ralph Chami","startTime":1729.43,"endTime":1735.3400000000001,"body":"it's the very foundation along"},{"speaker":"Ralph Chami","startTime":1735.3400000000001,"endTime":1739.63,"body":"with the government of Chile and"},{"speaker":"Ralph Chami","startTime":1735.3400000000001,"endTime":1739.63,"body":"many other stakeholders, what"},{"speaker":"Ralph Chami","startTime":1739.63,"endTime":1744.67,"body":"they've done in Chile have won a"},{"speaker":"Ralph Chami","startTime":1739.63,"endTime":1744.67,"body":"very important whales. They're"},{"speaker":"Ralph Chami","startTime":1744.67,"endTime":1746.89,"body":"all important. But among the"},{"speaker":"Ralph Chami","startTime":1744.67,"endTime":1746.89,"body":"blue whales, they have the"},{"speaker":"Ralph Chami","startTime":1746.89,"endTime":1750.16,"body":"Chilean blue whale. And they"},{"speaker":"Ralph Chami","startTime":1746.89,"endTime":1750.16,"body":"care about the ocean and they"},{"speaker":"Ralph Chami","startTime":1750.16,"endTime":1752.77,"body":"care about their whale. So what"},{"speaker":"Ralph Chami","startTime":1750.16,"endTime":1752.77,"body":"they're doing, they're"},{"speaker":"Ralph Chami","startTime":1752.77,"endTime":1758.14,"body":"installing buoys in the water."},{"speaker":"Ralph Chami","startTime":1752.77,"endTime":1758.14,"body":"And what's so special about this"},{"speaker":"Ralph Chami","startTime":1758.14,"endTime":1763.81,"body":"blue each buoy is has has a chip"},{"speaker":"Ralph Chami","startTime":1758.14,"endTime":1763.81,"body":"in it, that shift. By the way,"},{"speaker":"Ralph Chami","startTime":1763.81,"endTime":1767.0800000000002,"body":"this is brand new technology"},{"speaker":"Ralph Chami","startTime":1763.81,"endTime":1767.0800000000002,"body":"that you can detect the whale,"},{"speaker":"Ralph Chami","startTime":1767.98,"endTime":1772.18,"body":"the type of whale and what"},{"speaker":"Ralph Chami","startTime":1767.98,"endTime":1772.18,"body":"location at what depth, which is"},{"speaker":"Ralph Chami","startTime":1772.18,"endTime":1775.48,"body":"incredible. This is brand new"},{"speaker":"Ralph Chami","startTime":1772.18,"endTime":1775.48,"body":"technology. Hopefully"},{"speaker":"Tom Raftery","startTime":1775.48,"endTime":1776.5900000000001,"body":"waiters don't get"},{"speaker":"Tom Raftery","startTime":1775.48,"endTime":1776.5900000000001,"body":"their hands on it."},{"speaker":"Ralph Chami","startTime":1777.28,"endTime":1780.91,"body":"Yeah, exactly."},{"speaker":"Ralph Chami","startTime":1777.28,"endTime":1780.91,"body":"Yeah. Which actually, that leads"},{"speaker":"Ralph Chami","startTime":1780.91,"endTime":1783.67,"body":"me to the next part. Is that"},{"speaker":"Ralph Chami","startTime":1780.91,"endTime":1783.67,"body":"enough to recognize where they"},{"speaker":"Ralph Chami","startTime":1783.7,"endTime":1785.41,"body":"where they are. You have to"},{"speaker":"Ralph Chami","startTime":1783.7,"endTime":1785.41,"body":"protect them. You have to"},{"speaker":"Ralph Chami","startTime":1785.41,"endTime":1788.47,"body":"monitor them. That's actions of"},{"speaker":"Ralph Chami","startTime":1785.41,"endTime":1788.47,"body":"the government. Yeah, there you"},{"speaker":"Ralph Chami","startTime":1788.47,"endTime":1791.77,"body":"go. So you're now asking the"},{"speaker":"Ralph Chami","startTime":1788.47,"endTime":1791.77,"body":"question. So what's the goal? So"},{"speaker":"Ralph Chami","startTime":1791.8,"endTime":1795.49,"body":"this is not an n? By the way,"},{"speaker":"Ralph Chami","startTime":1791.8,"endTime":1795.49,"body":"each buoy costs a million"},{"speaker":"Ralph Chami","startTime":1795.49,"endTime":1799.3300000000002,"body":"dollars. that technology is"},{"speaker":"Ralph Chami","startTime":1795.49,"endTime":1799.3300000000002,"body":"brand new technology. So they're"},{"speaker":"Ralph Chami","startTime":1799.3300000000002,"endTime":1801.97,"body":"installing they want I think"},{"speaker":"Ralph Chami","startTime":1799.3300000000002,"endTime":1801.97,"body":"they want to install five, there"},{"speaker":"Ralph Chami","startTime":1801.97,"endTime":1805.3600000000001,"body":"are three of them, that are"},{"speaker":"Ralph Chami","startTime":1801.97,"endTime":1805.3600000000001,"body":"being installed as we speak. It"},{"speaker":"Ralph Chami","startTime":1805.3600000000001,"endTime":1809.1100000000001,"body":"will be able that chip in the"},{"speaker":"Ralph Chami","startTime":1805.3600000000001,"endTime":1809.1100000000001,"body":"buoy will will send that"},{"speaker":"Ralph Chami","startTime":1809.1100000000001,"endTime":1812.8300000000002,"body":"information to a satellite"},{"speaker":"Ralph Chami","startTime":1809.1100000000001,"endTime":1812.8300000000002,"body":"saying hey, there's a humpback"},{"speaker":"Ralph Chami","startTime":1813.1000000000001,"endTime":1816.1000000000001,"body":"in real time. By the way, in"},{"speaker":"Ralph Chami","startTime":1813.1000000000001,"endTime":1816.1000000000001,"body":"real time, there's a humpback at"},{"speaker":"Ralph Chami","startTime":1816.1000000000001,"endTime":1819.16,"body":"this location at this depth or a"},{"speaker":"Ralph Chami","startTime":1816.1000000000001,"endTime":1819.16,"body":"blue whale or a fin whale or"},{"speaker":"Ralph Chami","startTime":1819.16,"endTime":1822.8200000000002,"body":"whatever have you. The satellite"},{"speaker":"Ralph Chami","startTime":1819.16,"endTime":1822.8200000000002,"body":"will send a message to a land"},{"speaker":"Ralph Chami","startTime":1822.8200000000002,"endTime":1826.8400000000001,"body":"center and saying it says with"},{"speaker":"Ralph Chami","startTime":1822.8200000000002,"endTime":1826.8400000000001,"body":"the sides same information that"},{"speaker":"Ralph Chami","startTime":1826.8400000000001,"endTime":1830.6200000000001,"body":"land sent With send a text to"},{"speaker":"Ralph Chami","startTime":1826.8400000000001,"endTime":1830.6200000000001,"body":"the ships in coming through the"},{"speaker":"Ralph Chami","startTime":1830.8600000000001,"endTime":1837.28,"body":"Corcovado that golf is saying,"},{"speaker":"Ralph Chami","startTime":1830.8600000000001,"endTime":1837.28,"body":"watch out. There's a humpback in"},{"speaker":"Ralph Chami","startTime":1837.28,"endTime":1843.5800000000002,"body":"your way. Okay, in real time"},{"speaker":"Ralph Chami","startTime":1837.28,"endTime":1843.5800000000002,"body":"now, that's what technology"},{"speaker":"Ralph Chami","startTime":1843.5800000000002,"endTime":1848.71,"body":"does. Now lets you and I analyze"},{"speaker":"Ralph Chami","startTime":1843.5800000000002,"endTime":1848.71,"body":"it a little bit. Suppose I'm a"},{"speaker":"Ralph Chami","startTime":1848.71,"endTime":1854.89,"body":"captain on that ship. And I've"},{"speaker":"Ralph Chami","startTime":1848.71,"endTime":1854.89,"body":"been stuck in, in Suez Canal"},{"speaker":"Ralph Chami","startTime":1854.89,"endTime":1857.23,"body":"because they couldn't release"},{"speaker":"Ralph Chami","startTime":1854.89,"endTime":1857.23,"body":"that ship for, I don't know,"},{"speaker":"Ralph Chami","startTime":1857.23,"endTime":1861.01,"body":"six, six weeks or whatever. So"},{"speaker":"Ralph Chami","startTime":1857.23,"endTime":1861.01,"body":"I'm late, and I'm being"},{"speaker":"Ralph Chami","startTime":1861.04,"endTime":1864.01,"body":"penalized for every day that I'm"},{"speaker":"Ralph Chami","startTime":1861.04,"endTime":1864.01,"body":"late in delivering my cargo."},{"speaker":"Ralph Chami","startTime":1864.3400000000001,"endTime":1868.27,"body":"Yep. So now now I get this text"},{"speaker":"Ralph Chami","startTime":1864.3400000000001,"endTime":1868.27,"body":"that says there's a humpback in"},{"speaker":"Ralph Chami","startTime":1868.27,"endTime":1872.53,"body":"your way. I am a nice guy. I"},{"speaker":"Ralph Chami","startTime":1868.27,"endTime":1872.53,"body":"really don't want to hurt any"},{"speaker":"Ralph Chami","startTime":1872.56,"endTime":1876.8500000000001,"body":"anybody. But I'm late and"},{"speaker":"Ralph Chami","startTime":1872.56,"endTime":1876.8500000000001,"body":"everyday, I'm, you know, I'm"},{"speaker":"Ralph Chami","startTime":1876.8500000000001,"endTime":1880.63,"body":"going to paying fines for being"},{"speaker":"Ralph Chami","startTime":1876.8500000000001,"endTime":1880.63,"body":"late and delivering. So will I"},{"speaker":"Ralph Chami","startTime":1880.63,"endTime":1885.76,"body":"stop? While I give you the"},{"speaker":"Ralph Chami","startTime":1880.63,"endTime":1885.76,"body":"answer? I won't. I won't change"},{"speaker":"Ralph Chami","startTime":1885.76,"endTime":1891.1000000000001,"body":"course. As much as I don't want"},{"speaker":"Ralph Chami","startTime":1885.76,"endTime":1891.1000000000001,"body":"to hit the whale. I could think"},{"speaker":"Ralph Chami","startTime":1891.1000000000001,"endTime":1894.1000000000001,"body":"to myself, so Okay, if I do hit"},{"speaker":"Ralph Chami","startTime":1891.1000000000001,"endTime":1894.1000000000001,"body":"the whale. What's the penalty?"},{"speaker":"Ralph Chami","startTime":1895.48,"endTime":1900.0700000000002,"body":"Zero? Yeah, yeah, yes, Chile"},{"speaker":"Ralph Chami","startTime":1895.48,"endTime":1900.0700000000002,"body":"loves its whales and all that"},{"speaker":"Ralph Chami","startTime":1900.0700000000002,"endTime":1903.8500000000001,"body":"stuff and marine protected area."},{"speaker":"Ralph Chami","startTime":1900.0700000000002,"endTime":1903.8500000000001,"body":"But effectively, I kill the way"},{"speaker":"Ralph Chami","startTime":1903.8500000000001,"endTime":1906.67,"body":"of, most of the time, you can't"},{"speaker":"Ralph Chami","startTime":1903.8500000000001,"endTime":1906.67,"body":"see them, because they sink to"},{"speaker":"Ralph Chami","startTime":1906.67,"endTime":1912.01,"body":"the bottom, some really, very"},{"speaker":"Ralph Chami","startTime":1906.67,"endTime":1912.01,"body":"disturbing images, and when they"},{"speaker":"Ralph Chami","startTime":1912.01,"endTime":1915.19,"body":"get skewered on the bow, and you"},{"speaker":"Ralph Chami","startTime":1912.01,"endTime":1915.19,"body":"save them to the port with them,"},{"speaker":"Ralph Chami","startTime":1916.0,"endTime":1919.96,"body":"for everyone to see. But you"},{"speaker":"Ralph Chami","startTime":1916.0,"endTime":1919.96,"body":"know, at the end of the day, the"},{"speaker":"Ralph Chami","startTime":1919.96,"endTime":1922.93,"body":"guy's like, what should I do? If"},{"speaker":"Ralph Chami","startTime":1919.96,"endTime":1922.93,"body":"I change course is gonna cost me"},{"speaker":"Ralph Chami","startTime":1922.93,"endTime":1927.55,"body":"money, more, more, more, more"},{"speaker":"Ralph Chami","startTime":1922.93,"endTime":1927.55,"body":"fuel, more, whatever. Who knows?"},{"speaker":"Ralph Chami","startTime":1927.91,"endTime":1933.16,"body":"So if I hit the whale, there's"},{"speaker":"Ralph Chami","startTime":1927.91,"endTime":1933.16,"body":"no penalty. Yeah. So obviously,"},{"speaker":"Ralph Chami","startTime":1933.25,"endTime":1936.8200000000002,"body":"saying that you have a marine"},{"speaker":"Ralph Chami","startTime":1933.25,"endTime":1936.8200000000002,"body":"protected area, and saying that"},{"speaker":"Ralph Chami","startTime":1936.8200000000002,"endTime":1940.99,"body":"I have the technology to detect"},{"speaker":"Ralph Chami","startTime":1936.8200000000002,"endTime":1940.99,"body":"where the whales are, does not"},{"speaker":"Ralph Chami","startTime":1940.99,"endTime":1946.5700000000002,"body":"stop the ship from hitting. In"},{"speaker":"Ralph Chami","startTime":1940.99,"endTime":1946.5700000000002,"body":"fact, you gave me the other"},{"speaker":"Ralph Chami","startTime":1946.5700000000002,"endTime":1949.3300000000002,"body":"option, which is the whalers now"},{"speaker":"Ralph Chami","startTime":1946.5700000000002,"endTime":1949.3300000000002,"body":"know exactly where that whale is"},{"speaker":"Ralph Chami","startTime":1949.3300000000002,"endTime":1953.02,"body":"if they get in from so how do"},{"speaker":"Ralph Chami","startTime":1949.3300000000002,"endTime":1953.02,"body":"you change that? That's where"},{"speaker":"Ralph Chami","startTime":1953.02,"endTime":1954.97,"body":"the government talking about the"},{"speaker":"Ralph Chami","startTime":1953.02,"endTime":1954.97,"body":"Invisible Hand of the"},{"speaker":"Ralph Chami","startTime":1954.97,"endTime":1957.88,"body":"government. Suppose now in this"},{"speaker":"Ralph Chami","startTime":1954.97,"endTime":1957.88,"body":"scenario, I'm not saying they"},{"speaker":"Ralph Chami","startTime":1957.88,"endTime":1960.5800000000002,"body":"will do it. But I'm saying"},{"speaker":"Ralph Chami","startTime":1957.88,"endTime":1960.5800000000002,"body":"suppose the scenario, the"},{"speaker":"Ralph Chami","startTime":1960.5800000000002,"endTime":1966.3700000000001,"body":"government of Chile says, that"},{"speaker":"Ralph Chami","startTime":1960.5800000000002,"endTime":1966.3700000000001,"body":"way, is a national treasure. It"},{"speaker":"Ralph Chami","startTime":1966.3700000000001,"endTime":1971.38,"body":"brings so much benefit our"},{"speaker":"Ralph Chami","startTime":1966.3700000000001,"endTime":1971.38,"body":"society, morally, ethically,"},{"speaker":"Ralph Chami","startTime":1971.53,"endTime":1975.52,"body":"health wise, in terms of, you"},{"speaker":"Ralph Chami","startTime":1971.53,"endTime":1975.52,"body":"know, better environment, and we"},{"speaker":"Ralph Chami","startTime":1975.52,"endTime":1980.98,"body":"can see that possibly revenue"},{"speaker":"Ralph Chami","startTime":1975.52,"endTime":1980.98,"body":"coming from protecting them. So"},{"speaker":"Ralph Chami","startTime":1980.98,"endTime":1985.15,"body":"if you anybody were to harm that"},{"speaker":"Ralph Chami","startTime":1980.98,"endTime":1985.15,"body":"way. This guy Shami and his"},{"speaker":"Ralph Chami","startTime":1985.15,"endTime":1990.43,"body":"friends, did Valley value the"},{"speaker":"Ralph Chami","startTime":1985.15,"endTime":1990.43,"body":"great whales of Chile at three"},{"speaker":"Ralph Chami","startTime":1990.43,"endTime":1994.06,"body":"to $4 million, because the blue"},{"speaker":"Ralph Chami","startTime":1990.43,"endTime":1994.06,"body":"whale is the largest, right? So"},{"speaker":"Ralph Chami","startTime":1994.06,"endTime":1998.53,"body":"anybody who who harms the whale,"},{"speaker":"Ralph Chami","startTime":1994.06,"endTime":1998.53,"body":"there's a there's a monetary"},{"speaker":"Ralph Chami","startTime":1998.5900000000001,"endTime":2003.48,"body":"punishment, it's going to be $3"},{"speaker":"Ralph Chami","startTime":1998.5900000000001,"endTime":2003.48,"body":"million. Now, let's analyze what"},{"speaker":"Ralph Chami","startTime":2003.48,"endTime":2006.21,"body":"would happen next. So you make"},{"speaker":"Ralph Chami","startTime":2003.48,"endTime":2006.21,"body":"that argument, you made that"},{"speaker":"Ralph Chami","startTime":2006.21,"endTime":2009.5700000000002,"body":"statement. It's, and now the"},{"speaker":"Ralph Chami","startTime":2006.21,"endTime":2009.5700000000002,"body":"captain of the ship saying,"},{"speaker":"Ralph Chami","startTime":2010.1100000000001,"endTime":2015.48,"body":"Jesus, if I hit that there's a"},{"speaker":"Ralph Chami","startTime":2010.1100000000001,"endTime":2015.48,"body":"monetary fine of 3 million."},{"speaker":"Ralph Chami","startTime":2015.72,"endTime":2020.8200000000002,"body":"Let's look at my insurance"},{"speaker":"Ralph Chami","startTime":2015.72,"endTime":2020.8200000000002,"body":"contract. Let's assume for the"},{"speaker":"Ralph Chami","startTime":2020.8200000000002,"endTime":2024.3,"body":"sake of this scenario, Lloyd's"},{"speaker":"Ralph Chami","startTime":2020.8200000000002,"endTime":2024.3,"body":"of London gets a whiff, that"},{"speaker":"Ralph Chami","startTime":2024.3,"endTime":2028.41,"body":"there is a new asset in the"},{"speaker":"Ralph Chami","startTime":2024.3,"endTime":2028.41,"body":"water. That is worth $3 million,"},{"speaker":"Ralph Chami","startTime":2028.8300000000002,"endTime":2032.73,"body":"that they didn't realize it"},{"speaker":"Ralph Chami","startTime":2028.8300000000002,"endTime":2032.73,"body":"existed. They're going to send"},{"speaker":"Ralph Chami","startTime":2032.73,"endTime":2036.6000000000001,"body":"this guy an email or the owner"},{"speaker":"Ralph Chami","startTime":2032.73,"endTime":2036.6000000000001,"body":"of the tanker or the ship"},{"speaker":"Ralph Chami","startTime":2036.6000000000001,"endTime":2040.05,"body":"saying, when we gave you that"},{"speaker":"Ralph Chami","startTime":2036.6000000000001,"endTime":2040.05,"body":"contract, there was no asset in"},{"speaker":"Ralph Chami","startTime":2040.05,"endTime":2044.3700000000001,"body":"the water, or 3 million that you"},{"speaker":"Ralph Chami","startTime":2040.05,"endTime":2044.3700000000001,"body":"could damage. So we're going to"},{"speaker":"Ralph Chami","startTime":2044.3700000000001,"endTime":2046.6200000000001,"body":"put an attendance as you are not"},{"speaker":"Ralph Chami","startTime":2044.3700000000001,"endTime":2046.6200000000001,"body":"insured."