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<p>Preface vii</p> <p>1 Michelangelo’s Finger: The Pope and the Atmosphere 1</p> <p>2 Marooned: The Island of Wrong Things Measured 15</p> <p>3 One of a Kind: The Gamble of Rarity and Price 31</p> <p>4 Art in a Box: Pricelessness Saves Detroit 39</p> <p>5 Mangroves and Money: All of Nature Is an Economic Machine 55</p> <p>6 The Cosmic Penthouse: Carbon Pricing, Carbon Markets 69</p> <p>7 Dare to Surmount: China Joins the Marathon 103</p> <p>8 Wall Street to the Rescue? Nauru May Answer 121</p> <p>9 Never Another Drop: The Flow of Water Markets 151</p> <p>10 Wildlife and Wonderment: The Rhino Bond 177</p> <p>11 Premiums to the Coral: Coral Reef Insurance 189</p> <p>12 Forests as Infrastructure: The Forest Resilience Bond 197</p> <p>13 Off Limits: The Value of Do Not Touch 213</p> <p>14 Infinite Value: Return to Rome 241</p> <p>References 247</p> <p>Acknowledgments 253</p> <p>Index 255</p>

<P><B>PAULA D<small>I</small>PERNA</B> is a pioneer and leader at the forefront of finance and climate policy, from the Oval Office to Antarctica, coral reefs to carbon markets. She served as President of CCX International, the world’s first expansive emissions trading system to address global warming; President of the Joyce Foundation; and writer for underwater hero, Jacques-Yves Cousteau. Currently, she is Special Advisor to CDP, the world’s only integrated environmental disclosure system. DiPerna is a frequent media commentator and public speaker.

<p><b>Praise for PRICING</b> THE <B>PRICELESS</B> <p>“This is a deep meditation on the state of the biosphere and the role humankind has played in bringing it to where it is today. What makes the book remarkable is that it is informed by an extraordinary, exploratory life. DiPerna’s personal experiences have moved her to initiate and engage in remarkable endeavors to create institutions that encourage us to conserve Nature. This is a deeply moving piece of work.”<BR> <b>—SIR PARTHA DASGUPTA, Frank Ramsey Professor Emeritus of Economics, Cambridge University, and author of<i> The Economics of Biodiversity: The Dasgupta Review</i></b> <p>“DiPerna explores with lyricism the paradox of pricing the environment. As each year of feeble climate action adds to decades of drift, we’re now sensing the reality of thresholds which money cannot smooth away. As she makes vividly clear, there is much to gain if we can reorganize our economies, redesign systems, and refit our landscapes in time, to build a fairer, more sustainable way of life for all.”<BR> <b>—CAMILLA TOULMIN, Senior Associate and former Director, International Institute for Environment and Development (IIED); Fellow, Institute for New Economic Thinking</b> <p>“Everybody knows that if a valuable resource is ‘free,’ it will be overused and eventually depleted. But, with hard-to-pin-down resources such as air, wildlife, and the beauty of nature, it’s challenging to design markets that conserve and allocate them efficiently. In <i>Pricing the Priceless</i>, DiPerna describes how she and her Chicago Climate Exchange colleagues have taken a big step in that direction, to the lasting benefit of all.”<BR> <b>—LAURENCE B. SIEGEL, Director of Research, CFA Institute Research Foundation and author of <i>Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance</i></b> <p>“DiPerna has the soul of an explorer and the mind of an environmentalist, educating the reader about the role of emissions trading in combating climate change. It is all about pricing and she nails it. At every stop in her worldwide journey, we learn about the real-world convergence of finance and the environment. It is a great read for the public who wants to understand the role of markets in fostering social goals and addressing an existential issue.”<BR> <b>—DR. RICHARD L. SANDOR, Chairman and CEO, Environmental Financial Products, and Aaron Director Lecturer in Law and Economics, University of Chicago Law School</b>

<p>“A great overview of impact accountability and measurement and why they are key in meeting our environmental and social challenges.” - Sir Ronald Cohen, author, IMPACT</p> <p>“<i>Pricing the Priceless </i>provides clarity that our measurement, accounting, and capital markets company valuation processes as currently designed are failing humanity in the longer-term. The book provides deep insights into Intangible Capital and specifically the natural capital and eco-system services provided by the planet that are not effectively measured and reported on today. Only by recognizing restorative investments in planetary services that are not properly valued, can leaders ensure financial capital and sustainable capitalism serves humanity. <i>Pricing the Priceless</i> opens the mind to this required new intangible capital measurement system.” - Mark Van Clieaf, Managing Director, FutureZero and co-author <i>Net Zero Business Models: Winning in the Global Net Zero Economy</i></p> <p>“<i>Pricing the Priceless</i> advances the global conversation about creating a sustainable economy that operates within the limits of the biosphere. Paula DiPerna explores the global economy’s dependence on having a free ride on our planet’s priceless assets – air, water, natural and mineral resources – a dependence that may render the earth uninhabitable. The book provides hopeful examples of how to leverage the power of capitalism to create an economic system that properly values the earth’s resources to reverse humanity’s potentially fatal disassociation from its precious planetary home.” - John Montgomery, co-author, <i>Net Zero Business Models: Winning in the Global Net Zero Economy</i>, and author, <i>Great from the Start: How Conscious Corporations Attract Success</i></p>

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