[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.14,0:00:02.64,Default,,0000,0000,0000,,Ah, earth's oceans.
Dialogue: 0,0:00:02.66,0:00:05.87,Default,,0000,0000,0000,,They are beautiful, inspiring,\Nlife-sustaining.
Dialogue: 0,0:00:06.25,0:00:10.02,Default,,0000,0000,0000,,They are also, as you're probably\Nquite aware, more or less screwed.
Dialogue: 0,0:00:10.47,0:00:11.95,Default,,0000,0000,0000,,In the Seychelles, for example,
Dialogue: 0,0:00:11.97,0:00:15.50,Default,,0000,0000,0000,,human activities and climate change\Nhave left corals bleached.
Dialogue: 0,0:00:15.52,0:00:18.01,Default,,0000,0000,0000,,Over fishing has caused\Nfish stocks to plummet.
Dialogue: 0,0:00:18.04,0:00:19.84,Default,,0000,0000,0000,,Biodiversity is in peril.
Dialogue: 0,0:00:19.86,0:00:21.20,Default,,0000,0000,0000,,So what can we do?
Dialogue: 0,0:00:21.22,0:00:23.85,Default,,0000,0000,0000,,Well, some form of protection, obviously.
Dialogue: 0,0:00:23.87,0:00:25.59,Default,,0000,0000,0000,,Nature is very resilient.
Dialogue: 0,0:00:25.62,0:00:27.83,Default,,0000,0000,0000,,When marine areas\Nare strategically protected,
Dialogue: 0,0:00:27.86,0:00:30.21,Default,,0000,0000,0000,,entire ecosystems can bounce back.
Dialogue: 0,0:00:30.24,0:00:33.26,Default,,0000,0000,0000,,However, creating marine protected\Nareas isn't easy.
Dialogue: 0,0:00:33.28,0:00:36.10,Default,,0000,0000,0000,,First, you have the issue\Nof figuring out where to protect.
Dialogue: 0,0:00:36.13,0:00:39.22,Default,,0000,0000,0000,,This coral reef overlaps with that\Ninternational fishing ground,
Dialogue: 0,0:00:39.25,0:00:41.41,Default,,0000,0000,0000,,intersects with this fish hatchery.
Dialogue: 0,0:00:41.44,0:00:43.12,Default,,0000,0000,0000,,Everything is interconnected.
Dialogue: 0,0:00:43.14,0:00:45.49,Default,,0000,0000,0000,,And marine protection plans\Nmust take into account
Dialogue: 0,0:00:45.51,0:00:47.48,Default,,0000,0000,0000,,how one area affects another.
Dialogue: 0,0:00:47.51,0:00:49.100,Default,,0000,0000,0000,,Then, there's the issue\Nof getting everyone on board.
Dialogue: 0,0:00:50.02,0:00:52.83,Default,,0000,0000,0000,,Coastal economies often rely\Non fishing and tourism.
Dialogue: 0,0:00:52.86,0:00:54.96,Default,,0000,0000,0000,,If people think they can't do their work,
Dialogue: 0,0:00:54.98,0:00:57.53,Default,,0000,0000,0000,,there's no chance of getting\Nthe local buy-in you need
Dialogue: 0,0:00:57.55,0:00:59.03,Default,,0000,0000,0000,,for the area to be successful.
Dialogue: 0,0:00:59.05,0:01:01.65,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: 0,0:01:05.20,0:01:06.95,Default,,0000,0000,0000,,token support will not cut it.
Dialogue: 0,0:01:06.97,0:01:09.54,Default,,0000,0000,0000,,And finally, conservation requires money.
Dialogue: 0,0:01:09.56,0:01:10.71,Default,,0000,0000,0000,,A lot of it.
Dialogue: 0,0:01:10.74,0:01:14.28,Default,,0000,0000,0000,,Governments in island and coastal nations\Nmay want to protect their waters,
Dialogue: 0,0:01:14.31,0:01:16.41,Default,,0000,0000,0000,,but often these nations\Nhave very high debt
Dialogue: 0,0:01:16.43,0:01:18.64,Default,,0000,0000,0000,,and can't afford\Nto prioritize conservation.
Dialogue: 0,0:01:19.06,0:01:22.46,Default,,0000,0000,0000,,If we rely on philanthropic dollars alone\Nto fund marine protection,
Dialogue: 0,0:01:22.48,0:01:24.86,Default,,0000,0000,0000,,we might get a small\Nmarine-protected area here,
Dialogue: 0,0:01:24.89,0:01:26.09,Default,,0000,0000,0000,,another little one there.
Dialogue: 0,0:01:26.12,0:01:28.83,Default,,0000,0000,0000,,But we need more\Nmarine protected areas faster,
Dialogue: 0,0:01:28.85,0:01:30.48,Default,,0000,0000,0000,,to have lasting impact.
Dialogue: 0,0:01:30.51,0:01:33.86,Default,,0000,0000,0000,,So what exactly does smart\Nocean conservation look like?