},{"speaker":"Ralph Chami","startTime":2050.64,"endTime":2053.49,"body":"You're on your own, you hit that"},{"speaker":"Ralph Chami","startTime":2050.64,"endTime":2053.49,"body":"thing. You're on your own. So"},{"speaker":"Ralph Chami","startTime":2053.49,"endTime":2057.45,"body":"now imagine what's happening."},{"speaker":"Ralph Chami","startTime":2053.49,"endTime":2057.45,"body":"The government of Chile took an"},{"speaker":"Ralph Chami","startTime":2057.45,"endTime":2061.89,"body":"action said this is a national"},{"speaker":"Ralph Chami","startTime":2057.45,"endTime":2061.89,"body":"treasure or a national asset."},{"speaker":"Ralph Chami","startTime":2062.13,"endTime":2065.4,"body":"It's worth 3 million you harm"},{"speaker":"Ralph Chami","startTime":2062.13,"endTime":2065.4,"body":"comes to it. But as a monetary"},{"speaker":"Ralph Chami","startTime":2065.4,"endTime":2069.39,"body":"fine, at least of 3 million. The"},{"speaker":"Ralph Chami","startTime":2065.4,"endTime":2069.39,"body":"captain of the ship says Well, I"},{"speaker":"Ralph Chami","startTime":2069.39,"endTime":2072.7799999999997,"body":"have an insurance contract. The"},{"speaker":"Ralph Chami","startTime":2069.39,"endTime":2072.7799999999997,"body":"reinsurer says no, you don't"},{"speaker":"Ralph Chami","startTime":2072.7799999999997,"endTime":2077.2200000000003,"body":"have that, for that asset,"},{"speaker":"Ralph Chami","startTime":2072.7799999999997,"endTime":2077.2200000000003,"body":"you're on your own. Now, this is"},{"speaker":"Ralph Chami","startTime":2077.2200000000003,"endTime":2079.92,"body":"not the end of the game. This is"},{"speaker":"Ralph Chami","startTime":2077.2200000000003,"endTime":2079.92,"body":"actually the beginning of the"},{"speaker":"Ralph Chami","startTime":2079.92,"endTime":2083.52,"body":"game. Because the owner of the"},{"speaker":"Ralph Chami","startTime":2079.92,"endTime":2083.52,"body":"tanker doesn't want to be"},{"speaker":"Ralph Chami","startTime":2083.52,"endTime":2089.13,"body":"uninsured. Yep. So he or she is"},{"speaker":"Ralph Chami","startTime":2083.52,"endTime":2089.13,"body":"going to say, Is there anybody"},{"speaker":"Ralph Chami","startTime":2089.13,"endTime":2092.73,"body":"out there that has some"},{"speaker":"Ralph Chami","startTime":2089.13,"endTime":2092.73,"body":"technology that I can put on my"},{"speaker":"Ralph Chami","startTime":2092.73,"endTime":2098.73,"body":"ship that would keep that keep"},{"speaker":"Ralph Chami","startTime":2092.73,"endTime":2098.73,"body":"me away from the whale or keep"},{"speaker":"Ralph Chami","startTime":2098.73,"endTime":2101.94,"body":"the whale away from my ship? And"},{"speaker":"Ralph Chami","startTime":2098.73,"endTime":2101.94,"body":"of course, all these wonderful"},{"speaker":"Ralph Chami","startTime":2101.94,"endTime":2106.32,"body":"smart people. And this is called"},{"speaker":"Ralph Chami","startTime":2101.94,"endTime":2106.32,"body":"innovation market innovation,"},{"speaker":"Ralph Chami","startTime":2106.59,"endTime":2109.02,"body":"that I've been applying their"},{"speaker":"Ralph Chami","startTime":2106.59,"endTime":2109.02,"body":"technology somewhere else"},{"speaker":"Ralph Chami","startTime":2109.02,"endTime":2111.27,"body":"because the money was somewhere"},{"speaker":"Ralph Chami","startTime":2109.02,"endTime":2111.27,"body":"else will come and say yeah, I"},{"speaker":"Ralph Chami","startTime":2111.9900000000002,"endTime":2115.59,"body":"have this gadget similar to the"},{"speaker":"Ralph Chami","startTime":2111.9900000000002,"endTime":2115.59,"body":"gadgets in the water and Zoo"},{"speaker":"Ralph Chami","startTime":2115.59,"endTime":2119.61,"body":"will tell you, you know, or keep"},{"speaker":"Ralph Chami","startTime":2115.59,"endTime":2119.61,"body":"the whales away without harming"},{"speaker":"Ralph Chami","startTime":2119.61,"endTime":2125.4,"body":"them or keep you away from them."},{"speaker":"Ralph Chami","startTime":2119.61,"endTime":2125.4,"body":"So what we really described here"},{"speaker":"Ralph Chami","startTime":2125.43,"endTime":2130.35,"body":"is the action of the government"},{"speaker":"Ralph Chami","startTime":2125.43,"endTime":2130.35,"body":"Got the insurance company to"},{"speaker":"Ralph Chami","startTime":2130.35,"endTime":2136.4700000000003,"body":"act, got the agent to act to"},{"speaker":"Ralph Chami","startTime":2130.35,"endTime":2136.4700000000003,"body":"internalize the cost of their"},{"speaker":"Ralph Chami","startTime":2136.4700000000003,"endTime":2140.58,"body":"action, and brought the markets"},{"speaker":"Ralph Chami","startTime":2136.4700000000003,"endTime":2140.58,"body":"around the protection and"},{"speaker":"Ralph Chami","startTime":2140.58,"endTime":2144.84,"body":"regeneration of nature. And now"},{"speaker":"Ralph Chami","startTime":2140.58,"endTime":2144.84,"body":"the owner can come back to"},{"speaker":"Ralph Chami","startTime":2144.87,"endTime":2151.53,"body":"Lloyd's or whatever, and say, I"},{"speaker":"Ralph Chami","startTime":2144.87,"endTime":2151.53,"body":"can install this, you know, this"},{"speaker":"Ralph Chami","startTime":2151.56,"endTime":2155.82,"body":"device on my ship, would you"},{"speaker":"Ralph Chami","startTime":2151.56,"endTime":2155.82,"body":"insure me at a premium, and I'm"},{"speaker":"Ralph Chami","startTime":2155.82,"endTime":2158.9700000000003,"body":"sure they'll be happy to do so"},{"speaker":"Ralph Chami","startTime":2155.82,"endTime":2158.9700000000003,"body":"in fact, the government itself"},{"speaker":"Ralph Chami","startTime":2158.9700000000003,"endTime":2162.63,"body":"can sell them the insurance if"},{"speaker":"Ralph Chami","startTime":2158.9700000000003,"endTime":2162.63,"body":"they put that thing. So what"},{"speaker":"Ralph Chami","startTime":2162.63,"endTime":2166.71,"body":"we're really describing here is"},{"speaker":"Ralph Chami","startTime":2162.63,"endTime":2166.71,"body":"how the markets can come. But"},{"speaker":"Ralph Chami","startTime":2166.7400000000002,"endTime":2171.93,"body":"around the protection and"},{"speaker":"Ralph Chami","startTime":2166.7400000000002,"endTime":2171.93,"body":"regeneration of the of the whale"},{"speaker":"Ralph Chami","startTime":2171.93,"endTime":2177.21,"body":"itself. But it needs a policy"},{"speaker":"Ralph Chami","startTime":2171.93,"endTime":2177.21,"body":"action. Right? So there are"},{"speaker":"Ralph Chami","startTime":2177.21,"endTime":2180.75,"body":"three pillars, four pillars to"},{"speaker":"Ralph Chami","startTime":2177.21,"endTime":2180.75,"body":"this work, the work that I've"},{"speaker":"Ralph Chami","startTime":2180.75,"endTime":2184.23,"body":"been doing, you need to know"},{"speaker":"Ralph Chami","startTime":2180.75,"endTime":2184.23,"body":"what you have, in terms of"},{"speaker":"Ralph Chami","startTime":2184.23,"endTime":2188.1,"body":"nature, we need to value what"},{"speaker":"Ralph Chami","startTime":2184.23,"endTime":2188.1,"body":"you have, but that's a model"},{"speaker":"Ralph Chami","startTime":2188.1,"endTime":2193.23,"body":"valuation that that basically"},{"speaker":"Ralph Chami","startTime":2188.1,"endTime":2193.23,"body":"convinces the policymakers that,"},{"speaker":"Ralph Chami","startTime":2193.41,"endTime":2198.03,"body":"hey, there's something here."},{"speaker":"Ralph Chami","startTime":2193.41,"endTime":2198.03,"body":"Yeah, they take an action. The"},{"speaker":"Ralph Chami","startTime":2198.03,"endTime":2202.11,"body":"punishment, by the way, is not"},{"speaker":"Ralph Chami","startTime":2198.03,"endTime":2202.11,"body":"to punish is, it's a mech is a"},{"speaker":"Ralph Chami","startTime":2202.11,"endTime":2205.5,"body":"commitment mechanism, that the"},{"speaker":"Ralph Chami","startTime":2202.11,"endTime":2205.5,"body":"markets say, you really mean"},{"speaker":"Ralph Chami","startTime":2205.5,"endTime":2208.41,"body":"what you're talking about. So"},{"speaker":"Ralph Chami","startTime":2205.5,"endTime":2208.41,"body":"now we're going to try to figure"},{"speaker":"Ralph Chami","startTime":2208.41,"endTime":2211.83,"body":"out how to create markets around"},{"speaker":"Ralph Chami","startTime":2208.41,"endTime":2211.83,"body":"it. And then the markets come"},{"speaker":"Ralph Chami","startTime":2211.83,"endTime":2215.28,"body":"in. And I can many ways I can"},{"speaker":"Ralph Chami","startTime":2211.83,"endTime":2215.28,"body":"describe to you how the market"},{"speaker":"Ralph Chami","startTime":2215.28,"endTime":2217.29,"body":"is coming, the insurance"},{"speaker":"Ralph Chami","startTime":2215.28,"endTime":2217.29,"body":"companies come in, because"},{"speaker":"Ralph Chami","startTime":2217.29,"endTime":2221.52,"body":"that's a natural field for them."},{"speaker":"Ralph Chami","startTime":2217.29,"endTime":2221.52,"body":"And that brings in all kinds of"},{"speaker":"Ralph Chami","startTime":2221.52,"endTime":2226.83,"body":"other services. But now it's"},{"speaker":"Ralph Chami","startTime":2221.52,"endTime":2226.83,"body":"it's services around the"},{"speaker":"Ralph Chami","startTime":2226.83,"endTime":2230.82,"body":"regeneration, the protection and"},{"speaker":"Ralph Chami","startTime":2226.83,"endTime":2230.82,"body":"regeneration of nature. This is"},{"speaker":"Ralph Chami","startTime":2230.82,"endTime":2234.48,"body":"not about extracting stuff from"},{"speaker":"Ralph Chami","startTime":2230.82,"endTime":2234.48,"body":"nature. So it's a completely"},{"speaker":"Ralph Chami","startTime":2234.48,"endTime":2238.83,"body":"different paradigm. It is a"},{"speaker":"Ralph Chami","startTime":2234.48,"endTime":2238.83,"body":"currency. And then, and then we"},{"speaker":"Ralph Chami","startTime":2238.83,"endTime":2241.17,"body":"can discuss how would the"},{"speaker":"Ralph Chami","startTime":2238.83,"endTime":2241.17,"body":"revenue come in and all that"},{"speaker":"Ralph Chami","startTime":2241.17,"endTime":2241.59,"body":"stuff?"},{"speaker":"Tom Raftery","startTime":2241.62,"endTime":2244.08,"body":"Yeah. And it's not"},{"speaker":"Tom Raftery","startTime":2241.62,"endTime":2244.08,"body":"just whales?"},{"speaker":"Ralph Chami","startTime":2244.68,"endTime":2248.76,"body":"No, no that so when"},{"speaker":"Ralph Chami","startTime":2244.68,"endTime":2248.76,"body":"we did the whales, I had no idea"},{"speaker":"Ralph Chami","startTime":2248.76,"endTime":2250.9500000000003,"body":"I was going to be here today"},{"speaker":"Ralph Chami","startTime":2248.76,"endTime":2250.9500000000003,"body":"talking to you about the"},{"speaker":"Ralph Chami","startTime":2250.9500000000003,"endTime":2254.52,"body":"paradigm. I started it as, by"},{"speaker":"Ralph Chami","startTime":2250.9500000000003,"endTime":2254.52,"body":"the way, it's not my job a day"},{"speaker":"Ralph Chami","startTime":2254.52,"endTime":2257.73,"body":"enough. I mean, at first, they"},{"speaker":"Ralph Chami","startTime":2254.52,"endTime":2257.73,"body":"made fun of me to call me the"},{"speaker":"Ralph Chami","startTime":2257.73,"endTime":2261.66,"body":"way the whisper which I took it"},{"speaker":"Ralph Chami","startTime":2257.73,"endTime":2261.66,"body":"as a badge of honor if the"},{"speaker":"Ralph Chami","startTime":2261.66,"endTime":2264.51,"body":"whales could whisper to me, I"},{"speaker":"Ralph Chami","startTime":2261.66,"endTime":2264.51,"body":"mean, I called self"},{"speaker":"Ralph Chami","startTime":2264.51,"endTime":2268.68,"body":"enlightenment. I mean, you"},{"speaker":"Ralph Chami","startTime":2264.51,"endTime":2268.68,"body":"really, you really arrived"},{"speaker":"Ralph Chami","startTime":2268.68,"endTime":2275.4900000000002,"body":"anyway. No, not at all. It was a"},{"speaker":"Ralph Chami","startTime":2268.68,"endTime":2275.4900000000002,"body":"hobby of have, you know, it's"},{"speaker":"Ralph Chami","startTime":2275.4900000000002,"endTime":2279.4500000000003,"body":"literally to cover my life. Up"},{"speaker":"Ralph Chami","startTime":2275.4900000000002,"endTime":2279.4500000000003,"body":"until now I have yet to take a"},{"speaker":"Ralph Chami","startTime":2279.4500000000003,"endTime":2283.53,"body":"vacation. This is to declare on"},{"speaker":"Ralph Chami","startTime":2279.4500000000003,"endTime":2283.53,"body":"radio. For the past four and a"},{"speaker":"Ralph Chami","startTime":2283.53,"endTime":2286.8,"body":"half years, it's really just"},{"speaker":"Ralph Chami","startTime":2283.53,"endTime":2286.8,"body":"grabbed me and I couldn't let"},{"speaker":"Ralph Chami","startTime":2286.8,"endTime":2292.9500000000003,"body":"go. Because I realize at first"},{"speaker":"Ralph Chami","startTime":2286.8,"endTime":2292.9500000000003,"body":"was just to help my scientist"},{"speaker":"Ralph Chami","startTime":2292.9500000000003,"endTime":2297.39,"body":"friends and help the cause of"},{"speaker":"Ralph Chami","startTime":2292.9500000000003,"endTime":2297.39,"body":"the whale. And but I realize"},{"speaker":"Ralph Chami","startTime":2297.39,"endTime":2300.27,"body":"right away I mean, anybody could"},{"speaker":"Ralph Chami","startTime":2297.39,"endTime":2300.27,"body":"do it. Who else is out there?"},{"speaker":"Ralph Chami","startTime":2301.23,"endTime":2303.66,"body":"Remember, usually when you talk"},{"speaker":"Ralph Chami","startTime":2301.23,"endTime":2303.66,"body":"about carbon sequestration,"},{"speaker":"Ralph Chami","startTime":2303.69,"endTime":2307.59,"body":"people think of trees. Yeah,"},{"speaker":"Ralph Chami","startTime":2303.69,"endTime":2307.59,"body":"trees is a small game in the"},{"speaker":"Ralph Chami","startTime":2307.59,"endTime":2312.9900000000002,"body":"bigger picture. four fifths of"},{"speaker":"Ralph Chami","startTime":2307.59,"endTime":2312.9900000000002,"body":"the planet is water. Right? And,"},{"speaker":"Ralph Chami","startTime":2312.9900000000002,"endTime":2317.7000000000003,"body":"and and and, anyway, so what"},{"speaker":"Ralph Chami","startTime":2312.9900000000002,"endTime":2317.7000000000003,"body":"happened is right after that, I"},{"speaker":"Ralph Chami","startTime":2317.7000000000003,"endTime":2321.66,"body":"got a phone call from Paris. And"},{"speaker":"Ralph Chami","startTime":2317.7000000000003,"endTime":2321.66,"body":"this scientist named Fabio"},{"speaker":"Ralph Chami","startTime":2321.87,"endTime":2326.94,"body":"bizagi, who's now a dear friend"},{"speaker":"Ralph Chami","startTime":2321.87,"endTime":2326.94,"body":"says, Hey, guy, you valued the"},{"speaker":"Ralph Chami","startTime":2326.94,"endTime":2330.57,"body":"whale and you got a lot of"},{"speaker":"Ralph Chami","startTime":2326.94,"endTime":2330.57,"body":"attention. We just did. We just"},{"speaker":"Ralph Chami","startTime":2330.57,"endTime":2335.31,"body":"published in the journal Nature"},{"speaker":"Ralph Chami","startTime":2330.57,"endTime":2335.31,"body":"that the elephants forest"},{"speaker":"Ralph Chami","startTime":2335.31,"endTime":2339.75,"body":"elephants of Africa, also helps"},{"speaker":"Ralph Chami","startTime":2335.31,"endTime":2339.75,"body":"sequester carbon in the forest."