[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.12,0:00:02.64,Default,,0000,0000,0000,,Ah, earth's oceans.
Dialogue: 0,0:00:02.67,0:00:05.88,Default,,0000,0000,0000,,They are beautiful,\Ninspiring, life-sustaining.
Dialogue: 0,0:00:06.25,0:00:10.00,Default,,0000,0000,0000,,They are also, as you're probably\Nquite aware, more or less screwed.
Dialogue: 0,0:00:10.42,0:00:11.93,Default,,0000,0000,0000,,In the Seychelles, for example,
Dialogue: 0,0:00:11.96,0:00:15.43,Default,,0000,0000,0000,,human activities and climate change\Nhave left corals bleached.
Dialogue: 0,0:00:15.46,0:00:18.02,Default,,0000,0000,0000,,Overfishing has caused\Nfish stocks to plummet.
Dialogue: 0,0:00:18.04,0:00:19.85,Default,,0000,0000,0000,,Biodiversity is in peril.
Dialogue: 0,0:00:19.88,0:00:21.18,Default,,0000,0000,0000,,So what can we do?
Dialogue: 0,0:00:21.21,0:00:23.85,Default,,0000,0000,0000,,Well, some form of protection, obviously.
Dialogue: 0,0:00:23.88,0:00:25.60,Default,,0000,0000,0000,,Nature is very resilient.
Dialogue: 0,0:00:25.62,0:00:27.81,Default,,0000,0000,0000,,When marine areas\Nare strategically protected,
Dialogue: 0,0:00:27.83,0:00:30.27,Default,,0000,0000,0000,,entire ecosystems can bounce back.
Dialogue: 0,0:00:30.29,0:00:33.23,Default,,0000,0000,0000,,However, creating marine\Nprotected areas isn't easy.
Dialogue: 0,0:00:33.25,0:00:36.10,Default,,0000,0000,0000,,First, you have the issue\Nof figuring out where to protect.
Dialogue: 0,0:00:36.12,0:00:39.23,Default,,0000,0000,0000,,This coral reef overlaps with that\Ninternational fishing route,
Dialogue: 0,0:00:39.25,0:00:41.39,Default,,0000,0000,0000,,intersects with this fish hatchery.
Dialogue: 0,0:00:41.42,0:00:43.10,Default,,0000,0000,0000,,Everything is interconnected.
Dialogue: 0,0:00:43.12,0:00:45.48,Default,,0000,0000,0000,,And marine protection plans\Nmust take into account
Dialogue: 0,0:00:45.50,0:00:47.43,Default,,0000,0000,0000,,how one area affects another.
Dialogue: 0,0:00:47.46,0:00:49.98,Default,,0000,0000,0000,,Then, there's the issue\Nof getting everyone on board.
Dialogue: 0,0:00:50.00,0:00:52.81,Default,,0000,0000,0000,,Coastal economies\Noften rely on fishing and tourism.
Dialogue: 0,0:00:52.83,0:00:54.85,Default,,0000,0000,0000,,If people think they can't do their work,
Dialogue: 0,0:00:54.88,0:00:57.43,Default,,0000,0000,0000,,there's no chance of getting\Nthe local buy-in you need
Dialogue: 0,0:00:57.46,0:00:59.02,Default,,0000,0000,0000,,for the area to be successful.
Dialogue: 0,0:00:59.04,0:01:01.64,Default,,0000,0000,0000,,Marine protected areas\Nmust also be enforced.
Dialogue: 0,0:01:01.67,0:01:05.18,Default,,0000,0000,0000,,That means the government itself\Nmust be deeply invested in the plan.
Dialogue: 0,0:01:05.21,0:01:06.93,Default,,0000,0000,0000,,Token support will not cut it.
Dialogue: 0,0:01:06.96,0:01:09.52,Default,,0000,0000,0000,,And finally, conservation requires money.
Dialogue: 0,0:01:09.54,0:01:10.81,Default,,0000,0000,0000,,A lot of it.