Dialogue: 0,0:01:33.89,0:01:37.18,Default,,0000,0000,0000,,How do we get the money,\Ngovernment support and careful planning
Dialogue: 0,0:01:37.20,0:01:39.68,Default,,0000,0000,0000,,that takes into account\Nboth local economies
Dialogue: 0,0:01:39.70,0:01:41.45,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\Nand audacious idea
Dialogue: 0,0:01:44.20,0:01:45.78,Default,,0000,0000,0000,,from The Nature Conservancy.
Dialogue: 0,0:01:45.80,0:01:48.62,Default,,0000,0000,0000,,It seeks to address all\Nof these things in one fell swoop.
Dialogue: 0,0:01:48.64,0:01:51.78,Default,,0000,0000,0000,,They've realized that debt held\Nby island and coastal nations
Dialogue: 0,0:01:51.80,0:01:55.52,Default,,0000,0000,0000,,is the very thing that will enable them\Nto achieve their conservation goals.
Dialogue: 0,0:01:55.84,0:01:58.19,Default,,0000,0000,0000,,TNC's idea is to restructure this debt,
Dialogue: 0,0:01:58.22,0:02:00.41,Default,,0000,0000,0000,,to generate the funds and political will
Dialogue: 0,0:02:00.44,0:02:03.13,Default,,0000,0000,0000,,to protect reefs, mangroves and fisheries.
Dialogue: 0,0:02:03.69,0:02:06.11,Default,,0000,0000,0000,,For example, if you refinance your house
Dialogue: 0,0:02:06.13,0:02:08.21,Default,,0000,0000,0000,,to take advantage\Nof a better interest rate,
Dialogue: 0,0:02:08.24,0:02:10.54,Default,,0000,0000,0000,,maybe you use the savings\Nto insulate your attic.
Dialogue: 0,0:02:10.90,0:02:14.32,Default,,0000,0000,0000,,That's what blue bonds for conservation do\Nfor entire coastal countries.
Dialogue: 0,0:02:14.74,0:02:15.98,Default,,0000,0000,0000,,Refinance the debt,
Dialogue: 0,0:02:16.01,0:02:19.06,Default,,0000,0000,0000,,then use the savings to create\Nmarine protected areas.
Dialogue: 0,0:02:19.08,0:02:22.38,Default,,0000,0000,0000,,Of course, sovereign debt restructuring\Nis more complicated than that,
Dialogue: 0,0:02:22.41,0:02:23.100,Default,,0000,0000,0000,,but you get the basic idea.
Dialogue: 0,0:02:24.02,0:02:26.47,Default,,0000,0000,0000,,If investors put in\N40 million dollars now,
Dialogue: 0,0:02:26.49,0:02:30.07,Default,,0000,0000,0000,,it can unlock as much as 1.6 billion\Nfor ocean conservation.
Dialogue: 0,0:02:30.47,0:02:32.16,Default,,0000,0000,0000,,And this is how the work gets done:
Dialogue: 0,0:02:32.18,0:02:34.30,Default,,0000,0000,0000,,Step one: negotiate the deal.
Dialogue: 0,0:02:34.70,0:02:38.94,Default,,0000,0000,0000,,A coastal nation commits to protect\Nat least 30 percent of its ocean areas.
Dialogue: 0,0:02:38.96,0:02:43.12,Default,,0000,0000,0000,,In exchange, The Nature Conservancy\Nbring investors, public funders,
Dialogue: 0,0:02:43.15,0:02:45.19,Default,,0000,0000,0000,,and international\Ndevelopment organizations
Dialogue: 0,0:02:45.21,0:02:47.99,Default,,0000,0000,0000,,to the table to restructure\Na portion of the nation's debt,
Dialogue: 0,0:02:48.01,0:02:51.12,Default,,0000,0000,0000,,leading to lower interest rates\Nand longer repayment periods.
Dialogue: 0,0:02:51.14,0:02:53.17,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: 0,0:02:57.29,0:02:59.34,Default,,0000,0000,0000,,government leaders and local stakeholders,
Dialogue: 0,0:02:59.37,0:03:01.68,Default,,0000,0000,0000,,to create a detailed conservation plan
Dialogue: 0,0:03:01.70,0:03:04.96,Default,,0000,0000,0000,,that integrates the needs of the ocean\Nwith the needs of the people.
Dialogue: 0,0:03:04.98,0:03:07.49,Default,,0000,0000,0000,,Step three: activate for longevity.
Dialogue: 0,0:03:07.52,0:03:11.03,Default,,0000,0000,0000,,TNC establishes an independently run\Nconservation trust fund.
Dialogue: 0,0:03:11.49,0:03:13.85,Default,,0000,0000,0000,,The savings from the debt\Nrestructure goes into it
Dialogue: 0,0:03:13.87,0:03:15.85,Default,,0000,0000,0000,,to support new marine protected areas.
Dialogue: 0,0:03:15.87,0:03:18.93,Default,,0000,0000,0000,,The trust enholds the government\Naccountable for its commitments,
Dialogue: 0,0:03:18.95,0:03:22.24,Default,,0000,0000,0000,,ensuring that the blue bonds\Nfinance real protection efforts.
