Introduction

The analysis of U.S. 2021 export data reveals that the U.S. is the world’s largest pollinator-dependent exporter globally at $16.17 billion dollars in 2021 (Figure 1). This $16.17 billion in total pollinator-dependent exports exceeds the individual export values of aircraft parts, beef, and medical appliances, demonstrating the strategic importance of these trade flows within the US export portfolio. The 2021 analysis also reveals that three specific categories of US exports of pollinator-dependent crops – citrus, other fruits, and cocoa –generated $3.88 billion in exports (The Observatory of Economic Complexity).  

The analyzed categories of cocoa ($1.91 billion), citrus ($903 million), and other fruits ($1.07 billion) represent approximately 24% of total US pollinator-dependent export activity, indicating that the present analysis captures less than one-quarter of the nation’s economic exposure to pollinator decline. This $16.17 billion in U.S. exports depends on pollination. Pollination is the process by which pollen is transferred from one flower’s anther to another flower’s stigma, allowing plants to reproduce.

Without pollination, most plants would be unable to reproduce, resulting in fewer seeds for a new generation of plants, which would significantly reduce plant populations and the genetic diversity necessary for ecosystems to adapt and remain resilient, particularly in the face of climate change.

Pollination can occur through various means, including wind, insects, animals, or even water. However, more than 80% of flowering plants and about 75% of all staple crops depend on animal pollinators (USDA).

For example, U.S. cocoa ($1.91 billion) exports depend entirely on tiny midges measuring less than 4 millimeters—the only pollinators capable of fertilizing cacao flowers. This dependency illustrates a fundamental but often overlooked reality: natural ecosystem services form the invisible foundation of international trade and national economic competitiveness.  

The economic value of pollination services remains largely unmeasured despite supporting entire agricultural sectors worth billions of dollars.

With wild pollinator populations declining, the economic implications remain poorly quantified at the national scale (Penn State Uni., USDA). Existing studies typically focus on individual crops or regional analyses, failing to capture the aggregate economic exposure within national trade portfolios. This quantification gap creates a blind spot for policymakers who must weigh conservation investments against other economic priorities without clear understanding of the financial stakes involved. Furthermore, the lack of standardized economic valuation methodology limits the integration of pollinator services into national economic accounting systems, rendering these services economically “invisible” despite their material importance to agricultural output and export competitiveness.

In this study, we address a specific, quantifiable research questions:  

  • What is the measurable economic value of pollinator services embedded within US agricultural exports?  

  • How much of this value faces direct risk from pollinator decline?  

Rather than attempting to estimate total domestic agricultural value, this analysis focuses on the more tractable question of export value at risk. We examine three major categories of pollinatordependent agricultural exports—cocoa products, citrus fruits, and other fruits.

Nevertheless, even this conservative analysis demonstrates that pollinator services support quantifiable economic value equivalent to the GDP of several small nations, providing an empirical foundation for evaluating conservation investments and agricultural risk management strategies

This paper proceeds through five analytical stages to establish the economic value of pollinator services within US agricultural exports.  

Following this introduction, Section 2 describes:

  • the methodology, including data sources,  

  • crop selection criteria, and  

  • the derivation of pollinator dependency coefficients from agricultural science literature.  Section 3 describes:

  • the results,  

  • quantifying export values,  

  • risk exposure across crop categories while establishing the US position in global markets.

Section 4 discusses:

  • the implications of these findings, and

  • contextualizing the $2.73 billion at-risk value within broader economic and ecological frameworks while acknowledging significant underestimation factors.

Section One

Methodology: Integration of Trade and Economic Statistics

This analysis integrates agricultural trade data from the Food and Agriculture Organization (FAO) Trade Statistics with national economic data from the World Bank World Development Indicators to establish baseline economic relationships. Export value data were extracted from three FAO Trade Statistics CSV files covering 2021 trade flows: “Export Cocoa 2021.csv” (199 countries), “Export Citrus 2021.csv” (169 countries), and “Other Fruits 2021.csv” (179 countries).

GDP data were obtained from the World Bank’s World Development Indicators database (indicator code NY.GDP.MKTP.CD), providing 2021 national GDP figures in current US dollars for comparative analysis. Trade data were supplemented with market intelligence from the Observatory of Economic Complexity (OEC.world).

The OEC database offers insights into trade dynamics beyond simple export values. For the analyzed commodities, OEC data reveals that cocoa products rank among the most geographically concentrated exports globally, with the top 5 exporters controlling over 70% of global trade.  

This concentration amplifies the economic significance of pollinator services, as disruption in major producing regions could trigger substantial price volatility in global markets. Conversely, OEC data shows that fruit exports exhibit greater geographic distribution, potentially providing more resilience against localized pollinator decline.

Crop Selection

Crop selection followed three primary criteria:

  • Commodities were selected based on clear pollinator dependency relationships established in agricultural science literature, avoiding crops with ambiguous or disputed pollination requirements.  

  • Selected categories required sufficient export volume to generate meaningful economic signals within national trade statistics, excluding minor specialty crops despite potential high pollinator dependency.  

  • FAO Trade Statistics classification systems provided standardized commodity codes enabling consistent international comparisons.