Dialogue: 0,0:01:10.83,0:01:14.39,Default,,0000,0000,0000,,Governments in island and coastal nations\Nmay want to protect their waters,
Dialogue: 0,0:01:14.42,0:01:16.48,Default,,0000,0000,0000,,but often these nations\Nhave very high debt
Dialogue: 0,0:01:16.50,0:01:19.02,Default,,0000,0000,0000,,and can't afford\Nto prioritize conservation.
Dialogue: 0,0:01:19.04,0:01:22.48,Default,,0000,0000,0000,,If we rely on philanthropic dollars alone\Nto fund marine protection,
Dialogue: 0,0:01:22.50,0:01:24.89,Default,,0000,0000,0000,,we might get a small\Nmarine-protected area here,
Dialogue: 0,0:01:24.92,0:01:26.18,Default,,0000,0000,0000,,another little one there.
Dialogue: 0,0:01:26.21,0:01:28.81,Default,,0000,0000,0000,,But we need more\Nmarine protected areas faster,
Dialogue: 0,0:01:28.83,0:01:30.48,Default,,0000,0000,0000,,to have lasting impact.
Dialogue: 0,0:01:30.50,0:01:33.85,Default,,0000,0000,0000,,So what exactly does\Nsmart ocean conservation look like?
Dialogue: 0,0:01:33.88,0:01:37.18,Default,,0000,0000,0000,,How do we get the money,\Ngovernment support and careful planning
Dialogue: 0,0:01:37.21,0:01:39.68,Default,,0000,0000,0000,,that takes into account\Nboth local economies
Dialogue: 0,0:01:39.71,0:01:41.89,Default,,0000,0000,0000,,and complex ecosystems?
Dialogue: 0,0:01:41.92,0:01:44.18,Default,,0000,0000,0000,,We want to share with you\Nan audacious idea
Dialogue: 0,0:01:44.21,0:01:45.81,Default,,0000,0000,0000,,from The Nature Conservancy.
Dialogue: 0,0:01:45.83,0:01:48.60,Default,,0000,0000,0000,,It seeks to address\Nall of these things in one fell swoop.
Dialogue: 0,0:01:48.62,0:01:51.77,Default,,0000,0000,0000,,They've realized that debt held\Nby island and coastal nations
Dialogue: 0,0:01:51.79,0:01:55.81,Default,,0000,0000,0000,,is the very thing that will enable them\Nto achieve their conservation goals.
Dialogue: 0,0:01:55.83,0:01:58.18,Default,,0000,0000,0000,,TNC's idea is to restructure this debt,
Dialogue: 0,0:01:58.21,0:02:00.39,Default,,0000,0000,0000,,to generate the funds and political will
Dialogue: 0,0:02:00.42,0:02:03.68,Default,,0000,0000,0000,,to protect reefs, mangroves and fisheries.
Dialogue: 0,0:02:03.71,0:02:06.14,Default,,0000,0000,0000,,For example, if you refinance your house
Dialogue: 0,0:02:06.17,0:02:08.27,Default,,0000,0000,0000,,to take advantage\Nof a better interest rate,
Dialogue: 0,0:02:08.29,0:02:10.85,Default,,0000,0000,0000,,maybe you use the savings\Nto insulate your attic.
Dialogue: 0,0:02:10.88,0:02:14.73,Default,,0000,0000,0000,,That's what Blue Bonds for Conservation do\Nfor entire coastal countries.
Dialogue: 0,0:02:14.75,0:02:16.02,Default,,0000,0000,0000,,Refinance the debt,
Dialogue: 0,0:02:16.04,0:02:19.06,Default,,0000,0000,0000,,then use the savings\Nto create marine protected areas.
Dialogue: 0,0:02:19.08,0:02:22.39,Default,,0000,0000,0000,,Of course, sovereign debt restructuring\Nis more complicated than that,
Dialogue: 0,0:02:22.42,0:02:24.02,Default,,0000,0000,0000,,but you get the basic idea.
Dialogue: 0,0:02:24.04,0:02:26.48,Default,,0000,0000,0000,,If investors put in\N40 million dollars now,
Dialogue: 0,0:02:26.50,0:02:30.43,Default,,0000,0000,0000,,it can unlock as much as 1.6 billion\Nfor ocean conservation.