},{"speaker":"Ralph Chami","startTime":2340.35,"endTime":2343.68,"body":"And I said, Oh, yeah, I saw"},{"speaker":"Ralph Chami","startTime":2340.35,"endTime":2343.68,"body":"this. The New York Times had"},{"speaker":"Ralph Chami","startTime":2343.71,"endTime":2347.94,"body":"basically I reported on it. And"},{"speaker":"Ralph Chami","startTime":2343.71,"endTime":2347.94,"body":"he said, Yeah, but their"},{"speaker":"Ralph Chami","startTime":2347.94,"endTime":2351.87,"body":"situation is far worse than the"},{"speaker":"Ralph Chami","startTime":2347.94,"endTime":2351.87,"body":"than the whales. The These are"},{"speaker":"Ralph Chami","startTime":2351.87,"endTime":2354.78,"body":"not the savanna elephants. These"},{"speaker":"Ralph Chami","startTime":2351.87,"endTime":2354.78,"body":"are the forest elephants. He"},{"speaker":"Ralph Chami","startTime":2354.78,"endTime":2359.9700000000003,"body":"said they're dying at such a"},{"speaker":"Ralph Chami","startTime":2354.78,"endTime":2359.9700000000003,"body":"high rate that they used to be"},{"speaker":"Ralph Chami","startTime":2359.9700000000003,"endTime":2368.55,"body":"1,000,200 dead down to 90,000."},{"speaker":"Ralph Chami","startTime":2359.9700000000003,"endTime":2368.55,"body":"And IUCN basically says in the"},{"speaker":"Ralph Chami","startTime":2368.55,"endTime":2372.18,"body":"next decade, there'll be no"},{"speaker":"Ralph Chami","startTime":2368.55,"endTime":2372.18,"body":"elephants left in the wild. Can"},{"speaker":"Ralph Chami","startTime":2372.18,"endTime":2376.89,"body":"you help me? Can you help me"},{"speaker":"Ralph Chami","startTime":2372.18,"endTime":2376.89,"body":"tell this story? And size told"},{"speaker":"Ralph Chami","startTime":2376.89,"endTime":2379.8,"body":"five years if you work with me,"},{"speaker":"Ralph Chami","startTime":2376.89,"endTime":2379.8,"body":"because I know nothing about"},{"speaker":"Ralph Chami","startTime":2379.8,"endTime":2382.83,"body":"elephants, and we have to build"},{"speaker":"Ralph Chami","startTime":2379.8,"endTime":2382.83,"body":"the logistic model for the"},{"speaker":"Ralph Chami","startTime":2382.83,"endTime":2386.64,"body":"elephants. So he said yeah, so"},{"speaker":"Ralph Chami","startTime":2382.83,"endTime":2386.64,"body":"we work together, our team and"},{"speaker":"Ralph Chami","startTime":2386.64,"endTime":2392.46,"body":"with Fabio and, and we produce"},{"speaker":"Ralph Chami","startTime":2386.64,"endTime":2392.46,"body":"the second paper which is the so"},{"speaker":"Ralph Chami","startTime":2392.46,"endTime":2396.48,"body":"the elephants is fascinating."},{"speaker":"Ralph Chami","startTime":2392.46,"endTime":2396.48,"body":"The forest elephants, they walk"},{"speaker":"Ralph Chami","startTime":2396.48,"endTime":2400.44,"body":"around the forest, and they"},{"speaker":"Ralph Chami","startTime":2396.48,"endTime":2400.44,"body":"forage and they eat small shoots"},{"speaker":"Ralph Chami","startTime":2400.4700000000003,"endTime":2405.27,"body":"and ever they have a taste for"},{"speaker":"Ralph Chami","startTime":2400.4700000000003,"endTime":2405.27,"body":"the trees with very low fiber"},{"speaker":"Ralph Chami","startTime":2406.14,"endTime":2409.7400000000002,"body":"and and that's what they like to"},{"speaker":"Ralph Chami","startTime":2406.14,"endTime":2409.7400000000002,"body":"feed on. But as they walk"},{"speaker":"Ralph Chami","startTime":2409.7400000000002,"endTime":2413.76,"body":"around, they traipse on the"},{"speaker":"Ralph Chami","startTime":2409.7400000000002,"endTime":2413.76,"body":"small shoots allowing you know"},{"speaker":"Ralph Chami","startTime":2413.76,"endTime":2416.37,"body":"allowing bigger shoots and"},{"speaker":"Ralph Chami","startTime":2413.76,"endTime":2416.37,"body":"bigger trees to grow bigger and"},{"speaker":"Ralph Chami","startTime":2416.37,"endTime":2419.4,"body":"wider because there's more"},{"speaker":"Ralph Chami","startTime":2416.37,"endTime":2419.4,"body":"there's more sun, sunlight"},{"speaker":"Ralph Chami","startTime":2419.4,"endTime":2423.06,"body":"coming in, there's more water"},{"speaker":"Ralph Chami","startTime":2419.4,"endTime":2423.06,"body":"and and of course they eat and"},{"speaker":"Ralph Chami","startTime":2423.06,"endTime":2426.7200000000003,"body":"desiccate and they and they're"},{"speaker":"Ralph Chami","startTime":2423.06,"endTime":2426.7200000000003,"body":"referred to as fertilizers, of"},{"speaker":"Ralph Chami","startTime":2426.7200000000003,"endTime":2433.14,"body":"the forest. They So what, what,"},{"speaker":"Ralph Chami","startTime":2426.7200000000003,"endTime":2433.14,"body":"how, for us for what five, you"},{"speaker":"Ralph Chami","startTime":2433.14,"endTime":2436.23,"body":"discovered this is really his"},{"speaker":"Ralph Chami","startTime":2433.14,"endTime":2436.23,"body":"work that he discovered with his"},{"speaker":"Ralph Chami","startTime":2436.23,"endTime":2440.85,"body":"colleagues that that action"},{"speaker":"Ralph Chami","startTime":2436.23,"endTime":2440.85,"body":"allows for us to capture an"},{"speaker":"Ralph Chami","startTime":2440.85,"endTime":2445.44,"body":"additional 7% of carbon in above"},{"speaker":"Ralph Chami","startTime":2440.85,"endTime":2445.44,"body":"soil just in the trunk in the"},{"speaker":"Ralph Chami","startTime":2445.44,"endTime":2449.01,"body":"tree itself, not in the roots."},{"speaker":"Ralph Chami","startTime":2445.44,"endTime":2449.01,"body":"Even Sure, he didn't have enough"},{"speaker":"Ralph Chami","startTime":2449.01,"endTime":2451.7400000000002,"body":"funding to study the roots. This"},{"speaker":"Ralph Chami","startTime":2449.01,"endTime":2451.7400000000002,"body":"is current above ground"},{"speaker":"Ralph Chami","startTime":2451.7400000000002,"endTime":2452.31,"body":"literally."},{"speaker":"Ralph Chami","startTime":2453.75,"endTime":2459.36,"body":"And so so so as a result, what"},{"speaker":"Ralph Chami","startTime":2453.75,"endTime":2459.36,"body":"happened was elk. The other"},{"speaker":"Ralph Chami","startTime":2459.36,"endTime":2462.48,"body":"thing he found, it's not a"},{"speaker":"Ralph Chami","startTime":2459.36,"endTime":2462.48,"body":"correlation is causality. When"},{"speaker":"Ralph Chami","startTime":2462.48,"endTime":2466.65,"body":"you lose the elephants, the"},{"speaker":"Ralph Chami","startTime":2462.48,"endTime":2466.65,"body":"forest loses the ability to"},{"speaker":"Ralph Chami","startTime":2466.65,"endTime":2472.38,"body":"capture carbon carbon by, by a"},{"speaker":"Ralph Chami","startTime":2466.65,"endTime":2472.38,"body":"certain amount. So I the 7%. So"},{"speaker":"Ralph Chami","startTime":2472.53,"endTime":2476.34,"body":"it's a causality. So what does"},{"speaker":"Ralph Chami","startTime":2472.53,"endTime":2476.34,"body":"this tell you number of things."},{"speaker":"Ralph Chami","startTime":2476.52,"endTime":2480.4500000000003,"body":"It's not about trees, it's about"},{"speaker":"Ralph Chami","startTime":2476.52,"endTime":2480.4500000000003,"body":"the life within those trees."},{"speaker":"Ralph Chami","startTime":2481.02,"endTime":2483.81,"body":"It's about the elephants, their"},{"speaker":"Ralph Chami","startTime":2481.02,"endTime":2483.81,"body":"keystone species, it's about the"},{"speaker":"Ralph Chami","startTime":2483.81,"endTime":2486.84,"body":"gorillas because I learned from"},{"speaker":"Ralph Chami","startTime":2483.81,"endTime":2486.84,"body":"the famous Ian Redmond, who's my"},{"speaker":"Ralph Chami","startTime":2486.84,"endTime":2491.37,"body":"colleague, what gorillas also"},{"speaker":"Ralph Chami","startTime":2486.84,"endTime":2491.37,"body":"helped, you know, produce within"},{"speaker":"Ralph Chami","startTime":2491.37,"endTime":2494.16,"body":"the forest, how important they"},{"speaker":"Ralph Chami","startTime":2491.37,"endTime":2494.16,"body":"are. The elephants are"},{"speaker":"Ralph Chami","startTime":2494.16,"endTime":2498.87,"body":"important, the gorillas, the"},{"speaker":"Ralph Chami","startTime":2494.16,"endTime":2498.87,"body":"every single, you know, it's the"},{"speaker":"Ralph Chami","startTime":2498.87,"endTime":2502.38,"body":"fauna and the floor together."},{"speaker":"Ralph Chami","startTime":2498.87,"endTime":2502.38,"body":"That's what we refer to as"},{"speaker":"Ralph Chami","startTime":2502.38,"endTime":2505.8,"body":"biodiversity. So it's not about"},{"speaker":"Ralph Chami","startTime":2502.38,"endTime":2505.8,"body":"planting trees and saying, Oh,"},{"speaker":"Ralph Chami","startTime":2505.8,"endTime":2510.18,"body":"no, we're not we're not at all."},{"speaker":"Ralph Chami","startTime":2505.8,"endTime":2510.18,"body":"It's about the life within the"},{"speaker":"Ralph Chami","startTime":2510.18,"endTime":2514.14,"body":"forest. That's what makes the"},{"speaker":"Ralph Chami","startTime":2510.18,"endTime":2514.14,"body":"forest so valuable to us, in"},{"speaker":"Ralph Chami","startTime":2514.14,"endTime":2517.14,"body":"terms of even carbon"},{"speaker":"Ralph Chami","startTime":2514.14,"endTime":2517.14,"body":"sequestration and other"},{"speaker":"Ralph Chami","startTime":2517.14,"endTime":2523.41,"body":"ecosystem services that we have"},{"speaker":"Ralph Chami","startTime":2517.14,"endTime":2523.41,"body":"yet to uncover. So breath, we"},{"speaker":"Ralph Chami","startTime":2523.41,"endTime":2526.65,"body":"did the whale, then we did the"},{"speaker":"Ralph Chami","startTime":2523.41,"endTime":2526.65,"body":"elephant valuation lifetime, and"},{"speaker":"Ralph Chami","startTime":2526.65,"endTime":2530.76,"body":"we got one elephant, just in"},{"speaker":"Ralph Chami","startTime":2526.65,"endTime":2530.76,"body":"carbon destined carbon. And by"},{"speaker":"Ralph Chami","startTime":2530.76,"endTime":2534.63,"body":"the way, not the carbon on its"},{"speaker":"Ralph Chami","startTime":2530.76,"endTime":2534.63,"body":"body, the carbon in the trees,"},{"speaker":"Ralph Chami","startTime":2534.7200000000003,"endTime":2537.21,"body":"so unlike the whales, where we"},{"speaker":"Ralph Chami","startTime":2534.7200000000003,"endTime":2537.21,"body":"looked at the value of the"},{"speaker":"Ralph Chami","startTime":2537.21,"endTime":2541.2000000000003,"body":"carbon on its body, in the case"},{"speaker":"Ralph Chami","startTime":2537.21,"endTime":2541.2000000000003,"body":"of the elephants, I chose not to"},{"speaker":"Ralph Chami","startTime":2541.2000000000003,"endTime":2544.2000000000003,"body":"do that, because elephants when"},{"speaker":"Ralph Chami","startTime":2541.2000000000003,"endTime":2544.2000000000003,"body":"they die, they say on the"},{"speaker":"Ralph Chami","startTime":2544.2000000000003,"endTime":2548.88,"body":"surface, sure, they don't. And"},{"speaker":"Ralph Chami","startTime":2544.2000000000003,"endTime":2548.88,"body":"therefore, that you can make the"},{"speaker":"Ralph Chami","startTime":2548.88,"endTime":2551.4,"body":"argument that that carbon does"},{"speaker":"Ralph Chami","startTime":2548.88,"endTime":2551.4,"body":"not interact with the"},{"speaker":"Ralph Chami","startTime":2551.4,"endTime":2556.44,"body":"atmosphere. And as a result, we"},{"speaker":"Ralph Chami","startTime":2551.4,"endTime":2556.44,"body":"just looked at the carbon in the"},{"speaker":"Ralph Chami","startTime":2556.56,"endTime":2561.93,"body":"industries. And the lifetime"},{"speaker":"Ralph Chami","startTime":2556.56,"endTime":2561.93,"body":"service of a single elephant is"},{"speaker":"Ralph Chami","startTime":2561.96,"endTime":2565.98,"body":"worth over in terms of carbon"},{"speaker":"Ralph Chami","startTime":2561.96,"endTime":2565.98,"body":"sequestration is over $1.75"},{"speaker":"Ralph Chami","startTime":2565.98,"endTime":2570.0,"body":"million. And that's when the"},{"speaker":"Ralph Chami","startTime":2565.98,"endTime":2570.0,"body":"price of carbon was $24. Now the"},{"speaker":"Ralph Chami","startTime":2570.0,"endTime":2573.63,"body":"price on the European exchange"},{"speaker":"Ralph Chami","startTime":2570.0,"endTime":2573.63,"body":"is $70. So you can imagine what"},{"speaker":"Ralph Chami","startTime":2573.63,"endTime":2577.02,"body":"happened to that value. Since"},{"speaker":"Ralph Chami","startTime":2573.63,"endTime":2577.02,"body":"then, of course, other"},{"speaker":"Ralph Chami","startTime":2577.02,"endTime":2580.17,"body":"scientists and activists came"},{"speaker":"Ralph Chami","startTime":2577.02,"endTime":2580.17,"body":"around and said, Can you help"},{"speaker":"Ralph Chami","startTime":2580.17,"endTime":2581.7000000000003,"body":"me? Can you help us"},{"speaker":"Tom Raftery","startTime":2581.7000000000003,"endTime":2583.14,"body":"I've got this"},{"speaker":"Tom Raftery","startTime":2581.7000000000003,"endTime":2583.14,"body":"species of"},{"speaker":"Ralph Chami","startTime":2587.91,"endTime":2590.67,"body":"you knows. So by"},{"speaker":"Ralph Chami","startTime":2587.91,"endTime":2590.67,"body":"the way, that's not my day job."},{"speaker":"Ralph Chami","startTime":2590.67,"endTime":2595.92,"body":"But I kept telling them, I'll do"},{"speaker":"Ralph Chami","startTime":2590.67,"endTime":2595.92,"body":"it because I can't say no. And,"},{"speaker":"Ralph Chami","startTime":2595.9500000000003,"endTime":2600.42,"body":"and, but, you know, it was"},{"speaker":"Ralph Chami","startTime":2595.9500000000003,"endTime":2600.42,"body":"weekends, it was night. I mean,"},{"speaker":"Ralph Chami","startTime":2600.42,"endTime":2602.46,"body":"my family thought I was going"},{"speaker":"Ralph Chami","startTime":2600.42,"endTime":2602.46,"body":"nuts because I would talk to"},{"speaker":"Ralph Chami","startTime":2602.46,"endTime":2606.21,"body":"myself the whole time around and"},{"speaker":"Ralph Chami","startTime":2602.46,"endTime":2606.21,"body":"I you know, because, you know,"},{"speaker":"Ralph Chami","startTime":2606.21,"endTime":2609.51,"body":"you're working on it, it's,"},{"speaker":"Ralph Chami","startTime":2606.21,"endTime":2609.51,"body":"it's, it took up it literally"},{"speaker":"Ralph Chami","startTime":2609.51,"endTime":2613.29,"body":"took over my life. And during"},{"speaker":"Ralph Chami","startTime":2609.51,"endTime":2613.29,"body":"the day, I'm working for the IMF"},{"speaker":"Ralph Chami","startTime":2613.32,"endTime":2616.41,"body":"and and at night and weekends"},{"speaker":"Ralph Chami","startTime":2613.32,"endTime":2616.41,"body":"and holidays and working for"},{"speaker":"Ralph Chami","startTime":2616.41,"endTime":2623.34,"body":"everyone else trying to, to, to"},{"speaker":"Ralph Chami","startTime":2616.41,"endTime":2623.34,"body":"do this. So as a result, we were"},{"speaker":"Ralph Chami","startTime":2624.9900000000002,"endTime":2629.61,"body":"you know, valuing all these"},{"speaker":"Ralph Chami","startTime":2624.9900000000002,"endTime":2629.61,"body":"different assets. And we so for"},{"speaker":"Ralph Chami","startTime":2629.61,"endTime":2633.18,"body":"example, I'll tell you something"},{"speaker":"Ralph Chami","startTime":2629.61,"endTime":2633.18,"body":"really cool to really brand new."},{"speaker":"Ralph Chami","startTime":2633.69,"endTime":2639.75,"body":"We were asked by the UNDP and"},{"speaker":"Ralph Chami","startTime":2633.69,"endTime":2639.75,"body":"Rondo to help them value"},{"speaker":"Ralph Chami","startTime":2639.75,"endTime":2643.92,"body":"seagrass. Just in terms of"},{"speaker":"Ralph Chami","startTime":2639.75,"endTime":2643.92,"body":"carbon sequestration, seagrass"},{"speaker":"Ralph Chami","startTime":2643.92,"endTime":2648.18,"body":"helps in terms of carbon"},{"speaker":"Ralph Chami","startTime":2643.92,"endTime":2648.18,"body":"sequestration, fish stocks,"},{"speaker":"Ralph Chami","startTime":2648.18,"endTime":2651.78,"body":"flood control, you name it, they"},{"speaker":"Ralph Chami","startTime":2648.18,"endTime":2651.78,"body":"do it. People don't realize how"},{"speaker":"Ralph Chami","startTime":2651.78,"endTime":2655.14,"body":"valuable it is would you like to"},{"speaker":"Ralph Chami","startTime":2651.78,"endTime":2655.14,"body":"know how valuable it is seagrass"},{"speaker":"Ralph Chami","startTime":2655.14,"endTime":2661.71,"body":"globally, just in terms of"},{"speaker":"Ralph Chami","startTime":2655.14,"endTime":2661.71,"body":"carbon sequestration, over $1.2"},{"speaker":"Ralph Chami","startTime":2661.71,"endTime":2669.33,"body":"trillion? Well imagine just in"},{"speaker":"Ralph Chami","startTime":2661.71,"endTime":2669.33,"body":"carbon, we haven't even added"},{"speaker":"Ralph Chami","startTime":2670.38,"endTime":2674.46,"body":"flood control and flood control"},{"speaker":"Ralph Chami","startTime":2670.38,"endTime":2674.46,"body":"or or impact on fish stocks or"},{"speaker":"Ralph Chami","startTime":2674.46,"endTime":2677.13,"body":"their filter their water"},{"speaker":"Ralph Chami","startTime":2674.46,"endTime":2677.13,"body":"filtration because they're very"},{"speaker":"Ralph Chami","startTime":2677.13,"endTime":2682.71,"body":"important for the coral reefs,"},{"speaker":"Ralph Chami","startTime":2677.13,"endTime":2682.71,"body":"just in carbon. seagrass is a"},{"speaker":"Ralph Chami","startTime":2682.71,"endTime":2689.52,"body":"huge of huge benefit to"},{"speaker":"Ralph Chami","startTime":2682.71,"endTime":2689.52,"body":"humanity. So you know, you look"},{"speaker":"Ralph Chami","startTime":2689.52,"endTime":2693.06,"body":"at this and we're looking we're"},{"speaker":"Ralph Chami","startTime":2689.52,"endTime":2693.06,"body":"working in Florida on on"},{"speaker":"Ralph Chami","startTime":2693.06,"endTime":2698.79,"body":"mangroves. We're we're starting"},{"speaker":"Ralph Chami","startTime":2693.06,"endTime":2698.79,"body":"work with our colleagues in the"},{"speaker":"Ralph Chami","startTime":2698.79,"endTime":2705.36,"body":"UK on on salt marshes of the of"},{"speaker":"Ralph Chami","startTime":2698.79,"endTime":2705.36,"body":"England. And and the evidence is"},{"speaker":"Ralph Chami","startTime":2705.36,"endTime":2710.4900000000002,"body":"everywhere. Again, the valuation"},{"speaker":"Ralph Chami","startTime":2705.36,"endTime":2710.4900000000002,"body":"is not just to put $1 amount is"},{"speaker":"Ralph Chami","startTime":2710.4900000000002,"endTime":2711.78,"body":"to bring funding."