-Director Canopy Capital
With the countdown on the global environment under way, one venture capitalist is hoping that people will see value in the ecosystem services which the Iwokrama rainforest offers and which can be used to raise capital for its upkeep as a “giant utility.”
This is according to Hylton Murray-Philipson, Canopy Capital’s director, who was explaining to Mongabay.com why he was investing in Guyana.
Iwokrama stands to receive funding for the next five years through its deal with Canopy Capital, and should in the long term get 90 per cent of the investment returns that will go towards sustainably managing this area of rainforest.
“I feel we are at a crossroads. I think that this is the last moment we have as a species to take remedial action because we are very soon on a path that is committed to significant climate change,” Murray-Philipson told Mongabay.com.
According to the businessman, he has been reading about the destruction of the Amazon forest and it is still happening. “What’s the problem? Frankly [it is the] lack of money. Philanthropy is too small, governments are too slow, so it’s going to be up to the market. Our firm is bringing capital to the canopy. The only way we are going to turn this thing around is through a profit motive. This is what is needed to harness the power of markets. But it doesn’t stop with making a profit,” he said.