Dialogue: 0,0:02:30.46,0:02:32.18,Default,,0000,0000,0000,,And this is how the work gets done.
Dialogue: 0,0:02:32.21,0:02:34.60,Default,,0000,0000,0000,,Step one: negotiate the deal.
Dialogue: 0,0:02:34.62,0:02:38.93,Default,,0000,0000,0000,,A coastal nation commits to protect\Nat least 30 percent of its ocean areas.
Dialogue: 0,0:02:38.96,0:02:43.14,Default,,0000,0000,0000,,In exchange, The Nature Conservancy\Nbring investors, public funders
Dialogue: 0,0:02:43.17,0:02:45.23,Default,,0000,0000,0000,,and international\Ndevelopment organizations
Dialogue: 0,0:02:45.25,0:02:48.06,Default,,0000,0000,0000,,to the table to restructure\Na portion of the nation's debt,
Dialogue: 0,0:02:48.08,0:02:51.10,Default,,0000,0000,0000,,leading to lower interest rates\Nand longer repayment periods.
Dialogue: 0,0:02:51.12,0:02:53.56,Default,,0000,0000,0000,,Step two: create a marine plan.
Dialogue: 0,0:02:53.58,0:02:57.27,Default,,0000,0000,0000,,Simultaneously, The Nature Conservancy\Nworks with marine scientists,
Dialogue: 0,0:02:57.29,0:02:59.35,Default,,0000,0000,0000,,government leaders and local stakeholders
Dialogue: 0,0:02:59.38,0:03:01.68,Default,,0000,0000,0000,,to create a detailed conservation plan
Dialogue: 0,0:03:01.71,0:03:04.93,Default,,0000,0000,0000,,that integrates the needs of the ocean\Nwith the needs of the people.
Dialogue: 0,0:03:04.96,0:03:07.48,Default,,0000,0000,0000,,Step three: activate for longevity.
Dialogue: 0,0:03:07.50,0:03:11.48,Default,,0000,0000,0000,,TNC establishes an independently run\Nconservation trust fund.
Dialogue: 0,0:03:11.50,0:03:13.85,Default,,0000,0000,0000,,The savings from the debt\Nrestructure goes into it
Dialogue: 0,0:03:13.88,0:03:15.85,Default,,0000,0000,0000,,to support new marine protected areas.
Dialogue: 0,0:03:15.88,0:03:19.10,Default,,0000,0000,0000,,The trust then holds the government\Naccountable for its commitments,
Dialogue: 0,0:03:19.12,0:03:22.18,Default,,0000,0000,0000,,ensuring that the Blue Bonds\Nfinance real protection efforts.
Dialogue: 0,0:03:22.21,0:03:23.68,Default,,0000,0000,0000,,Could this plan work?
Dialogue: 0,0:03:23.71,0:03:25.00,Default,,0000,0000,0000,,It already has.
Dialogue: 0,0:03:25.75,0:03:29.96,Default,,0000,0000,0000,,In 2016, TNC helped create a national\Nconservation plan in the Seychelles.
Dialogue: 0,0:03:31.42,0:03:34.98,Default,,0000,0000,0000,,TNC restructured 22 million dollars\Nof the government's debt.
Dialogue: 0,0:03:35.00,0:03:39.48,Default,,0000,0000,0000,,And in exchange, the government agreed\Nto protect 30 percent of its marine areas.
Dialogue: 0,0:03:39.50,0:03:41.14,Default,,0000,0000,0000,,Today, the Seychelles is on track
Dialogue: 0,0:03:41.17,0:03:44.52,Default,,0000,0000,0000,,to protect 400,000\Nsquare kilometers of ocean.
Dialogue: 0,0:03:44.54,0:03:46.89,Default,,0000,0000,0000,,That's an area\Nroughly the size of Germany.