},{"speaker":"Tom Raftery","startTime":2712.11,"endTime":2714.9,"body":"Sure. So people"},{"speaker":"Tom Raftery","startTime":2712.11,"endTime":2714.9,"body":"have financial instruments"},{"speaker":"Tom Raftery","startTime":2715.05,"endTime":2717.15,"body":"placed into Yeah, biodiversity."},{"speaker":"Ralph Chami","startTime":2717.179,"endTime":2721.409,"body":"Yes, yes. Because,"},{"speaker":"Ralph Chami","startTime":2717.179,"endTime":2721.409,"body":"and especially now especially"},{"speaker":"Ralph Chami","startTime":2721.409,"endTime":2723.869,"body":"now because right now"},{"speaker":"Ralph Chami","startTime":2721.409,"endTime":2723.869,"body":"everybody's focused on climate"},{"speaker":"Ralph Chami","startTime":2723.869,"endTime":2728.5190000000002,"body":"change. You see, but what's what"},{"speaker":"Ralph Chami","startTime":2723.869,"endTime":2728.5190000000002,"body":"sort of David Attenborough has"},{"speaker":"Ralph Chami","startTime":2728.5190000000002,"endTime":2734.309,"body":"been telling everybody his, his"},{"speaker":"Ralph Chami","startTime":2728.5190000000002,"endTime":2734.309,"body":"his, we are we are destroying"},{"speaker":"Ralph Chami","startTime":2734.339,"endTime":2739.049,"body":"our natural capital. And and so"},{"speaker":"Ralph Chami","startTime":2734.339,"endTime":2739.049,"body":"the world is done if I may, we"},{"speaker":"Ralph Chami","startTime":2739.049,"endTime":2743.9990000000003,"body":"are facing dual risk. We're"},{"speaker":"Ralph Chami","startTime":2739.049,"endTime":2743.9990000000003,"body":"facing climate risk. And we're"},{"speaker":"Ralph Chami","startTime":2743.9990000000003,"endTime":2748.259,"body":"facing the risk of losing our"},{"speaker":"Ralph Chami","startTime":2743.9990000000003,"endTime":2748.259,"body":"nature natural world. And if we"},{"speaker":"Ralph Chami","startTime":2748.259,"endTime":2752.489,"body":"lose, if, if any of these two"},{"speaker":"Ralph Chami","startTime":2748.259,"endTime":2752.489,"body":"risks were to materialize, we're"},{"speaker":"Ralph Chami","startTime":2752.489,"endTime":2758.159,"body":"gone as a species. So focusing"},{"speaker":"Ralph Chami","startTime":2752.489,"endTime":2758.159,"body":"on on just climate and thinking,"},{"speaker":"Ralph Chami","startTime":2758.159,"endTime":2760.919,"body":"Oh, well, it's about capturing"},{"speaker":"Ralph Chami","startTime":2758.159,"endTime":2760.919,"body":"carbon. I hear that and I'm"},{"speaker":"Ralph Chami","startTime":2760.919,"endTime":2765.059,"body":"like, Really? So let's assume"},{"speaker":"Ralph Chami","startTime":2760.919,"endTime":2765.059,"body":"for a minute, we find this"},{"speaker":"Ralph Chami","startTime":2765.059,"endTime":2767.699,"body":"wonderful technology that people"},{"speaker":"Ralph Chami","startTime":2765.059,"endTime":2767.699,"body":"that are enamored with high"},{"speaker":"Ralph Chami","startTime":2767.699,"endTime":2770.909,"body":"tech, they always say, Well, you"},{"speaker":"Ralph Chami","startTime":2767.699,"endTime":2770.909,"body":"know, let's, let's get grabbed"},{"speaker":"Ralph Chami","startTime":2770.909,"endTime":2773.939,"body":"this huge engine is going to"},{"speaker":"Ralph Chami","startTime":2770.909,"endTime":2773.939,"body":"suck up the carbon from the"},{"speaker":"Ralph Chami","startTime":2773.939,"endTime":2777.089,"body":"atmosphere. Let's assume for the"},{"speaker":"Ralph Chami","startTime":2773.939,"endTime":2777.089,"body":"minute that we can do something"},{"speaker":"Ralph Chami","startTime":2777.089,"endTime":2779.909,"body":"like that, okay. I don't know"},{"speaker":"Ralph Chami","startTime":2777.089,"endTime":2779.909,"body":"where you're gonna put it. But"},{"speaker":"Ralph Chami","startTime":2779.909,"endTime":2783.809,"body":"let's say you can pump it back"},{"speaker":"Ralph Chami","startTime":2779.909,"endTime":2783.809,"body":"into the ground from where it"},{"speaker":"Ralph Chami","startTime":2783.809,"endTime":2790.139,"body":"came. All right. Does that stop"},{"speaker":"Ralph Chami","startTime":2783.809,"endTime":2790.139,"body":"the whales from dying? The"},{"speaker":"Ralph Chami","startTime":2790.139,"endTime":2792.869,"body":"answer is no. Because whales I'm"},{"speaker":"Ralph Chami","startTime":2790.139,"endTime":2792.869,"body":"dying necessarily from the"},{"speaker":"Ralph Chami","startTime":2792.869,"endTime":2796.439,"body":"climate change. They're dying"},{"speaker":"Ralph Chami","startTime":2792.869,"endTime":2796.439,"body":"from ships, right? They're dying"},{"speaker":"Ralph Chami","startTime":2796.439,"endTime":2800.159,"body":"from the pollution of plastics."},{"speaker":"Ralph Chami","startTime":2796.439,"endTime":2800.159,"body":"They're dying from the fish"},{"speaker":"Ralph Chami","startTime":2800.159,"endTime":2803.639,"body":"nets. They're dying from sonar"},{"speaker":"Ralph Chami","startTime":2800.159,"endTime":2803.639,"body":"testing the blows out their"},{"speaker":"Ralph Chami","startTime":2803.639,"endTime":2807.659,"body":"eardrums and have them lost"},{"speaker":"Ralph Chami","startTime":2803.639,"endTime":2807.659,"body":"completely in the in the ocean."},{"speaker":"Ralph Chami","startTime":2807.659,"endTime":2810.929,"body":"That's why they beached"},{"speaker":"Ralph Chami","startTime":2807.659,"endTime":2810.929,"body":"themselves. Does that stop the"},{"speaker":"Ralph Chami","startTime":2810.929,"endTime":2813.509,"body":"elephants from dying? The fact"},{"speaker":"Ralph Chami","startTime":2810.929,"endTime":2813.509,"body":"that you're grabbing carbon from"},{"speaker":"Ralph Chami","startTime":2813.509,"endTime":2815.609,"body":"the atmosphere? No, because the"},{"speaker":"Ralph Chami","startTime":2813.509,"endTime":2815.609,"body":"elephants are dying from"},{"speaker":"Ralph Chami","startTime":2815.609,"endTime":2820.7690000000002,"body":"poaching from human encroachment"},{"speaker":"Ralph Chami","startTime":2815.609,"endTime":2820.7690000000002,"body":"on their on their habitat. Does"},{"speaker":"Ralph Chami","startTime":2820.7690000000002,"endTime":2825.209,"body":"that stop the this the seagrass?"},{"speaker":"Ralph Chami","startTime":2820.7690000000002,"endTime":2825.209,"body":"No, because the tourists don't"},{"speaker":"Ralph Chami","startTime":2825.209,"endTime":2829.319,"body":"like their feet to get stuck in"},{"speaker":"Ralph Chami","startTime":2825.209,"endTime":2829.319,"body":"seagrass. So now you have all"},{"speaker":"Ralph Chami","startTime":2829.319,"endTime":2833.159,"body":"these resorts basically going"},{"speaker":"Ralph Chami","startTime":2829.319,"endTime":2833.159,"body":"out early in the morning"},{"speaker":"Ralph Chami","startTime":2833.189,"endTime":2837.149,"body":"chopping away at the seagrass."},{"speaker":"Ralph Chami","startTime":2833.189,"endTime":2837.149,"body":"Can you imagine this strike?"},{"speaker":"Ralph Chami","startTime":2837.209,"endTime":2840.689,"body":"Does that stop the mangroves?"},{"speaker":"Ralph Chami","startTime":2837.209,"endTime":2840.689,"body":"No, because they we need more"},{"speaker":"Ralph Chami","startTime":2840.689,"endTime":2844.139,"body":"more marinas for the rich folks"},{"speaker":"Ralph Chami","startTime":2840.689,"endTime":2844.139,"body":"to park their yachts. And they"},{"speaker":"Ralph Chami","startTime":2844.139,"endTime":2849.539,"body":"never use them just to say I"},{"speaker":"Ralph Chami","startTime":2844.139,"endTime":2849.539,"body":"have one. Okay, so that's what"},{"speaker":"Ralph Chami","startTime":2849.569,"endTime":2855.389,"body":"so but if we lose the the whales"},{"speaker":"Ralph Chami","startTime":2849.569,"endTime":2855.389,"body":"in the ocean, you have a dead"},{"speaker":"Ralph Chami","startTime":2855.389,"endTime":2859.289,"body":"ocean and we die. If you lose"},{"speaker":"Ralph Chami","startTime":2855.389,"endTime":2859.289,"body":"the elephants in the forest,"},{"speaker":"Ralph Chami","startTime":2859.739,"endTime":2863.489,"body":"anybody will tell you, it's a"},{"speaker":"Ralph Chami","startTime":2859.739,"endTime":2863.489,"body":"sorry, looking forest that's not"},{"speaker":"Ralph Chami","startTime":2863.489,"endTime":2867.839,"body":"doing, you know, even according"},{"speaker":"Ralph Chami","startTime":2863.489,"endTime":2867.839,"body":"to Redmond, even even the great"},{"speaker":"Ralph Chami","startTime":2867.839,"endTime":2871.049,"body":"apes won't be able to make their"},{"speaker":"Ralph Chami","startTime":2867.839,"endTime":2871.049,"body":"home. Without the elephants in"},{"speaker":"Ralph Chami","startTime":2871.049,"endTime":2874.529,"body":"the forest. They need them."},{"speaker":"Ralph Chami","startTime":2871.049,"endTime":2874.529,"body":"There's this beautiful"},{"speaker":"Ralph Chami","startTime":2874.529,"endTime":2878.459,"body":"relationship between the two."},{"speaker":"Ralph Chami","startTime":2874.529,"endTime":2878.459,"body":"Okay, so that's why they're"},{"speaker":"Ralph Chami","startTime":2878.459,"endTime":2882.959,"body":"called keystone species, and so"},{"speaker":"Ralph Chami","startTime":2878.459,"endTime":2882.959,"body":"on. And the dolphins and all of"},{"speaker":"Ralph Chami","startTime":2882.959,"endTime":2889.319,"body":"these have a role to play. So"},{"speaker":"Ralph Chami","startTime":2882.959,"endTime":2889.319,"body":"high tech focus in terms of"},{"speaker":"Ralph Chami","startTime":2889.319,"endTime":2893.369,"body":"climate change, I think, in my"},{"speaker":"Ralph Chami","startTime":2889.319,"endTime":2893.369,"body":"own opinion, I'm not saying"},{"speaker":"Ralph Chami","startTime":2893.369,"endTime":2897.029,"body":"there is no role for high tech."},{"speaker":"Ralph Chami","startTime":2893.369,"endTime":2897.029,"body":"But putting all our eggs in the"},{"speaker":"Ralph Chami","startTime":2897.029,"endTime":2903.359,"body":"high tech basket is a diversion."},{"speaker":"Ralph Chami","startTime":2897.029,"endTime":2903.359,"body":"That is actually caused the"},{"speaker":"Ralph Chami","startTime":2903.359,"endTime":2907.379,"body":"original sin of divorcing us"},{"speaker":"Ralph Chami","startTime":2903.359,"endTime":2907.379,"body":"from our natural world. Yeah. So"},{"speaker":"Ralph Chami","startTime":2907.379,"endTime":2911.909,"body":"let me repeat that. We thought"},{"speaker":"Ralph Chami","startTime":2907.379,"endTime":2911.909,"body":"through high tech, we can act we"},{"speaker":"Ralph Chami","startTime":2911.909,"endTime":2916.4990000000003,"body":"can pretend that we are outside"},{"speaker":"Ralph Chami","startTime":2911.909,"endTime":2916.4990000000003,"body":"of nature, in a sense, like"},{"speaker":"Ralph Chami","startTime":2916.4990000000003,"endTime":2919.889,"body":"replacing nature with something"},{"speaker":"Ralph Chami","startTime":2916.4990000000003,"endTime":2919.889,"body":"else, and I'm asking, really,"},{"speaker":"Ralph Chami","startTime":2920.2490000000003,"endTime":2925.079,"body":"what do you replace soil with?"},{"speaker":"Ralph Chami","startTime":2920.2490000000003,"endTime":2925.079,"body":"What do you replace water with?"},{"speaker":"Ralph Chami","startTime":2925.4990000000003,"endTime":2930.869,"body":"Oxygen with? Nature is the home"},{"speaker":"Ralph Chami","startTime":2925.4990000000003,"endTime":2930.869,"body":"where we live. Any other"},{"speaker":"Ralph Chami","startTime":2930.869,"endTime":2934.829,"body":"proposition that divorces you"},{"speaker":"Ralph Chami","startTime":2930.869,"endTime":2934.829,"body":"from that idea is incredibly"},{"speaker":"Ralph Chami","startTime":2934.829,"endTime":2939.119,"body":"dangerous. For when I say"},{"speaker":"Ralph Chami","startTime":2934.829,"endTime":2939.119,"body":"dangerous for our own existence?"},{"speaker":"Ralph Chami","startTime":2939.7490000000003,"endTime":2943.859,"body":"Yeah. So the natural world is"},{"speaker":"Ralph Chami","startTime":2939.7490000000003,"endTime":2943.859,"body":"dying. So the whole idea behind"},{"speaker":"Ralph Chami","startTime":2943.859,"endTime":2948.089,"body":"this work is to say, Come"},{"speaker":"Ralph Chami","startTime":2943.859,"endTime":2948.089,"body":"partner with me. Let's save the"},{"speaker":"Ralph Chami","startTime":2948.089,"endTime":2953.909,"body":"natural world. Let's have an"},{"speaker":"Ralph Chami","startTime":2948.089,"endTime":2953.909,"body":"equity stake and our nature and"},{"speaker":"Ralph Chami","startTime":2953.909,"endTime":2957.569,"body":"therefore protect the natural"},{"speaker":"Ralph Chami","startTime":2953.909,"endTime":2957.569,"body":"world. Our nature and nature"},{"speaker":"Ralph Chami","startTime":2957.629,"endTime":2961.469,"body":"will look after us. After all,"},{"speaker":"Ralph Chami","startTime":2957.629,"endTime":2961.469,"body":"it's been looking after us since"},{"speaker":"Ralph Chami","startTime":2961.469,"endTime":2965.939,"body":"time immemorial. Sure. So that's"},{"speaker":"Ralph Chami","startTime":2961.469,"endTime":2965.939,"body":"the that's the secret rather"},{"speaker":"Ralph Chami","startTime":2965.939,"endTime":2971.039,"body":"than, you know, focus on the"},{"speaker":"Ralph Chami","startTime":2965.939,"endTime":2971.039,"body":"high tech only my colleague, my"},{"speaker":"Ralph Chami","startTime":2971.039,"endTime":2975.329,"body":"dear colleague, she always calls"},{"speaker":"Ralph Chami","startTime":2971.039,"endTime":2975.329,"body":"it first tech versus high tech."},{"speaker":"Ralph Chami","startTime":2976.409,"endTime":2979.439,"body":"And Earth tech is far cheaper."},{"speaker":"Ralph Chami","startTime":2976.409,"endTime":2979.439,"body":"And I say it's not necessarily"},{"speaker":"Ralph Chami","startTime":2979.439,"endTime":2984.239,"body":"versus it's together with. We"},{"speaker":"Ralph Chami","startTime":2979.439,"endTime":2984.239,"body":"need both, but not just one"},{"speaker":"Ralph Chami","startTime":2984.239,"endTime":2984.659,"body":"play."},{"speaker":"Tom Raftery","startTime":2985.35,"endTime":2991.14,"body":"Yeah. How do we"},{"speaker":"Tom Raftery","startTime":2985.35,"endTime":2991.14,"body":"operationalize"},{"speaker":"Ralph Chami","startTime":2991.139,"endTime":2998.039,"body":"this? Okay, so, the"},{"speaker":"Ralph Chami","startTime":2991.139,"endTime":2998.039,"body":"I'm actually finishing the paper"},{"speaker":"Ralph Chami","startTime":2998.069,"endTime":3001.459,"body":"that uh, you know, I've been"},{"speaker":"Ralph Chami","startTime":2998.069,"endTime":3001.459,"body":"given talks and I would talk"},{"speaker":"Ralph Chami","startTime":3001.459,"endTime":3003.529,"body":"about how to open it. And"},{"speaker":"Ralph Chami","startTime":3001.459,"endTime":3003.529,"body":"finally my colleagues said,"},{"speaker":"Ralph Chami","startTime":3003.529,"endTime":3006.7690000000002,"body":"Well, why don't you take the"},{"speaker":"Ralph Chami","startTime":3003.529,"endTime":3006.7690000000002,"body":"time off and write it down? So"},{"speaker":"Ralph Chami","startTime":3006.7690000000002,"endTime":3011.089,"body":"I'm finishing that. Basically,"},{"speaker":"Ralph Chami","startTime":3006.7690000000002,"endTime":3011.089,"body":"they're trying to say in a nice"},{"speaker":"Ralph Chami","startTime":3011.089,"endTime":3016.429,"body":"way, why don't you shut up and"},{"speaker":"Ralph Chami","startTime":3011.089,"endTime":3016.429,"body":"put it down. So people can you"},{"speaker":"Ralph Chami","startTime":3016.429,"endTime":3018.859,"body":"know, can say okay, so this is"},{"speaker":"Ralph Chami","startTime":3016.429,"endTime":3018.859,"body":"what it takes. So how do you"},{"speaker":"Ralph Chami","startTime":3018.859,"endTime":3023.389,"body":"operationalize this, okay. So,"},{"speaker":"Ralph Chami","startTime":3018.859,"endTime":3023.389,"body":"we have, we need a proof of"},{"speaker":"Ralph Chami","startTime":3023.389,"endTime":3029.299,"body":"concept. We need a case study."