Dialogue: 0,0:03:22.26,0:03:23.66,Default,,0000,0000,0000,,Could this plan work?
Dialogue: 0,0:03:23.69,0:03:24.84,Default,,0000,0000,0000,,It already has.
Dialogue: 0,0:03:25.74,0:03:30.08,Default,,0000,0000,0000,,In 2016, TNC helped create a national\Nconservation plan in the Seychelles.
Dialogue: 0,0:03:31.42,0:03:34.100,Default,,0000,0000,0000,,TNC restructured 22 million dollars\Nof the government's debt.
Dialogue: 0,0:03:35.02,0:03:39.17,Default,,0000,0000,0000,,And in exchange, the government agreed\Nto protect 30 percent of its marine areas.
Dialogue: 0,0:03:39.51,0:03:41.12,Default,,0000,0000,0000,,Today, the Seychelles is on track
Dialogue: 0,0:03:41.14,0:03:44.52,Default,,0000,0000,0000,,to protect 400,000 square\Nkilometers of ocean.
Dialogue: 0,0:03:44.55,0:03:46.91,Default,,0000,0000,0000,,That's an area roughly\Nthe size of Germany.
Dialogue: 0,0:03:46.93,0:03:49.18,Default,,0000,0000,0000,,The Seychelles is protecting\Nits coral reefs,
Dialogue: 0,0:03:49.20,0:03:50.88,Default,,0000,0000,0000,,it's replenishing its fisheries,
Dialogue: 0,0:03:50.90,0:03:53.78,Default,,0000,0000,0000,,it's improving its resilience\Nto climate change.
Dialogue: 0,0:03:53.81,0:03:56.49,Default,,0000,0000,0000,,At the same time,\Nit's strengthening its economy.
Dialogue: 0,0:03:57.09,0:03:59.64,Default,,0000,0000,0000,,This success is making\Nother governments take note.
Dialogue: 0,0:03:59.66,0:04:01.29,Default,,0000,0000,0000,,Many want to be part of this.
Dialogue: 0,0:04:01.31,0:04:04.03,Default,,0000,0000,0000,,There's an opportunity\Nto scale this up, dramatically.
Dialogue: 0,0:04:04.05,0:04:05.22,Default,,0000,0000,0000,,And fast.
Dialogue: 0,0:04:05.24,0:04:09.17,Default,,0000,0000,0000,,TNC has identified 20 more nations\Nwhere such a plan should be possible.
Dialogue: 0,0:04:09.59,0:04:11.47,Default,,0000,0000,0000,,But to execute, they need seed capital.
Dialogue: 0,0:04:11.50,0:04:14.67,Default,,0000,0000,0000,,And to put in place local teams\Nwho can develop conservation plans,
Dialogue: 0,0:04:14.69,0:04:17.29,Default,,0000,0000,0000,,work with all the stakeholders\Nand structure the deals.
Dialogue: 0,0:04:17.31,0:04:20.11,Default,,0000,0000,0000,,If they get the support they need\Nover the next five years,
Dialogue: 0,0:04:20.13,0:04:22.95,Default,,0000,0000,0000,,they could protect four million\Nsquare kilometers of ocean.
Dialogue: 0,0:04:22.97,0:04:24.56,Default,,0000,0000,0000,,That's 10 Germanies.
Dialogue: 0,0:04:24.58,0:04:26.89,Default,,0000,0000,0000,,This would increase the amount\Nof protected areas
Dialogue: 0,0:04:26.91,0:04:28.27,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: 0,0:04:30.01,0:04:33.46,Default,,0000,0000,0000,,It would allow vast tracks\Nof the world's coral reefs to replenish
Dialogue: 0,0:04:33.48,0:04:36.39,Default,,0000,0000,0000,,and give safe harbor to countless species.
Dialogue: 0,0:04:36.41,0:04:38.40,Default,,0000,0000,0000,,This would be truly incredible.
Dialogue: 0,0:04:38.42,0:04:40.13,Default,,0000,0000,0000,,And it's really just the beginning.
Dialogue: 0,0:04:40.15,0:04:42.34,Default,,0000,0000,0000,,Because there aren't\N20 countries in the world
Dialogue: 0,0:04:42.36,0:04:44.53,Default,,0000,0000,0000,,where this kind of debt\Nconversion would work.
Dialogue: 0,0:04:44.55,0:04:45.74,Default,,0000,0000,0000,,There are almost 100.
Dialogue: 0,0:04:45.76,0:04:48.04,Default,,0000,0000,0000,,With this approach, everyone wins.
Dialogue: 0,0:04:48.07,0:04:51.36,Default,,0000,0000,0000,,Governments, local citizens, funders,
Dialogue: 0,0:04:51.38,0:04:53.87,Default,,0000,0000,0000,,and most importantly, our oceans.
Dialogue: 0,0:04:53.89,0:04:55.73,Default,,0000,0000,0000,,So in fact, we all win.
Dialogue: 0,0:04:56.91,0:04:59.02,Default,,0000,0000,0000,,Ah, earth's oceans.
Dialogue: 0,0:05:01.80,0:05:03.86,Default,,0000,0000,0000,,[The Audacious Project]