Dialogue: 0,0:03:46.92,0:03:49.18,Default,,0000,0000,0000,,The Seychelles\Nis protecting its coral reefs,
Dialogue: 0,0:03:49.21,0:03:50.89,Default,,0000,0000,0000,,it's replenishing its fisheries,
Dialogue: 0,0:03:50.92,0:03:53.77,Default,,0000,0000,0000,,it's improving its resilience\Nto climate change.
Dialogue: 0,0:03:53.79,0:03:56.98,Default,,0000,0000,0000,,At the same time,\Nit's strengthening its economy.
Dialogue: 0,0:03:57.00,0:03:59.68,Default,,0000,0000,0000,,This success is making\Nother governments take note.
Dialogue: 0,0:03:59.71,0:04:01.27,Default,,0000,0000,0000,,Many want to be part of this.
Dialogue: 0,0:04:01.29,0:04:04.02,Default,,0000,0000,0000,,There's an opportunity\Nto scale this up, dramatically.
Dialogue: 0,0:04:04.04,0:04:05.31,Default,,0000,0000,0000,,And fast.
Dialogue: 0,0:04:05.33,0:04:09.56,Default,,0000,0000,0000,,TNC has identified 20 more nations\Nwhere such a plan should be possible.
Dialogue: 0,0:04:09.58,0:04:11.48,Default,,0000,0000,0000,,But to execute, they need seed capital.
Dialogue: 0,0:04:11.50,0:04:14.68,Default,,0000,0000,0000,,And to put in place local teams\Nwho can develop conservation plans,
Dialogue: 0,0:04:14.71,0:04:17.31,Default,,0000,0000,0000,,work with all the stakeholders\Nand structure the deals.
Dialogue: 0,0:04:17.33,0:04:20.35,Default,,0000,0000,0000,,If they get the support they need\Nover the next five years,
Dialogue: 0,0:04:20.38,0:04:23.18,Default,,0000,0000,0000,,they could protect four million\Nsquare kilometers of ocean.
Dialogue: 0,0:04:23.21,0:04:24.52,Default,,0000,0000,0000,,That's 10 Germanies.
Dialogue: 0,0:04:24.54,0:04:26.85,Default,,0000,0000,0000,,This would increase\Nthe amount of protected areas
Dialogue: 0,0:04:26.88,0:04:28.27,Default,,0000,0000,0000,,in all of the world's oceans
Dialogue: 0,0:04:28.29,0:04:29.98,Default,,0000,0000,0000,,by an incredible 15 percent.
Dialogue: 0,0:04:30.00,0:04:33.43,Default,,0000,0000,0000,,It would allow vast tracks\Nof the world's coral reefs to replenish
Dialogue: 0,0:04:33.46,0:04:36.39,Default,,0000,0000,0000,,and give safe harbor to countless species.
Dialogue: 0,0:04:36.42,0:04:38.35,Default,,0000,0000,0000,,This would be truly incredible.
Dialogue: 0,0:04:38.38,0:04:40.10,Default,,0000,0000,0000,,And it's really just the beginning.
Dialogue: 0,0:04:40.12,0:04:42.31,Default,,0000,0000,0000,,Because there aren't\N20 countries in the world
Dialogue: 0,0:04:42.33,0:04:44.52,Default,,0000,0000,0000,,where this kind of debt\Nconversion would work.
Dialogue: 0,0:04:44.54,0:04:45.81,Default,,0000,0000,0000,,There are almost 100.
Dialogue: 0,0:04:45.83,0:04:47.98,Default,,0000,0000,0000,,With this approach, everyone wins.
Dialogue: 0,0:04:48.00,0:04:51.27,Default,,0000,0000,0000,,Governments, local citizens, funders,
Dialogue: 0,0:04:51.29,0:04:53.85,Default,,0000,0000,0000,,and most importantly, our oceans.
Dialogue: 0,0:04:53.88,0:04:55.62,Default,,0000,0000,0000,,So in fact, we all win.
Dialogue: 0,0:04:56.92,0:04:59.00,Default,,0000,0000,0000,,Ah, earth's oceans.
Dialogue: 0,0:05:01.79,0:05:03.88,Default,,0000,0000,0000,,[The Audacious Project]