},{"speaker":"Ralph Chami","startTime":3023.389,"endTime":3029.299,"body":"So We bring this good news"},{"speaker":"Ralph Chami","startTime":3029.329,"endTime":3033.049,"body":"literally is good news to the"},{"speaker":"Ralph Chami","startTime":3029.329,"endTime":3033.049,"body":"rest of the world. But whatever"},{"speaker":"Ralph Chami","startTime":3033.079,"endTime":3037.549,"body":"we do has to it is based on four"},{"speaker":"Ralph Chami","startTime":3033.079,"endTime":3037.549,"body":"pillars and two principles. So"},{"speaker":"Ralph Chami","startTime":3037.549,"endTime":3042.889,"body":"allow me, the first thing is for"},{"speaker":"Ralph Chami","startTime":3037.549,"endTime":3042.889,"body":"any country with for the let's"},{"speaker":"Ralph Chami","startTime":3042.889,"endTime":3046.309,"body":"take the UK, the UK for example"},{"speaker":"Ralph Chami","startTime":3042.889,"endTime":3046.309,"body":"and say what do we have an A in"},{"speaker":"Ralph Chami","startTime":3046.309,"endTime":3050.899,"body":"terms of natural capital? Right?"},{"speaker":"Ralph Chami","startTime":3046.309,"endTime":3050.899,"body":"Right now my colleagues and I"},{"speaker":"Ralph Chami","startTime":3050.899,"endTime":3055.399,"body":"are trying to work on valuing"},{"speaker":"Ralph Chami","startTime":3050.899,"endTime":3055.399,"body":"this salt marshes of the United"},{"speaker":"Ralph Chami","startTime":3055.399,"endTime":3058.309,"body":"Kingdom. Okay, so what do we"},{"speaker":"Ralph Chami","startTime":3055.399,"endTime":3058.309,"body":"have we have salt marshes,"},{"speaker":"Ralph Chami","startTime":3058.309,"endTime":3063.649,"body":"seagrass mangroves, we have"},{"speaker":"Ralph Chami","startTime":3058.309,"endTime":3063.649,"body":"whales, we have elephants, we"},{"speaker":"Ralph Chami","startTime":3063.649,"endTime":3067.159,"body":"have whatever. Okay. Next thing"},{"speaker":"Ralph Chami","startTime":3063.649,"endTime":3067.159,"body":"is, how valuable are they?"},{"speaker":"Ralph Chami","startTime":3067.5190000000002,"endTime":3071.839,"body":"That's the next pillar of this"},{"speaker":"Ralph Chami","startTime":3067.5190000000002,"endTime":3071.839,"body":"work. And what I provide is a"},{"speaker":"Ralph Chami","startTime":3071.839,"endTime":3075.709,"body":"service that basically says this"},{"speaker":"Ralph Chami","startTime":3071.839,"endTime":3075.709,"body":"is a model based valuation using"},{"speaker":"Ralph Chami","startTime":3075.709,"endTime":3079.909,"body":"market data of how valuable it"},{"speaker":"Ralph Chami","startTime":3075.709,"endTime":3079.909,"body":"is. But now you got to take what"},{"speaker":"Ralph Chami","startTime":3079.909,"endTime":3085.129,"body":"you think is valuable and go to"},{"speaker":"Ralph Chami","startTime":3079.909,"endTime":3085.129,"body":"the market. Right? market is"},{"speaker":"Ralph Chami","startTime":3085.129,"endTime":3088.699,"body":"supply and demand. So I have the"},{"speaker":"Ralph Chami","startTime":3085.129,"endTime":3088.699,"body":"supply now question is, is there"},{"speaker":"Ralph Chami","startTime":3088.699,"endTime":3093.859,"body":"demand? And the demand is, is a"},{"speaker":"Ralph Chami","startTime":3088.699,"endTime":3093.859,"body":"huge demand insatiable demand."},{"speaker":"Ralph Chami","startTime":3093.859,"endTime":3099.379,"body":"Why? Well, if it's carbon, Paris"},{"speaker":"Ralph Chami","startTime":3093.859,"endTime":3099.379,"body":"accord says by 2050, or now even"},{"speaker":"Ralph Chami","startTime":3099.379,"endTime":3103.669,"body":"before that, we need to go"},{"speaker":"Ralph Chami","startTime":3099.379,"endTime":3103.669,"body":"carbon zero. How do you go"},{"speaker":"Ralph Chami","startTime":3103.669,"endTime":3106.819,"body":"carbon zero? Well, the couple of"},{"speaker":"Ralph Chami","startTime":3103.669,"endTime":3106.819,"body":"ways you can reduce your carbon"},{"speaker":"Ralph Chami","startTime":3106.819,"endTime":3110.899,"body":"emission by using alternative"},{"speaker":"Ralph Chami","startTime":3106.819,"endTime":3110.899,"body":"technologies or doing something,"},{"speaker":"Ralph Chami","startTime":3111.169,"endTime":3116.359,"body":"or and or through carbon offset,"},{"speaker":"Ralph Chami","startTime":3111.169,"endTime":3116.359,"body":"so people don't realize it. So"},{"speaker":"Ralph Chami","startTime":3116.359,"endTime":3120.529,"body":"economists have this cool"},{"speaker":"Ralph Chami","startTime":3116.359,"endTime":3120.529,"body":"concept we use which is stuck in"},{"speaker":"Ralph Chami","startTime":3120.529,"endTime":3125.389,"body":"a flow. people confuse stuck"},{"speaker":"Ralph Chami","startTime":3120.529,"endTime":3125.389,"body":"with the flow. So think of a"},{"speaker":"Ralph Chami","startTime":3125.419,"endTime":3130.279,"body":"think of a tub. Okay, you have a"},{"speaker":"Ralph Chami","startTime":3125.419,"endTime":3130.279,"body":"tub, that tub is full of water."},{"speaker":"Ralph Chami","startTime":3131.7490000000003,"endTime":3136.219,"body":"Okay, replace water with carbon"},{"speaker":"Ralph Chami","startTime":3131.7490000000003,"endTime":3136.219,"body":"dioxide, full of carbon, and you"},{"speaker":"Ralph Chami","startTime":3136.219,"endTime":3140.539,"body":"have a spigot that's still"},{"speaker":"Ralph Chami","startTime":3136.219,"endTime":3140.539,"body":"dripping in to it. That's us"},{"speaker":"Ralph Chami","startTime":3140.539,"endTime":3143.599,"body":"emitting more carbon dioxide"},{"speaker":"Ralph Chami","startTime":3140.539,"endTime":3143.599,"body":"into the atmosphere. So the"},{"speaker":"Ralph Chami","startTime":3143.599,"endTime":3147.649,"body":"atmosphere is already full, can"},{"speaker":"Ralph Chami","startTime":3143.599,"endTime":3147.649,"body":"take anymore, and we're still"},{"speaker":"Ralph Chami","startTime":3147.649,"endTime":3151.369,"body":"emitting. So we need to solve."},{"speaker":"Ralph Chami","startTime":3147.649,"endTime":3151.369,"body":"So what's in the tub is the"},{"speaker":"Ralph Chami","startTime":3151.369,"endTime":3155.869,"body":"stock that already exists, what"},{"speaker":"Ralph Chami","startTime":3151.369,"endTime":3155.869,"body":"you're putting into that tub is"},{"speaker":"Ralph Chami","startTime":3155.869,"endTime":3161.959,"body":"what we call is the flow. Okay?"},{"speaker":"Ralph Chami","startTime":3155.869,"endTime":3161.959,"body":"So So when we say we need to"},{"speaker":"Ralph Chami","startTime":3161.959,"endTime":3166.789,"body":"reduce our emission to me, and"},{"speaker":"Ralph Chami","startTime":3161.959,"endTime":3166.789,"body":"for people that are visual in"},{"speaker":"Ralph Chami","startTime":3166.789,"endTime":3173.509,"body":"your audience, it's like having"},{"speaker":"Ralph Chami","startTime":3166.789,"endTime":3173.509,"body":"a leak in the tub. That takes"},{"speaker":"Ralph Chami","startTime":3173.539,"endTime":3177.889,"body":"out whatever comes in through"},{"speaker":"Ralph Chami","startTime":3173.539,"endTime":3177.889,"body":"that faucet. Sure, a drainage"},{"speaker":"Ralph Chami","startTime":3177.889,"endTime":3182.359,"body":"see graded drainage, but that is"},{"speaker":"Ralph Chami","startTime":3177.889,"endTime":3182.359,"body":"reducing what's being what's"},{"speaker":"Ralph Chami","startTime":3182.359,"endTime":3186.289,"body":"coming out. But the tub is still"},{"speaker":"Ralph Chami","startTime":3182.359,"endTime":3186.289,"body":"full, you still need to take"},{"speaker":"Ralph Chami","startTime":3186.289,"endTime":3191.7490000000003,"body":"away from the tub. Yeah, yeah."},{"speaker":"Ralph Chami","startTime":3186.289,"endTime":3191.7490000000003,"body":"So reduction is not enough, you"},{"speaker":"Ralph Chami","startTime":3191.7490000000003,"endTime":3196.279,"body":"need also to offset what you"},{"speaker":"Ralph Chami","startTime":3191.7490000000003,"endTime":3196.279,"body":"have, you need to suck up more"},{"speaker":"Ralph Chami","startTime":3196.279,"endTime":3200.929,"body":"from the atmosphere and bring it"},{"speaker":"Ralph Chami","startTime":3196.279,"endTime":3200.929,"body":"back way it used to be in either"},{"speaker":"Ralph Chami","startTime":3200.929,"endTime":3204.409,"body":"liquid form or in solid form"},{"speaker":"Ralph Chami","startTime":3200.929,"endTime":3204.409,"body":"before we released it into the"},{"speaker":"Ralph Chami","startTime":3204.409,"endTime":3208.159,"body":"atmosphere. So there's room for"},{"speaker":"Ralph Chami","startTime":3204.409,"endTime":3208.159,"body":"reduction, and there's room for"},{"speaker":"Ralph Chami","startTime":3208.159,"endTime":3215.509,"body":"offsetting. Okay. So nature is"},{"speaker":"Ralph Chami","startTime":3208.159,"endTime":3215.509,"body":"about is basically we can use it"},{"speaker":"Ralph Chami","startTime":3215.509,"endTime":3218.419,"body":"to offset whatever we're"},{"speaker":"Ralph Chami","startTime":3215.509,"endTime":3218.419,"body":"producing into the atmosphere."},{"speaker":"Ralph Chami","startTime":3219.079,"endTime":3221.839,"body":"Is there demand for it, of"},{"speaker":"Ralph Chami","startTime":3219.079,"endTime":3221.839,"body":"course, is demand the price of"},{"speaker":"Ralph Chami","startTime":3221.839,"endTime":3225.349,"body":"carbon keeps going up, because"},{"speaker":"Ralph Chami","startTime":3221.839,"endTime":3225.349,"body":"the demand is reflecting the"},{"speaker":"Ralph Chami","startTime":3225.349,"endTime":3229.669,"body":"demand for carbon. What's"},{"speaker":"Ralph Chami","startTime":3225.349,"endTime":3229.669,"body":"missing is the supply because we"},{"speaker":"Ralph Chami","startTime":3229.669,"endTime":3233.929,"body":"have to bring nature to the"},{"speaker":"Ralph Chami","startTime":3229.669,"endTime":3233.929,"body":"markets. And we have to bring"},{"speaker":"Ralph Chami","startTime":3234.049,"endTime":3238.429,"body":"new technologies to the market"},{"speaker":"Ralph Chami","startTime":3234.049,"endTime":3238.429,"body":"that can do so. And that's not a"},{"speaker":"Ralph Chami","startTime":3238.429,"endTime":3242.509,"body":"trivial exercise. So what I"},{"speaker":"Ralph Chami","startTime":3238.429,"endTime":3242.509,"body":"described to you is, first"},{"speaker":"Ralph Chami","startTime":3242.509,"endTime":3245.899,"body":"question is, what do we have on"},{"speaker":"Ralph Chami","startTime":3242.509,"endTime":3245.899,"body":"the supply side, we have high"},{"speaker":"Ralph Chami","startTime":3245.899,"endTime":3250.7290000000003,"body":"tech, perhaps, we don't know its"},{"speaker":"Ralph Chami","startTime":3245.899,"endTime":3250.7290000000003,"body":"side effects. But let's say we"},{"speaker":"Ralph Chami","startTime":3250.7290000000003,"endTime":3254.959,"body":"have some, or the promise of it."},{"speaker":"Ralph Chami","startTime":3250.7290000000003,"endTime":3254.959,"body":"We have also nature nature is"},{"speaker":"Ralph Chami","startTime":3254.959,"endTime":3257.419,"body":"sitting there saying why don't"},{"speaker":"Ralph Chami","startTime":3254.959,"endTime":3257.419,"body":"you? Why don't you"},{"speaker":"Tom Raftery","startTime":3258.35,"endTime":3259.64,"body":"have been doing"},{"speaker":"Tom Raftery","startTime":3258.35,"endTime":3259.64,"body":"this for billions of years?"},{"speaker":"Ralph Chami","startTime":3260.179,"endTime":3263.2690000000002,"body":"Exactly. I've been"},{"speaker":"Ralph Chami","startTime":3260.179,"endTime":3263.2690000000002,"body":"here. There's no side effects."},{"speaker":"Ralph Chami","startTime":3263.299,"endTime":3266.899,"body":"You live in the side effects,"},{"speaker":"Ralph Chami","startTime":3263.299,"endTime":3266.899,"body":"you are the side effect. There's"},{"speaker":"Ralph Chami","startTime":3266.899,"endTime":3270.319,"body":"no externality here I am your"},{"speaker":"Ralph Chami","startTime":3266.899,"endTime":3270.319,"body":"home where you live. So why are"},{"speaker":"Ralph Chami","startTime":3270.319,"endTime":3274.819,"body":"you treating your job? Exactly."},{"speaker":"Ralph Chami","startTime":3270.319,"endTime":3274.819,"body":"We give you everything we give"},{"speaker":"Ralph Chami","startTime":3274.819,"endTime":3277.549,"body":"you the water, I give you the"},{"speaker":"Ralph Chami","startTime":3274.819,"endTime":3277.549,"body":"water, I give you the soil, I"},{"speaker":"Ralph Chami","startTime":3277.549,"endTime":3280.7290000000003,"body":"give you the oxygen and I suck"},{"speaker":"Ralph Chami","startTime":3277.549,"endTime":3280.7290000000003,"body":"up your carbon. So why don't you"},{"speaker":"Ralph Chami","startTime":3280.7290000000003,"endTime":3283.789,"body":"give me a break so I can help"},{"speaker":"Ralph Chami","startTime":3280.7290000000003,"endTime":3283.789,"body":"you out. Literally that's that's"},{"speaker":"Ralph Chami","startTime":3283.789,"endTime":3289.669,"body":"earthtech leaving nature to give"},{"speaker":"Ralph Chami","startTime":3283.789,"endTime":3289.669,"body":"us a break anyway, in for your"},{"speaker":"Ralph Chami","startTime":3289.699,"endTime":3293.2690000000002,"body":"audience that likes numbers,"},{"speaker":"Ralph Chami","startTime":3289.699,"endTime":3293.2690000000002,"body":"there's about 45 Giga tons that"},{"speaker":"Ralph Chami","startTime":3293.2690000000002,"endTime":3298.879,"body":"we need to offset annually,"},{"speaker":"Ralph Chami","startTime":3293.2690000000002,"endTime":3298.879,"body":"about 30 and about 37% of it or"},{"speaker":"Ralph Chami","startTime":3298.879,"endTime":3302.959,"body":"more could come through the"},{"speaker":"Ralph Chami","startTime":3298.879,"endTime":3302.959,"body":"natural world. So the demand"},{"speaker":"Ralph Chami","startTime":3302.959,"endTime":3306.919,"body":"supply is there. But that"},{"speaker":"Ralph Chami","startTime":3302.959,"endTime":3306.919,"body":"doesn't get to a market. I used"},{"speaker":"Ralph Chami","startTime":3306.919,"endTime":3310.2490000000003,"body":"to work on international market"},{"speaker":"Ralph Chami","startTime":3306.919,"endTime":3310.2490000000003,"body":"development. So you need as I"},{"speaker":"Ralph Chami","startTime":3310.2490000000003,"endTime":3313.549,"body":"said before the action of the"},{"speaker":"Ralph Chami","startTime":3310.2490000000003,"endTime":3313.549,"body":"government, you need the policy"},{"speaker":"Ralph Chami","startTime":3313.549,"endTime":3319.849,"body":"space. The policy would be these"},{"speaker":"Ralph Chami","startTime":3313.549,"endTime":3319.849,"body":"natural assets with we're gonna"},{"speaker":"Ralph Chami","startTime":3319.849,"endTime":3323.599,"body":"call them now financial assets."