Cocoa and cocoa products (HS Codes 41801, 41802, 41803, 41804, 41805, 41806) were selected due to their extreme pollinator dependency and substantial US export volumes. Theobroma cacao exhibits obligate outcrossing with specialized pollination requirements fulfilled exclusively by Ceratopogonidae midges (Forcipomyia spp.).

Citrus fruits (HS Code 20805) represent moderate dependency relationships with established alternatives (Monasterolo et al.). While Citrus species can achieve some fruit set through selfpollination, cross-pollination significantly enhances yield quantity and fruit quality. OEC data confirms that citrus exports involve substantial intra-industry trade, with processed citrus products commanding premium prices in international markets. Their value is potentially lost if pollinator decline reduces fruit quality even without eliminating production entirely.

The “other fruits” category (HS Code 20810) captures the diversity of pollinator-dependent fruit production while maintaining analytical tractability. This category includes apples (90% pollinator dependent), berries (40% to 90% dependent), and stone fruits (variable dependency).

Scientific Basis for Economic Risk Assessment

Pollinator dependency coefficients represent the core methodological innovation enabling translation from biological relationships to economic risk assessment. These coefficients quantify the proportion of agricultural output directly attributable to animal pollination services, derived from controlled pollination exclusion experiments and observational studies in agricultural science literature, see e.g. Garrett et al[1].

The cocoa dependency coefficient of 0.90 reflects near-complete reliance on midge pollination for commercial cacao production. Field studies consistently demonstrate that cocoa yields decline by 80% to 90% in the absence of Forcipomyia midges, with remaining fruit set attributed to rare autogamy events. Critically, no viable artificial pollination alternatives exist for cacao at commercial scale, as the flowers measure only 1 centimeters to 2 centimeters and require precise timing for successful fertilization. This biological constraint creates a direct 1:1 relationship between pollinator availability and economic output.

Citrus dependency coefficients of 0.35 reflect moderate pollination enhancement rather than absolute requirement. Controlled studies demonstrate that citrus yields improve by 18% to 35% with cross-pollination compared to self-pollination alone, while fruit quality measures (sugar content, size, seed development) show more dramatic improvements of 40% to 60%. The economic coefficient captures both quantity and quality effects, acknowledging that export market premiums often depend on fruit quality characteristics enhanced by effective pollination. The “other fruits” coefficient of 0.65 represents a weighted average across diverse crop types with varying pollination requirements. Apples exhibit 90% dependency while blueberries range from 40% to 90% depending on variety and growing conditions. Stone fruits typically show 40% to 60% dependency, with significant variation based on self-compatibility characteristics. The 0.65 coefficient reflects the export portfolio composition of US fruit trades, weighted toward higherdependency crops like apples and berries that dominate US fruit export value.

Calculation Framework: Export Value Risk Assessment

The economic risk assessment employs a direct multiplication framework: Export Value × Dependency Coefficient = Value at Risk. This approach assumes that pollinator service disruption would reduce export values proportionally to biological dependency relationships, representing a conservative estimate that excludes potential price effects from supply disruptions.

For each crop category, the calculation proceeds as follows:

  • Cocoa: $1.910 billion x 90% = $1.72 billion at risk.

  • Citrus: $903 million x 35% = $316 million at risk.

  • Other Fruits: $1.07 billion x 65% = $695 million at risk.

  • Total Risk: $2.7 billion at risk across the three categories.

Note: These are estimates with calculations varying due to other unrelated criteria.

This framework explicitly excludes several potential amplification effects that could increase actual economic impacts. Price elasticity effects are not modeled. If US production declined while global demand remained constant, export prices might increase, partially offsetting volume losses. Conversely, if multiple producing countries experienced simultaneous pollinator decline, global supply disruptions could generate price volatility exceeding the direct production effects captured in dependency coefficients.

Limitations: Scope Constraints and Underestimation Factors

This analysis acknowledges significant scope limitations that likely result in substantial underestimation of true economic exposure. The three analyzed crop categories represent only a subset of pollinator-dependent US agricultural exports, excluding nuts (almonds alone exceed $5 billion in annual exports), vegetables (cucumbers, squash, melons), oilseeds (sunflower, canola), and numerous specialty crops with high pollinator dependency.

Geographic scope limitations also constrain the analysis. Export data capture only international trade flows, excluding the much larger domestic agricultural economy where pollinator services support food production for 331 million US consumers. Additionally, the analysis excludes indirect economic effects through agricultural supply chains, food processing industries, and employment multipliers that could amplify the direct production impacts quantified here.

Temporal limitations restrict the analysis to a single-year snapshot, preventing assessment of trends, volatility, or long-term structural changes in pollinator-dependent trade.  

Finally, the methodology assumes linear relationships between pollinator availability and economic output, when ecological research suggests threshold effects and non-linear responses may characterize pollinator-crop relationships under stress conditions.