},{"speaker":"Ralph Chami","startTime":3319.849,"endTime":3323.599,"body":"They have rights. We have"},{"speaker":"Ralph Chami","startTime":3323.599,"endTime":3327.409,"body":"obligations towards them, and if"},{"speaker":"Ralph Chami","startTime":3323.599,"endTime":3327.409,"body":"any harm is done to them here"},{"speaker":"Ralph Chami","startTime":3327.439,"endTime":3332.539,"body":"The monetary fine. That's all"},{"speaker":"Ralph Chami","startTime":3327.439,"endTime":3332.539,"body":"you need. Okay, that calls it"},{"speaker":"Ralph Chami","startTime":3332.539,"endTime":3337.339,"body":"codifying it into the law. And"},{"speaker":"Ralph Chami","startTime":3332.539,"endTime":3337.339,"body":"codifying it. The law is not"},{"speaker":"Ralph Chami","startTime":3337.339,"endTime":3340.459,"body":"economics is an act of the"},{"speaker":"Ralph Chami","startTime":3337.339,"endTime":3340.459,"body":"government based on the fact"},{"speaker":"Ralph Chami","startTime":3340.459,"endTime":3343.399,"body":"that the government, as I said"},{"speaker":"Ralph Chami","startTime":3340.459,"endTime":3343.399,"body":"before, sees that it can get"},{"speaker":"Ralph Chami","startTime":3343.399,"endTime":3346.819,"body":"future cash flows through"},{"speaker":"Ralph Chami","startTime":3343.399,"endTime":3346.819,"body":"taxation or fees or what have"},{"speaker":"Ralph Chami","startTime":3346.819,"endTime":3351.4990000000003,"body":"you. Okay, sure, the markets"},{"speaker":"Ralph Chami","startTime":3346.819,"endTime":3351.4990000000003,"body":"will look at this and say, I can"},{"speaker":"Ralph Chami","startTime":3351.4990000000003,"endTime":3354.259,"body":"make markets in it now. Now, how"},{"speaker":"Ralph Chami","startTime":3351.4990000000003,"endTime":3354.259,"body":"do we make markets and well, let"},{"speaker":"Ralph Chami","startTime":3354.259,"endTime":3360.0190000000002,"body":"me give you an example. We're"},{"speaker":"Ralph Chami","startTime":3354.259,"endTime":3360.0190000000002,"body":"starting this work in Gabon. But"},{"speaker":"Ralph Chami","startTime":3360.0190000000002,"endTime":3363.379,"body":"the UK can do this for its salt"},{"speaker":"Ralph Chami","startTime":3360.0190000000002,"endTime":3363.379,"body":"marshes if you like. So let's"},{"speaker":"Ralph Chami","startTime":3363.379,"endTime":3367.339,"body":"start with the species, which is"},{"speaker":"Ralph Chami","startTime":3363.379,"endTime":3367.339,"body":"a bit more interesting, but more"},{"speaker":"Ralph Chami","startTime":3367.339,"endTime":3372.469,"body":"difficult. So how so what are we"},{"speaker":"Ralph Chami","startTime":3367.339,"endTime":3372.469,"body":"doing in Gabon, Gabon has 45 or"},{"speaker":"Ralph Chami","startTime":3372.469,"endTime":3376.099,"body":"50,000 elephants, is still"},{"speaker":"Ralph Chami","startTime":3372.469,"endTime":3376.099,"body":"because they've done an"},{"speaker":"Ralph Chami","startTime":3376.099,"endTime":3379.699,"body":"excellent job of reducing the"},{"speaker":"Ralph Chami","startTime":3376.099,"endTime":3379.699,"body":"risks of them visa v other"},{"speaker":"Ralph Chami","startTime":3379.699,"endTime":3383.719,"body":"African countries where the"},{"speaker":"Ralph Chami","startTime":3379.699,"endTime":3383.719,"body":"forest elephants still. So let's"},{"speaker":"Ralph Chami","startTime":3383.719,"endTime":3388.429,"body":"start they have 45,000, they can"},{"speaker":"Ralph Chami","startTime":3383.719,"endTime":3388.429,"body":"go up to 200. And some Why?"},{"speaker":"Ralph Chami","startTime":3388.669,"endTime":3393.049,"body":"Because that is what their land"},{"speaker":"Ralph Chami","startTime":3388.669,"endTime":3393.049,"body":"can handle based on optimal"},{"speaker":"Ralph Chami","startTime":3393.049,"endTime":3398.149,"body":"density of an elephant to a"},{"speaker":"Ralph Chami","startTime":3393.049,"endTime":3398.149,"body":"square kilometer such that it"},{"speaker":"Ralph Chami","startTime":3398.209,"endTime":3401.389,"body":"behavior continues to be"},{"speaker":"Ralph Chami","startTime":3398.209,"endTime":3401.389,"body":"positive on the forests and not"},{"speaker":"Ralph Chami","startTime":3401.389,"endTime":3405.2290000000003,"body":"doesn't turn negative because if"},{"speaker":"Ralph Chami","startTime":3401.389,"endTime":3405.2290000000003,"body":"you stack up too many, if you"},{"speaker":"Ralph Chami","startTime":3405.2290000000003,"endTime":3408.709,"body":"stuffed too many elephants in"},{"speaker":"Ralph Chami","startTime":3405.2290000000003,"endTime":3408.709,"body":"one area, they'll have you know,"},{"speaker":"Ralph Chami","startTime":3408.709,"endTime":3411.829,"body":"your love destructive behavior,"},{"speaker":"Ralph Chami","startTime":3408.709,"endTime":3411.829,"body":"the scientists according to"},{"speaker":"Ralph Chami","startTime":3411.829,"endTime":3414.9790000000003,"body":"their science, is you need to"},{"speaker":"Ralph Chami","startTime":3411.829,"endTime":3414.9790000000003,"body":"you need to have between point"},{"speaker":"Ralph Chami","startTime":3414.9790000000003,"endTime":3419.389,"body":"five in one elephant per"},{"speaker":"Ralph Chami","startTime":3414.9790000000003,"endTime":3419.389,"body":"kilometer square, okay? If you"},{"speaker":"Ralph Chami","startTime":3419.389,"endTime":3422.689,"body":"follow that you can have up to"},{"speaker":"Ralph Chami","startTime":3419.389,"endTime":3422.689,"body":"200,000 and some so that's your"},{"speaker":"Ralph Chami","startTime":3422.689,"endTime":3426.9790000000003,"body":"potential. All right now, one"},{"speaker":"Ralph Chami","startTime":3422.689,"endTime":3426.9790000000003,"body":"thing for our colleagues who"},{"speaker":"Ralph Chami","startTime":3426.9790000000003,"endTime":3433.399,"body":"love red plus our add plus,"},{"speaker":"Ralph Chami","startTime":3426.9790000000003,"endTime":3433.399,"body":"which is the the what countries"},{"speaker":"Ralph Chami","startTime":3433.399,"endTime":3437.359,"body":"are using to get carbon credits"},{"speaker":"Ralph Chami","startTime":3433.399,"endTime":3437.359,"body":"for the forests, that plus was"},{"speaker":"Ralph Chami","startTime":3437.359,"endTime":3440.2690000000002,"body":"built for another time, for a"},{"speaker":"Ralph Chami","startTime":3437.359,"endTime":3440.2690000000002,"body":"time where it was about"},{"speaker":"Ralph Chami","startTime":3440.839,"endTime":3445.069,"body":"autonomy, what are you adding"},{"speaker":"Ralph Chami","startTime":3440.839,"endTime":3445.069,"body":"or, you know, reclaiming, or,"},{"speaker":"Ralph Chami","startTime":3445.429,"endTime":3451.399,"body":"you know, in addition to what"},{"speaker":"Ralph Chami","startTime":3445.429,"endTime":3451.399,"body":"you have, but that was built at"},{"speaker":"Ralph Chami","startTime":3451.429,"endTime":3455.839,"body":"on, on science that was in its"},{"speaker":"Ralph Chami","startTime":3451.429,"endTime":3455.839,"body":"infancy about nature and"},{"speaker":"Ralph Chami","startTime":3455.839,"endTime":3459.199,"body":"biodiversity. We've come a long"},{"speaker":"Ralph Chami","startTime":3455.839,"endTime":3459.199,"body":"way. reason I'm saying that"},{"speaker":"Ralph Chami","startTime":3459.199,"endTime":3464.779,"body":"because now I'm talking about"},{"speaker":"Ralph Chami","startTime":3459.199,"endTime":3464.779,"body":"species, not for not trees. And"},{"speaker":"Ralph Chami","startTime":3464.809,"endTime":3469.009,"body":"if you only go on to the word"},{"speaker":"Ralph Chami","startTime":3464.809,"endTime":3469.009,"body":"Gabon for additionality, meaning"},{"speaker":"Ralph Chami","startTime":3469.099,"endTime":3473.689,"body":"going from 45,000 to 200,000."},{"speaker":"Ralph Chami","startTime":3469.099,"endTime":3473.689,"body":"That means you're not going to"},{"speaker":"Ralph Chami","startTime":3473.689,"endTime":3479.659,"body":"pay double for looking after"},{"speaker":"Ralph Chami","startTime":3473.689,"endTime":3479.659,"body":"45,000 elephants. And if Gabon"},{"speaker":"Ralph Chami","startTime":3479.659,"endTime":3483.379,"body":"stops does not realize that"},{"speaker":"Ralph Chami","startTime":3479.659,"endTime":3483.379,"body":"there's value in looking after"},{"speaker":"Ralph Chami","startTime":3483.379,"endTime":3487.189,"body":"the 45,000 elephants, there's an"},{"speaker":"Ralph Chami","startTime":3483.379,"endTime":3487.189,"body":"alternative use to them, which"},{"speaker":"Ralph Chami","startTime":3487.189,"endTime":3491.959,"body":"is called poaching. Yeah. So"},{"speaker":"Ralph Chami","startTime":3487.189,"endTime":3491.959,"body":"what I'm trying to say is, we"},{"speaker":"Ralph Chami","startTime":3491.959,"endTime":3496.279,"body":"need to, if there's no stock,"},{"speaker":"Ralph Chami","startTime":3491.959,"endTime":3496.279,"body":"there is no flow. If you lose"},{"speaker":"Ralph Chami","startTime":3496.279,"endTime":3501.4990000000003,"body":"the 45,000 elephants, where will"},{"speaker":"Ralph Chami","startTime":3496.279,"endTime":3501.4990000000003,"body":"the babies come from? So we need"},{"speaker":"Ralph Chami","startTime":3501.529,"endTime":3506.659,"body":"to, okay, so the model is saying"},{"speaker":"Ralph Chami","startTime":3501.529,"endTime":3506.659,"body":"the 45,000 elephants of Gabon or"},{"speaker":"Ralph Chami","startTime":3506.659,"endTime":3511.459,"body":"whatever is 50,000 are worth"},{"speaker":"Ralph Chami","startTime":3506.659,"endTime":3511.459,"body":"about $30 billion. Nice. Can you"},{"speaker":"Ralph Chami","startTime":3511.459,"endTime":3511.879,"body":"imagine,"},{"speaker":"Ralph Chami","startTime":3513.38,"endTime":3516.68,"body":"for all the work that they've"},{"speaker":"Ralph Chami","startTime":3513.38,"endTime":3516.68,"body":"done of adding the additionality"},{"speaker":"Ralph Chami","startTime":3516.68,"endTime":3521.27,"body":"into the forest, and then the"},{"speaker":"Ralph Chami","startTime":3516.68,"endTime":3521.27,"body":"going from 45,000 to the"},{"speaker":"Ralph Chami","startTime":3521.27,"endTime":3526.31,"body":"200,000, is an additional $11"},{"speaker":"Ralph Chami","startTime":3521.27,"endTime":3526.31,"body":"billion. So Gabon could"},{"speaker":"Ralph Chami","startTime":3526.31,"endTime":3531.5,"body":"potentially get about $41"},{"speaker":"Ralph Chami","startTime":3526.31,"endTime":3531.5,"body":"billion in today's price of"},{"speaker":"Ralph Chami","startTime":3531.5,"endTime":3535.16,"body":"carbon, which, and that price"},{"speaker":"Ralph Chami","startTime":3531.5,"endTime":3535.16,"body":"keeps going up. Now, how do we"},{"speaker":"Ralph Chami","startTime":3535.19,"endTime":3538.25,"body":"operationalize that? Well,"},{"speaker":"Ralph Chami","startTime":3535.19,"endTime":3538.25,"body":"that's safe, what to do with"},{"speaker":"Ralph Chami","startTime":3538.25,"endTime":3542.6,"body":"retail wise, we can go to"},{"speaker":"Ralph Chami","startTime":3538.25,"endTime":3542.6,"body":"Microsoft. And we say you made a"},{"speaker":"Ralph Chami","startTime":3542.6,"endTime":3545.87,"body":"commitment, and just picking"},{"speaker":"Ralph Chami","startTime":3542.6,"endTime":3545.87,"body":"Microsoft, because they made"},{"speaker":"Ralph Chami","startTime":3545.87,"endTime":3549.9500000000003,"body":"commitments about their carbon"},{"speaker":"Ralph Chami","startTime":3545.87,"endTime":3549.9500000000003,"body":"footprint. And say, Would you"},{"speaker":"Ralph Chami","startTime":3549.9500000000003,"endTime":3552.71,"body":"like to offset your carbon"},{"speaker":"Ralph Chami","startTime":3549.9500000000003,"endTime":3552.71,"body":"footprint? Yes, well, you have"},{"speaker":"Ralph Chami","startTime":3552.71,"endTime":3556.61,"body":"two options. There's a high tech"},{"speaker":"Ralph Chami","startTime":3552.71,"endTime":3556.61,"body":"and there's Earth thick. Now,"},{"speaker":"Ralph Chami","startTime":3557.06,"endTime":3559.91,"body":"let's go with the earth tech"},{"speaker":"Ralph Chami","startTime":3557.06,"endTime":3559.91,"body":"before we let me make the case"},{"speaker":"Ralph Chami","startTime":3559.91,"endTime":3563.75,"body":"for the earth thick. How much"},{"speaker":"Ralph Chami","startTime":3559.91,"endTime":3563.75,"body":"carbon Do you need to offset a"},{"speaker":"Ralph Chami","startTime":3563.75,"endTime":3567.23,"body":"year let's say they say 100"},{"speaker":"Ralph Chami","startTime":3563.75,"endTime":3567.23,"body":"tons. Okay, I will assign four"},{"speaker":"Ralph Chami","startTime":3567.23,"endTime":3571.01,"body":"elephants to do that for you."},{"speaker":"Ralph Chami","startTime":3567.23,"endTime":3571.01,"body":"We're gonna call them Ralph,"},{"speaker":"Ralph Chami","startTime":3572.0,"endTime":3575.42,"body":"Claude Charles and grace, these"},{"speaker":"Ralph Chami","startTime":3572.0,"endTime":3575.42,"body":"are these are my siblings names,"},{"speaker":"Ralph Chami","startTime":3575.48,"endTime":3580.43,"body":"okay. And, and you can track"},{"speaker":"Ralph Chami","startTime":3575.48,"endTime":3580.43,"body":"them in real time. They're not"},{"speaker":"Ralph Chami","startTime":3580.43,"endTime":3583.73,"body":"tied to a tree because the"},{"speaker":"Ralph Chami","startTime":3580.43,"endTime":3583.73,"body":"elephants can only increase"},{"speaker":"Ralph Chami","startTime":3583.73,"endTime":3586.2200000000003,"body":"carbon sequestration in the"},{"speaker":"Ralph Chami","startTime":3583.73,"endTime":3586.2200000000003,"body":"forest if they are allowed to"},{"speaker":"Ralph Chami","startTime":3586.2200000000003,"endTime":3590.54,"body":"live freely and frolic freely in"},{"speaker":"Ralph Chami","startTime":3586.2200000000003,"endTime":3590.54,"body":"the forest. Okay? And but you"},{"speaker":"Ralph Chami","startTime":3590.54,"endTime":3593.33,"body":"got to be able through new"},{"speaker":"Ralph Chami","startTime":3590.54,"endTime":3593.33,"body":"technology to actually follow"},{"speaker":"Ralph Chami","startTime":3593.33,"endTime":3596.39,"body":"them. To make sure that your"},{"speaker":"Ralph Chami","startTime":3593.33,"endTime":3596.39,"body":"asset is alive and well and"},{"speaker":"Ralph Chami","startTime":3596.39,"endTime":3600.35,"body":"doing what it's supposed to do."},{"speaker":"Ralph Chami","startTime":3596.39,"endTime":3600.35,"body":"enrich return what you going to"},{"speaker":"Ralph Chami","startTime":3600.35,"endTime":3605.39,"body":"do is you're going to pay for"},{"speaker":"Ralph Chami","startTime":3600.35,"endTime":3605.39,"body":"that service. That service is"},{"speaker":"Ralph Chami","startTime":3605.39,"endTime":3607.67,"body":"going to be part of a fund"},{"speaker":"Ralph Chami","startTime":3605.39,"endTime":3607.67,"body":"that's going to look after the"},{"speaker":"Ralph Chami","startTime":3607.7000000000003,"endTime":3612.98,"body":"elephants Principle number one"},{"speaker":"Ralph Chami","startTime":3607.7000000000003,"endTime":3612.98,"body":"in perpetuity. Now why is"},{"speaker":"Ralph Chami","startTime":3612.98,"endTime":3617.09,"body":"perpetuity because this is a"},{"speaker":"Ralph Chami","startTime":3612.98,"endTime":3617.09,"body":"living asset. This is the"},{"speaker":"Ralph Chami","startTime":3617.09,"endTime":3621.92,"body":"centurion being we have moral"},{"speaker":"Ralph Chami","startTime":3617.09,"endTime":3621.92,"body":"ethical obligations. The word"},{"speaker":"Ralph Chami","startTime":3621.98,"endTime":3626.6,"body":"This is not an A an engine that"},{"speaker":"Ralph Chami","startTime":3621.98,"endTime":3626.6,"body":"suck up carbon dioxide from the"},{"speaker":"Ralph Chami","startTime":3626.6,"endTime":3630.7400000000002,"body":"atmosphere. mothball anytime we"},{"speaker":"Ralph Chami","startTime":3626.6,"endTime":3630.7400000000002,"body":"need to look after these"},{"speaker":"Ralph Chami","startTime":3630.7400000000002,"endTime":3634.31,"body":"elephants, even long after"},{"speaker":"Ralph Chami","startTime":3630.7400000000002,"endTime":3634.31,"body":"they've, they've exhausted all"},{"speaker":"Ralph Chami","startTime":3634.31,"endTime":3637.37,"body":"of their carbon sucking"},{"speaker":"Ralph Chami","startTime":3634.31,"endTime":3637.37,"body":"capacity, if you like, yeah,"},{"speaker":"Ralph Chami","startTime":3637.82,"endTime":3644.7200000000003,"body":"morally, ethically. So that"},{"speaker":"Ralph Chami","startTime":3637.82,"endTime":3644.7200000000003,"body":"money that that Microsoft gets"},{"speaker":"Ralph Chami","startTime":3644.7200000000003,"endTime":3649.13,"body":"to invest into the elephants"},{"speaker":"Ralph Chami","startTime":3644.7200000000003,"endTime":3649.13,"body":"that will go into looking after"},{"speaker":"Ralph Chami","startTime":3649.13,"endTime":3653.51,"body":"them in perpetuity, if you like."},{"speaker":"Ralph Chami","startTime":3649.13,"endTime":3653.51,"body":"But what does that mean?"},{"speaker":"Ralph Chami","startTime":3653.66,"endTime":3656.36,"body":"perpetuity that means how do you"},{"speaker":"Ralph Chami","startTime":3653.66,"endTime":3656.36,"body":"look after them in perpetuity,"},{"speaker":"Ralph Chami","startTime":3656.36,"endTime":3660.8,"body":"that means you have to pay this,"},{"speaker":"Ralph Chami","startTime":3656.36,"endTime":3660.8,"body":"the stewards of these elephants"},{"speaker":"Ralph Chami","startTime":3660.8,"endTime":3663.11,"body":"and look after them also in"},{"speaker":"Ralph Chami","startTime":3660.8,"endTime":3663.11,"body":"perpetuity in terms of"},{"speaker":"Ralph Chami","startTime":3663.11,"endTime":3667.52,"body":"employment and income. And who"},{"speaker":"Ralph Chami","startTime":3663.11,"endTime":3667.52,"body":"may they be? while they're the"},{"speaker":"Ralph Chami","startTime":3667.52,"endTime":3670.94,"body":"Rangers, and they're the local"},{"speaker":"Ralph Chami","startTime":3667.52,"endTime":3670.94,"body":"communities and indigenous"},{"speaker":"Ralph Chami","startTime":3670.94,"endTime":3674.7200000000003,"body":"population where these elephants"},{"speaker":"Ralph Chami","startTime":3670.94,"endTime":3674.7200000000003,"body":"exist, some of it will go to"},{"speaker":"Ralph Chami","startTime":3674.7200000000003,"endTime":3678.38,"body":"compensation or damages they may"},{"speaker":"Ralph Chami","startTime":3674.7200000000003,"endTime":3678.38,"body":"have done by traipsing, and some"},{"speaker":"Ralph Chami","startTime":3678.38,"endTime":3680.84,"body":"of it to look after the"},{"speaker":"Ralph Chami","startTime":3678.38,"endTime":3680.84,"body":"elephants taking pictures,"},{"speaker":"Ralph Chami","startTime":3680.93,"endTime":3684.35,"body":"looking after them, building"},{"speaker":"Ralph Chami","startTime":3680.93,"endTime":3684.35,"body":"services around the protection"},{"speaker":"Ralph Chami","startTime":3684.5,"endTime":3687.98,"body":"and regeneration of the elephant"},{"speaker":"Ralph Chami","startTime":3684.5,"endTime":3687.98,"body":"population. How wonderful is"},{"speaker":"Ralph Chami","startTime":3687.98,"endTime":3691.25,"body":"that? Why, because let's say"},{"speaker":"Ralph Chami","startTime":3687.98,"endTime":3691.25,"body":"what Microsoft gets out of this"},{"speaker":"Ralph Chami","startTime":3691.91,"endTime":3694.4,"body":"gets to put on their website,"},{"speaker":"Ralph Chami","startTime":3691.91,"endTime":3694.4,"body":"we're helping to save the"},{"speaker":"Ralph Chami","startTime":3694.4,"endTime":3699.71,"body":"elephants of gobble. That's one"},{"speaker":"Ralph Chami","startTime":3694.4,"endTime":3699.71,"body":"SDG. Another one, we're helping"},{"speaker":"Ralph Chami","startTime":3699.71,"endTime":3702.68,"body":"to save and look after the local"},{"speaker":"Ralph Chami","startTime":3699.71,"endTime":3702.68,"body":"communities and indigenous"},{"speaker":"Ralph Chami","startTime":3702.68,"endTime":3706.79,"body":"population, stabilizing them in"},{"speaker":"Ralph Chami","startTime":3702.68,"endTime":3706.79,"body":"their land. So they don't have"},{"speaker":"Ralph Chami","startTime":3706.79,"endTime":3711.77,"body":"to migrate and move. Okay, How"},{"speaker":"Ralph Chami","startTime":3706.79,"endTime":3711.77,"body":"valuable is that? All of that on"},{"speaker":"Ralph Chami","startTime":3711.8,"endTime":3715.58,"body":"on their website? What does that"},{"speaker":"Ralph Chami","startTime":3711.8,"endTime":3715.58,"body":"generate for them? Eventually,"},{"speaker":"Ralph Chami","startTime":3715.58,"endTime":3719.21,"body":"it's a lot of money. But first,"},{"speaker":"Ralph Chami","startTime":3715.58,"endTime":3719.21,"body":"it's warm glow feeling among the"},{"speaker":"Ralph Chami","startTime":3719.21,"endTime":3721.9700000000003,"body":"consumers and investors. Wow,"},{"speaker":"Ralph Chami","startTime":3719.21,"endTime":3721.9700000000003,"body":"look at this company, what"},{"speaker":"Ralph Chami","startTime":3721.9700000000003,"endTime":3726.98,"body":"they're doing. And they also get"},{"speaker":"Ralph Chami","startTime":3721.9700000000003,"endTime":3726.98,"body":"the carbon offset. Three things."},{"speaker":"Ralph Chami","startTime":3728.09,"endTime":3732.17,"body":"Alright, what does the community"},{"speaker":"Ralph Chami","startTime":3728.09,"endTime":3732.17,"body":"where the elephants live, they"},{"speaker":"Ralph Chami","startTime":3732.17,"endTime":3736.7000000000003,"body":"get the money, the income to"},{"speaker":"Ralph Chami","startTime":3732.17,"endTime":3736.7000000000003,"body":"compensate them for any damage,"},{"speaker":"Ralph Chami","startTime":3737.0,"endTime":3740.66,"body":"but also employment, looking"},{"speaker":"Ralph Chami","startTime":3737.0,"endTime":3740.66,"body":"after the elephants and that's"},{"speaker":"Ralph Chami","startTime":3740.66,"endTime":3746.54,"body":"an employment in perpetuity,"},{"speaker":"Ralph Chami","startTime":3740.66,"endTime":3746.54,"body":"also and income. So what does"},{"speaker":"Ralph Chami","startTime":3746.54,"endTime":3749.36,"body":"the local government of Gabon"},{"speaker":"Ralph Chami","startTime":3746.54,"endTime":3749.36,"body":"get out of this? Well, first of"},{"speaker":"Ralph Chami","startTime":3749.36,"endTime":3753.71,"body":"all, they get percentage of that"},{"speaker":"Ralph Chami","startTime":3749.36,"endTime":3753.71,"body":"revenue, I'm sure. But the tax"},{"speaker":"Ralph Chami","startTime":3753.71,"endTime":3756.65,"body":"base expands because there's"},{"speaker":"Ralph Chami","startTime":3753.71,"endTime":3756.65,"body":"more businesses coming in. The"},{"speaker":"Ralph Chami","startTime":3756.65,"endTime":3759.11,"body":"people have money, they spend"},{"speaker":"Ralph Chami","startTime":3756.65,"endTime":3759.11,"body":"more money, their tax base"},{"speaker":"Ralph Chami","startTime":3759.11,"endTime":3763.19,"body":"expands their feeds expand. What"},{"speaker":"Ralph Chami","startTime":3759.11,"endTime":3763.19,"body":"does also Gabon as a whole get"},{"speaker":"Ralph Chami","startTime":3763.4,"endTime":3767.66,"body":"healthier nature, more forests,"},{"speaker":"Ralph Chami","startTime":3763.4,"endTime":3767.66,"body":"more elephants, it's a gift that"},{"speaker":"Ralph Chami","startTime":3767.69,"endTime":3773.6,"body":"keeps on giving. What do we get,"},{"speaker":"Ralph Chami","startTime":3767.69,"endTime":3773.6,"body":"we get part of this world"},{"speaker":"Ralph Chami","startTime":3773.75,"endTime":3781.64,"body":"continues to be in that absorber"},{"speaker":"Ralph Chami","startTime":3773.75,"endTime":3781.64,"body":"of of carbon. Right. So by"},{"speaker":"Ralph Chami","startTime":3781.64,"endTime":3785.36,"body":"having more trees by having more"},{"speaker":"Ralph Chami","startTime":3781.64,"endTime":3785.36,"body":"fun and flora, more"},{"speaker":"Ralph Chami","startTime":3785.36,"endTime":3789.89,"body":"biodiversity, the world"},{"speaker":"Ralph Chami","startTime":3785.36,"endTime":3789.89,"body":"benefits. So really the public"},{"speaker":"Ralph Chami","startTime":3789.89,"endTime":3794.18,"body":"good, which is a global public"},{"speaker":"Ralph Chami","startTime":3789.89,"endTime":3794.18,"body":"good in this case increases. And"},{"speaker":"Ralph Chami","startTime":3794.18,"endTime":3796.76,"body":"it's increasing. Because you're"},{"speaker":"Ralph Chami","startTime":3794.18,"endTime":3796.76,"body":"solving one problem, I'm"},{"speaker":"Ralph Chami","startTime":3796.76,"endTime":3799.13,"body":"avoiding talking about theory"},{"speaker":"Ralph Chami","startTime":3796.76,"endTime":3799.13,"body":"for you not to bore your"},{"speaker":"Ralph Chami","startTime":3799.13,"endTime":3803.15,"body":"audience. Because you're really"},{"speaker":"Ralph Chami","startTime":3799.13,"endTime":3803.15,"body":"what you're doing is there's a"},{"speaker":"Ralph Chami","startTime":3803.15,"endTime":3805.13,"body":"public good, and we all know"},{"speaker":"Ralph Chami","startTime":3803.15,"endTime":3805.13,"body":"about the problem of the"},{"speaker":"Ralph Chami","startTime":3805.13,"endTime":3810.17,"body":"commons, but you're solving it"},{"speaker":"Ralph Chami","startTime":3805.13,"endTime":3810.17,"body":"by localizing the benefit."},{"speaker":"Ralph Chami","startTime":3811.82,"endTime":3816.71,"body":"So the country where that"},{"speaker":"Ralph Chami","startTime":3811.82,"endTime":3816.71,"body":"benefit is taking place, sees"},{"speaker":"Ralph Chami","startTime":3816.71,"endTime":3820.28,"body":"that, hey, if I look after this"},{"speaker":"Ralph Chami","startTime":3816.71,"endTime":3820.28,"body":"good on behalf of humanity, I"},{"speaker":"Ralph Chami","startTime":3820.28,"endTime":3824.78,"body":"also benefit a wonderful is that"},{"speaker":"Ralph Chami","startTime":3820.28,"endTime":3824.78,"body":"So Microsoft gets to offset its"},{"speaker":"Ralph Chami","startTime":3824.78,"endTime":3828.35,"body":"carbon. Microsoft gets to tell"},{"speaker":"Ralph Chami","startTime":3824.78,"endTime":3828.35,"body":"the world that it's helping to"},{"speaker":"Ralph Chami","startTime":3828.35,"endTime":3831.44,"body":"save the elephants of Gobble,"},{"speaker":"Ralph Chami","startTime":3828.35,"endTime":3831.44,"body":"Microsoft gets to tell that it's"},{"speaker":"Ralph Chami","startTime":3831.44,"endTime":3834.14,"body":"helping local and indigenous"},{"speaker":"Ralph Chami","startTime":3831.44,"endTime":3834.14,"body":"population and they're not"},{"speaker":"Ralph Chami","startTime":3834.14,"endTime":3840.14,"body":"pushing them off their land."},{"speaker":"Ralph Chami","startTime":3834.14,"endTime":3840.14,"body":"Gobbo gets the income. Gabon"},{"speaker":"Ralph Chami","startTime":3840.14,"endTime":3844.85,"body":"gets the better nature, the end,"},{"speaker":"Ralph Chami","startTime":3840.14,"endTime":3844.85,"body":"the world gets a better nature."},{"speaker":"Ralph Chami","startTime":3845.18,"endTime":3849.65,"body":"I call this the wind wind model."},{"speaker":"Ralph Chami","startTime":3845.18,"endTime":3849.65,"body":"And that's just the elephants"},{"speaker":"Ralph Chami","startTime":3849.68,"endTime":3852.23,"body":"but I could be talking to you"},{"speaker":"Ralph Chami","startTime":3849.68,"endTime":3852.23,"body":"about the mangroves, salt"},{"speaker":"Ralph Chami","startTime":3852.23,"endTime":3857.21,"body":"marshes, seagrass coral reefs,"},{"speaker":"Ralph Chami","startTime":3852.23,"endTime":3857.21,"body":"these are all natural and of"},{"speaker":"Ralph Chami","startTime":3857.21,"endTime":3863.7200000000003,"body":"course, the whales, and these"},{"speaker":"Ralph Chami","startTime":3857.21,"endTime":3863.7200000000003,"body":"are all natural assets. And the"},{"speaker":"Ralph Chami","startTime":3863.7200000000003,"endTime":3869.39,"body":"more we have of them, the more"},{"speaker":"Ralph Chami","startTime":3863.7200000000003,"endTime":3869.39,"body":"we have of us. Right? Yeah,"},{"speaker":"Tom Raftery","startTime":3870.05,"endTime":3871.2200000000003,"body":"the potential is"},{"speaker":"Tom Raftery","startTime":3870.05,"endTime":3871.2200000000003,"body":"endless."},{"speaker":"Ralph Chami","startTime":3871.7000000000003,"endTime":3873.86,"body":"It's endless. And"},{"speaker":"Ralph Chami","startTime":3871.7000000000003,"endTime":3873.86,"body":"that's why I call it it's a"},{"speaker":"Ralph Chami","startTime":3873.86,"endTime":3877.94,"body":"newfound wealth. And it's not a"},{"speaker":"Ralph Chami","startTime":3873.86,"endTime":3877.94,"body":"figment of our imagination. This"},{"speaker":"Ralph Chami","startTime":3877.94,"endTime":3882.2000000000003,"body":"is by the way, the first pillar"},{"speaker":"Ralph Chami","startTime":3877.94,"endTime":3882.2000000000003,"body":"is science. The four pillars the"},{"speaker":"Ralph Chami","startTime":3882.2000000000003,"endTime":3884.9900000000002,"body":"first what you have is not an"},{"speaker":"Ralph Chami","startTime":3882.2000000000003,"endTime":3884.9900000000002,"body":"accountant that goes and does"},{"speaker":"Ralph Chami","startTime":3884.9900000000002,"endTime":3888.62,"body":"your job is the scientist has to"},{"speaker":"Ralph Chami","startTime":3884.9900000000002,"endTime":3888.62,"body":"go and tell you you know, she"},{"speaker":"Ralph Chami","startTime":3888.62,"endTime":3893.0,"body":"has to say well, you have you"},{"speaker":"Ralph Chami","startTime":3888.62,"endTime":3893.0,"body":"have mangroves they sequester"},{"speaker":"Ralph Chami","startTime":3893.0,"endTime":3896.9,"body":"this much. You have seagrass you"},{"speaker":"Ralph Chami","startTime":3893.0,"endTime":3896.9,"body":"have this, you you have"},{"speaker":"Ralph Chami","startTime":3896.9,"endTime":3900.65,"body":"elephants or you have whales or"},{"speaker":"Ralph Chami","startTime":3896.9,"endTime":3900.65,"body":"you have and by the way, the"},{"speaker":"Ralph Chami","startTime":3900.65,"endTime":3905.93,"body":"science By the way, the science"},{"speaker":"Ralph Chami","startTime":3900.65,"endTime":3905.93,"body":"of the elephants is 2019. So the"},{"speaker":"Ralph Chami","startTime":3905.93,"endTime":3910.4900000000002,"body":"beauty of this is the more we"},{"speaker":"Ralph Chami","startTime":3905.93,"endTime":3910.4900000000002,"body":"invest in this, the more the"},{"speaker":"Ralph Chami","startTime":3910.4900000000002,"endTime":3913.2200000000003,"body":"more good news you're going to"},{"speaker":"Ralph Chami","startTime":3910.4900000000002,"endTime":3913.2200000000003,"body":"find out about what nature has"},{"speaker":"Ralph Chami","startTime":3913.2200000000003,"endTime":3917.18,"body":"for us. How wonderful is that?"},{"speaker":"Ralph Chami","startTime":3913.2200000000003,"endTime":3917.18,"body":"Amazing. So the more we invest"},{"speaker":"Ralph Chami","startTime":3917.18,"endTime":3921.77,"body":"in this, the more we bring money"},{"speaker":"Ralph Chami","startTime":3917.18,"endTime":3921.77,"body":"into, into into to help the"},{"speaker":"Ralph Chami","startTime":3921.77,"endTime":3924.86,"body":"scientists so that they can tell"},{"speaker":"Ralph Chami","startTime":3921.77,"endTime":3924.86,"body":"us what more is out there or we"},{"speaker":"Ralph Chami","startTime":3924.86,"endTime":3929.42,"body":"don't know about and that's Why"},{"speaker":"Ralph Chami","startTime":3924.86,"endTime":3929.42,"body":"I call it the new paradigm if"},{"speaker":"Ralph Chami","startTime":3929.42,"endTime":3932.6,"body":"you like, that's the paper that"},{"speaker":"Ralph Chami","startTime":3929.42,"endTime":3932.6,"body":"I'm my colleagues have now"},{"speaker":"Ralph Chami","startTime":3932.6,"endTime":3939.5,"body":"forced me to sequester at home."},{"speaker":"Ralph Chami","startTime":3932.6,"endTime":3939.5,"body":"to basically lay out the vision"},{"speaker":"Ralph Chami","startTime":3939.5,"endTime":3944.6,"body":"and lay out how you get there."},{"speaker":"Ralph Chami","startTime":3939.5,"endTime":3944.6,"body":"Okay, okay. Okay, so and that's"},{"speaker":"Ralph Chami","startTime":3944.6,"endTime":3945.8,"body":"what we're doing in Gabon."},{"speaker":"Tom Raftery","startTime":3946.85,"endTime":3948.89,"body":"And if we because"},{"speaker":"Tom Raftery","startTime":3946.85,"endTime":3948.89,"body":"we're coming towards the end of"},{"speaker":"Tom Raftery","startTime":3948.89,"endTime":3952.43,"body":"the podcast now rather than it's"},{"speaker":"Tom Raftery","startTime":3948.89,"endTime":3952.43,"body":"been really amazing. If people"},{"speaker":"Tom Raftery","startTime":3952.46,"endTime":3958.34,"body":"want to know more about"},{"speaker":"Tom Raftery","startTime":3952.46,"endTime":3958.34,"body":"yourself, or about the whales,"},{"speaker":"Tom Raftery","startTime":3958.37,"endTime":3962.9900000000002,"body":"or the elephants, or the"},{"speaker":"Tom Raftery","startTime":3958.37,"endTime":3962.9900000000002,"body":"seagrass, or the mangroves, or"},{"speaker":"Tom Raftery","startTime":3963.4700000000003,"endTime":3965.69,"body":"any of the things we talked"},{"speaker":"Tom Raftery","startTime":3963.4700000000003,"endTime":3965.69,"body":"about in the podcast today,"},{"speaker":"Tom Raftery","startTime":3966.44,"endTime":3967.43,"body":"where should I direct them?"},{"speaker":"Ralph Chami","startTime":3968.389,"endTime":3972.439,"body":"Well, a number of"},{"speaker":"Ralph Chami","startTime":3968.389,"endTime":3972.439,"body":"number of places, you know, I"},{"speaker":"Ralph Chami","startTime":3972.439,"endTime":3975.0190000000002,"body":"don't, I can't unfortunately,"},{"speaker":"Ralph Chami","startTime":3972.439,"endTime":3975.0190000000002,"body":"you know, give the exhaustive"},{"speaker":"Ralph Chami","startTime":3975.0190000000002,"endTime":3978.649,"body":"list but you can start off by"},{"speaker":"Ralph Chami","startTime":3975.0190000000002,"endTime":3978.649,"body":"looking for the proof of concept"},{"speaker":"Ralph Chami","startTime":3978.649,"endTime":3983.419,"body":"of this paradigm. And the"},{"speaker":"Ralph Chami","startTime":3978.649,"endTime":3983.419,"body":"website is the it's a purely"},{"speaker":"Ralph Chami","startTime":3983.419,"endTime":3986.779,"body":"volunteer, where there's 60 of"},{"speaker":"Ralph Chami","startTime":3983.419,"endTime":3986.779,"body":"us worldwide it's called"},{"speaker":"Ralph Chami","startTime":3986.779,"endTime":3993.0190000000002,"body":"rebalance rebalance dot Earth,"},{"speaker":"Ralph Chami","startTime":3986.779,"endTime":3993.0190000000002,"body":"rebalance dot Earth. It's"},{"speaker":"Ralph Chami","startTime":3993.0190000000002,"endTime":3995.449,"body":"there's a website, you can go"},{"speaker":"Ralph Chami","startTime":3993.0190000000002,"endTime":3995.449,"body":"there and see what we're doing"},{"speaker":"Ralph Chami","startTime":3995.4790000000003,"endTime":4000.579,"body":"in Gabon, if you want to see at"},{"speaker":"Ralph Chami","startTime":3995.4790000000003,"endTime":4000.579,"body":"the overall paradigm, my other"},{"speaker":"Ralph Chami","startTime":4000.579,"endTime":4006.849,"body":"outfit, it's called Blue Green"},{"speaker":"Ralph Chami","startTime":4000.579,"endTime":4006.849,"body":"future, that org and there you"},{"speaker":"Ralph Chami","startTime":4006.849,"endTime":4010.149,"body":"can see all of our videos, you"},{"speaker":"Ralph Chami","startTime":4006.849,"endTime":4010.149,"body":"can see the scientific papers,"},{"speaker":"Ralph Chami","startTime":4010.179,"endTime":4014.889,"body":"all the publications are there,"},{"speaker":"Ralph Chami","startTime":4010.179,"endTime":4014.889,"body":"all the videos, and and about"},{"speaker":"Ralph Chami","startTime":4014.889,"endTime":4020.619,"body":"our work. And from there, you"},{"speaker":"Ralph Chami","startTime":4014.889,"endTime":4020.619,"body":"can always write to me. You"},{"speaker":"Ralph Chami","startTime":4020.619,"endTime":4025.239,"body":"know, I mean, I give my email,"},{"speaker":"Ralph Chami","startTime":4020.619,"endTime":4025.239,"body":"I'm sure I give my so it's our"},{"speaker":"Ralph Chami","startTime":4025.239,"endTime":4031.329,"body":"Shammi music. Our Xiaomi is not"},{"speaker":"Ralph Chami","startTime":4025.239,"endTime":4031.329,"body":"sh unfortunately, it's the"},{"speaker":"Ralph Chami","startTime":4031.329,"endTime":4036.039,"body":"French, I say ash. That's what"},{"speaker":"Ralph Chami","startTime":4031.329,"endTime":4036.039,"body":"people say Is it charmi or"},{"speaker":"Ralph Chami","startTime":4036.039,"endTime":4044.739,"body":"caminos Shami is our ch a. m as"},{"speaker":"Ralph Chami","startTime":4036.039,"endTime":4044.739,"body":"in Mary I music. Whenever I have"},{"speaker":"Ralph Chami","startTime":4044.739,"endTime":4049.719,"body":"time I play play"},{"speaker":"Ralph Chami","startTime":4044.739,"endTime":4049.719,"body":"music@gmail.com. And I'll be"},{"speaker":"Ralph Chami","startTime":4049.719,"endTime":4055.389,"body":"more than happy to help direct"},{"speaker":"Ralph Chami","startTime":4049.719,"endTime":4055.389,"body":"you to other wonderful. I mean,"},{"speaker":"Ralph Chami","startTime":4055.389,"endTime":4059.0190000000002,"body":"they're whale dolphin"},{"speaker":"Ralph Chami","startTime":4055.389,"endTime":4059.0190000000002,"body":"Conservancy. They do wonderful"},{"speaker":"Ralph Chami","startTime":4059.0190000000002,"endTime":4063.699,"body":"work. There are also colleagues"},{"speaker":"Ralph Chami","startTime":4059.0190000000002,"endTime":4063.699,"body":"of mine all of them. And I if"},{"speaker":"Ralph Chami","startTime":4063.699,"endTime":4067.389,"body":"you're interested in the whale"},{"speaker":"Ralph Chami","startTime":4063.699,"endTime":4067.389,"body":"dolphin work, and you know you"},{"speaker":"Ralph Chami","startTime":4067.389,"endTime":4070.869,"body":"should go to their website. And"},{"speaker":"Ralph Chami","startTime":4067.389,"endTime":4070.869,"body":"and I'm sure they'll direct you"},{"speaker":"Ralph Chami","startTime":4070.869,"endTime":4073.989,"body":"there. And I'm leaving out on"},{"speaker":"Ralph Chami","startTime":4070.869,"endTime":4073.989,"body":"the blue boat initiative. You"},{"speaker":"Ralph Chami","startTime":4073.989,"endTime":4078.609,"body":"can google it on the website and"},{"speaker":"Ralph Chami","startTime":4073.989,"endTime":4078.609,"body":"the Mary foundation they're in"},{"speaker":"Ralph Chami","startTime":4078.609,"endTime":4082.329,"body":"Chile doing incredible work"},{"speaker":"Ralph Chami","startTime":4078.609,"endTime":4082.329,"body":"there. And I'm leaving out of"},{"speaker":"Ralph Chami","startTime":4082.329,"endTime":4085.209,"body":"course is Nature Conservancy,"},{"speaker":"Ralph Chami","startTime":4082.329,"endTime":4085.209,"body":"the much bigger organization."},{"speaker":"Ralph Chami","startTime":4085.239,"endTime":4088.209,"body":"But you can start there and you"},{"speaker":"Ralph Chami","startTime":4085.239,"endTime":4088.209,"body":"will find your way and you can"},{"speaker":"Ralph Chami","startTime":4088.209,"endTime":4091.299,"body":"always shoot me an email. And I"},{"speaker":"Ralph Chami","startTime":4088.209,"endTime":4091.299,"body":"promise to respond."},{"speaker":"Tom Raftery","startTime":4091.659,"endTime":4095.079,"body":"Super, super. Rob,"},{"speaker":"Tom Raftery","startTime":4091.659,"endTime":4095.079,"body":"that's been fantastic. Thanks a"},{"speaker":"Tom Raftery","startTime":4095.079,"endTime":4096.579,"body":"million for coming on the"},{"speaker":"Tom Raftery","startTime":4095.079,"endTime":4096.579,"body":"podcast today."},{"speaker":"Ralph Chami","startTime":4097.36,"endTime":4100.33,"body":"I'm honored. Thank"},{"speaker":"Ralph Chami","startTime":4097.36,"endTime":4100.33,"body":"you for giving nature of voice"},{"speaker":"Ralph Chami","startTime":4100.36,"endTime":4104.7699999999995,"body":"on your on your show. Oh, by the"},{"speaker":"Ralph Chami","startTime":4100.36,"endTime":4104.7699999999995,"body":"way, just want to say something."},{"speaker":"Ralph Chami","startTime":4105.01,"endTime":4108.22,"body":"This is not the story about"},{"speaker":"Ralph Chami","startTime":4105.01,"endTime":4108.22,"body":"nature. Really. It's the story"},{"speaker":"Ralph Chami","startTime":4108.22,"endTime":4113.44,"body":"of us. When people talk to me"},{"speaker":"Ralph Chami","startTime":4108.22,"endTime":4113.44,"body":"about climate change, I said,"},{"speaker":"Ralph Chami","startTime":4113.44,"endTime":4116.62,"body":"Listen, if you want to see earth"},{"speaker":"Ralph Chami","startTime":4113.44,"endTime":4116.62,"body":"without humans, it's very easy"},{"speaker":"Ralph Chami","startTime":4116.62,"endTime":4120.49,"body":"to do. So they said Be aware. I"},{"speaker":"Ralph Chami","startTime":4116.62,"endTime":4120.49,"body":"said, look at Chernobyl. There's"},{"speaker":"Ralph Chami","startTime":4120.49,"endTime":4123.91,"body":"a camera that takes live"},{"speaker":"Ralph Chami","startTime":4120.49,"endTime":4123.91,"body":"pictures of Chernobyl in real"},{"speaker":"Ralph Chami","startTime":4123.91,"endTime":4127.57,"body":"time. And if you look there,"},{"speaker":"Ralph Chami","startTime":4123.91,"endTime":4127.57,"body":"you'll see that nature is back."},{"speaker":"Ralph Chami","startTime":4127.69,"endTime":4133.99,"body":"Even the animals are back. Yeah."},{"speaker":"Ralph Chami","startTime":4127.69,"endTime":4133.99,"body":"Humans can never go back. Okay,"},{"speaker":"Ralph Chami","startTime":4134.0199999999995,"endTime":4137.139999999999,"body":"now we want to tell a good"},{"speaker":"Ralph Chami","startTime":4134.0199999999995,"endTime":4137.139999999999,"body":"story. You want to end this on a"},{"speaker":"Ralph Chami","startTime":4137.139999999999,"endTime":4142.15,"body":"positive note. We can do this."},{"speaker":"Ralph Chami","startTime":4137.139999999999,"endTime":4142.15,"body":"Yeah, we get what I'm telling"},{"speaker":"Ralph Chami","startTime":4142.15,"endTime":4146.08,"body":"you is is doable. All things is"},{"speaker":"Ralph Chami","startTime":4142.15,"endTime":4146.08,"body":"a policy action, and we're off"},{"speaker":"Ralph Chami","startTime":4146.32,"endTime":4151.419999999999,"body":"to the races. But in this race,"},{"speaker":"Ralph Chami","startTime":4146.32,"endTime":4151.419999999999,"body":"there are no losers. Everybody"},{"speaker":"Ralph Chami","startTime":4151.419999999999,"endTime":4154.629999999999,"body":"is a first for all holding hands"},{"speaker":"Tom Raftery","startTime":4154.75,"endTime":4159.549999999999,"body":"for to get policy"},{"speaker":"Tom Raftery","startTime":4154.75,"endTime":4159.549999999999,"body":"action. Would cop 26 be a good"},{"speaker":"Tom Raftery","startTime":4159.549999999999,"endTime":4160.87,"body":"place to kick this off?"},{"speaker":"Ralph Chami","startTime":4161.53,"endTime":4165.3099999999995,"body":"Yes. And I'm going"},{"speaker":"Ralph Chami","startTime":4161.53,"endTime":4165.3099999999995,"body":"there. And the reason I'm going"},{"speaker":"Ralph Chami","startTime":4165.3099999999995,"endTime":4170.3499999999995,"body":"there because I'm going to say"},{"speaker":"Ralph Chami","startTime":4165.3099999999995,"endTime":4170.3499999999995,"body":"we can do you know we can do"},{"speaker":"Ralph Chami","startTime":4170.3499999999995,"endTime":4174.219999999999,"body":"science up the wazoo. Science is"},{"speaker":"Ralph Chami","startTime":4170.3499999999995,"endTime":4174.219999999999,"body":"cumulative. Every time you reach"},{"speaker":"Ralph Chami","startTime":4174.219999999999,"endTime":4177.129999999999,"body":"a point, you know that, Tom, you"},{"speaker":"Ralph Chami","startTime":4174.219999999999,"endTime":4177.129999999999,"body":"have this Oh, you can always"},{"speaker":"Ralph Chami","startTime":4177.129999999999,"endTime":4180.429999999999,"body":"improve on it. The question is,"},{"speaker":"Ralph Chami","startTime":4177.129999999999,"endTime":4180.429999999999,"body":"what does the science tell you"},{"speaker":"Ralph Chami","startTime":4180.429999999999,"endTime":4183.219999999999,"body":"now that can get you to act"},{"speaker":"Ralph Chami","startTime":4180.429999999999,"endTime":4183.219999999999,"body":"today. And what the science is"},{"speaker":"Ralph Chami","startTime":4183.219999999999,"endTime":4187.48,"body":"telling us is nature is"},{"speaker":"Ralph Chami","startTime":4183.219999999999,"endTime":4187.48,"body":"incredibly valuable to us beyond"},{"speaker":"Ralph Chami","startTime":4187.509999999999,"endTime":4193.299999999999,"body":"its intrinsic value to our own"},{"speaker":"Ralph Chami","startTime":4187.509999999999,"endTime":4193.299999999999,"body":"lives. So what's left is enough"},{"speaker":"Ralph Chami","startTime":4193.299999999999,"endTime":4200.679999999999,"body":"talk already. Let's act. Let's"},{"speaker":"Ralph Chami","startTime":4193.299999999999,"endTime":4200.679999999999,"body":"act because we have an"},{"speaker":"Ralph Chami","startTime":4200.679999999999,"endTime":4204.8499999999995,"body":"obligation to our future"},{"speaker":"Ralph Chami","startTime":4200.679999999999,"endTime":4204.8499999999995,"body":"generations, from whom we stole"},{"speaker":"Ralph Chami","startTime":4205.45,"endTime":4209.0199999999995,"body":"another Earth. Right? Because"},{"speaker":"Ralph Chami","startTime":4205.45,"endTime":4209.0199999999995,"body":"right now we're consuming two"},{"speaker":"Ralph Chami","startTime":4209.0199999999995,"endTime":4212.23,"body":"Earths. One belong to us, you"},{"speaker":"Ralph Chami","startTime":4209.0199999999995,"endTime":4212.23,"body":"can make the argument the second"},{"speaker":"Ralph Chami","startTime":4212.23,"endTime":4214.87,"body":"one belongs to our future"},{"speaker":"Ralph Chami","startTime":4212.23,"endTime":4214.87,"body":"generations doesn't belong to"},{"speaker":"Ralph Chami","startTime":4214.87,"endTime":4220.21,"body":"us. We need to give it back and"},{"speaker":"Ralph Chami","startTime":4214.87,"endTime":4220.21,"body":"fast. Yeah. And we also took"},{"speaker":"Ralph Chami","startTime":4220.21,"endTime":4225.91,"body":"from those that have no voices."},{"speaker":"Ralph Chami","startTime":4220.21,"endTime":4225.91,"body":"They can't vote. And and you"},{"speaker":"Ralph Chami","startTime":4225.91,"endTime":4229.629999999999,"body":"know, the poor among us. And the"},{"speaker":"Ralph Chami","startTime":4225.91,"endTime":4229.629999999999,"body":"poor in the other parts of the"},{"speaker":"Ralph Chami","startTime":4229.629999999999,"endTime":4233.29,"body":"world that they have no voice."},{"speaker":"Ralph Chami","startTime":4229.629999999999,"endTime":4233.29,"body":"We had no right to do that. So"},{"speaker":"Ralph Chami","startTime":4233.29,"endTime":4237.219999999999,"body":"we need to give back and we can"},{"speaker":"Ralph Chami","startTime":4233.29,"endTime":4237.219999999999,"body":"give back. And this is a new"},{"speaker":"Ralph Chami","startTime":4237.219999999999,"endTime":4241.12,"body":"source of wealth, folks. This is"},{"speaker":"Ralph Chami","startTime":4237.219999999999,"endTime":4241.12,"body":"not about me having more than"},{"speaker":"Ralph Chami","startTime":4241.12,"endTime":4243.8499999999995,"body":"you having nothing. No,"},{"speaker":"Ralph Chami","startTime":4241.12,"endTime":4243.8499999999995,"body":"everybody will have something."},{"speaker":"Ralph Chami","startTime":4245.32,"endTime":4247.03,"body":"Man. Thank you. Thank you, Tom."},{"speaker":"Tom Raftery","startTime":4247.8099999999995,"endTime":4250.36,"body":"Thanks so much,"},{"speaker":"Tom Raftery","startTime":4247.8099999999995,"endTime":4250.36,"body":"Ralph. Really, really fabulous"},{"speaker":"Tom Raftery","startTime":4250.36,"endTime":4250.66,"body":"stuff."},{"speaker":"Ralph Chami","startTime":4250.8099999999995,"endTime":4253.24,"body":"Thanks so much."},{"speaker":"Ralph Chami","startTime":4250.8099999999995,"endTime":4253.24,"body":"Thank you. Thank you. Bye bye."},{"speaker":"Tom Raftery","startTime":4253.99,"endTime":4256.33,"body":"Okay, we've come to"},{"speaker":"Tom Raftery","startTime":4253.99,"endTime":4256.33,"body":"the end of the show. Thanks,"},{"speaker":"Tom Raftery","startTime":4256.33,"endTime":4259.719999999999,"body":"everyone for listening. If you'd"},{"speaker":"Tom Raftery","startTime":4256.33,"endTime":4259.719999999999,"body":"like to know more about climate"},{"speaker":"Tom Raftery","startTime":4259.75,"endTime":4264.58,"body":"21, feel free to drop me an"},{"speaker":"Tom Raftery","startTime":4259.75,"endTime":4264.58,"body":"email to Tom raftery@sap.com or"},{"speaker":"Tom Raftery","startTime":4264.759999999999,"endTime":4268.179999999999,"body":"connect with me on LinkedIn or"},{"speaker":"Tom Raftery","startTime":4264.759999999999,"endTime":4268.179999999999,"body":"Twitter. If you liked the show,"},{"speaker":"Tom Raftery","startTime":4268.179999999999,"endTime":4270.37,"body":"please don't forget to subscribe"},{"speaker":"Tom Raftery","startTime":4268.179999999999,"endTime":4270.37,"body":"to it and your podcast"},{"speaker":"Tom Raftery","startTime":4270.37,"endTime":4273.25,"body":"application of choice to get new"},{"speaker":"Tom Raftery","startTime":4270.37,"endTime":4273.25,"body":"episodes as soon as they're"},{"speaker":"Tom Raftery","startTime":4273.25,"endTime":4277.12,"body":"published. Also, please don't"},{"speaker":"Tom Raftery","startTime":4273.25,"endTime":4277.12,"body":"forget to rate and review the"},{"speaker":"Tom Raftery","startTime":4277.12,"endTime":4281.799999999999,"body":"podcast. It really does help new"},{"speaker":"Tom Raftery","startTime":4277.12,"endTime":4281.799999999999,"body":"people to find the show. Thanks."},{"speaker":"Tom Raftery","startTime":4282.639999999999,"endTime":4283.54,"body":"Catch you all next time."}]}