Section 3

Results

The 2021 analysis reveals that US exports of pollinator-dependent crops in the three analyzed categories generated $3.88 billion in international trade value. However, this narrow analysis significantly understates the broader economic significance of pollinator-dependent trade. US pollinator-dependent exports total $16.17 billion annually across all categories. The U.S. is therefore the world’s largest pollinator-dependent exporter globally. This $16.17 billion in total pollinator-dependent exports exceeds the individual export values of aircraft parts, beef, and medical appliances, demonstrating the strategic importance of these trade flows within the US export portfolio.  

The analyzed categories of cocoa ($1.91 billion), citrus ($903 million), and other fruits ($1.07 billion) represent approximately 23.9% of total US pollinator-dependent export activity, indicating that the present analysis captures less than one-quarter of the nation’s economic exposure to pollinator decline (Figure 2).

pic 2.jpg

Figure 2: Export Value of Pollinator-Dependent Exports in the U.S. The total value, worth $3.88 billion, has faced risk due to pollinator population declines.

Cocoa: Critical Dependency and Maximum Economic Exposure

Cocoa exports face the highest absolute economic risk, with $1.72 billion in export value (90% of $1.91 billion) directly vulnerable to pollinator service disruption. This vulnerability occurs within the broader context of planetary boundary transgression, with biodiversity integrity showing severe degradation according to Responsible Alpha’s framework analysis. The complete dependence on Ceratopogonidae midges creates what ecologists recognize as an obligate mutualism—a biological relationship that cannot be replicated through technological intervention.

Global cocoa market concentration amplifies this vulnerability within the context of nature-dependent trade flows. According to Responsible Alpha’s global analysis, nature-dependent soft commodity exports represent 0.7% of total global trade, yet support economic activity equivalent to the GDP of 154 nations. The US position in processed chocolate products, rather than raw cocoa beans, provides some buffer against supply disruptions but creates exposure to upstream ecological collapse in major producing regions.

Quality effects compound the quantitative risks for cocoa exports within increasingly stressed planetary systems. As biodiversity integrity declines globally, pollinator effectiveness in cocoa-producing regions faces mounting pressure from habitat fragmentation, climate change, and agricultural intensification. Export-grade cocoa commands 20% to 40% price premiums over domestic consumption grades, suggesting that ecosystem degradation could trigger disproportionate value losses if declining pollinator effectiveness forces quality downgrades.

Other Fruits: High Variability and Diversified Risk in Global Context

The “other fruits” category faces $695 million in at-risk export value (65% of $1.07 billion), reflecting heterogeneous pollination requirements across diverse fruit crops. Over 80% of flowering plants and 75% of staple crops depend on pollination services, with 60% to 70% of plants relying specifically on insect pollination where bees are key.

Apples represent the largest component within this category, contributing significantly to the broader $16.17 billion in total US pollinator-dependent exports identified by Responsible Alpha.

Washington State apple production alone generates over $2 billion annually, with export markets demanding consistent quality achievable only through effective cross-pollination between cultivars. The global context of declining bee populations, creates systemic risk to apple export competitiveness.

Berry exports exhibit particular vulnerability within the context of accelerating biodiversity loss. Blueberry, cranberry, and strawberry production depends heavily on native bee species increasingly threatened by habitat conversion and agricultural intensification. These crops target premium international markets where appearance, size, and flavor characteristics directly reflect pollination effectiveness, creating potential for catastrophic value losses if ecosystem degradation forces producers to compete in lower-value commodity segments.

The geographic distribution of fruit production provides limited protection against the systematic ecological pressures identified in planetary boundary analysis. Climate change, land use conversion, and pollution, affect pollinator communities across multiple regions simultaneously, potentially overwhelming geographic diversification benefits through synchronized disruption patterns.

Citrus: Moderate Dependency with Quality Premiums Under Ecosystem Stress

Citrus exports face $316 million in direct risk (35% of $903 million), representing the lowest proportional vulnerability among analyzed categories. However, this moderate dependency calculation understates potential impacts within the broader context of ecosystem service decline. Cross-pollination significantly enhances citrus characteristics valued in export markets: larger fruit size, higher sugar content, reduced seed development, and improved juice quality parameters essential for competing against lower-cost international suppliers.

The US citrus industry’s export focus on premium segments creates disproportionate vulnerability to quality degradation from declining pollination effectiveness. Florida orange juice exports compete primarily on quality rather than volume against international suppliers, while California lemon exports command premium prices based on consistent appearance and taste characteristics. Within the context of global biodiversity collapse, pollinator decline could force US citrus producers toward lower-value market segments, generating losses exceeding the calculated 35% direct dependency.

Regional concentration of citrus production creates additional vulnerability within the context of multiple planetary boundary transgressions. California’s Central Valley and Florida’s citrus belt face simultaneous pressures from climate change, freshwater stress, and agricultural intensification. These converging environmental stresses could generate cascading impacts on pollinator communities, amplifying economic risks beyond those captured in single-factor dependency calculations.

pic 3.jpg

Figure 3: Risk–return analysis comparing export value and pollinator dependency. Cocoa faces the highest risk, followed by other fruits and citrus.

Section Four

Aggregate Risk Assessment For Three Categories 

The aggregate analysis identifies $2.73 billion in direct export value at risk from pollinator service disruption across the three analyzed categories, representing 16.9% of the total $16.17 billion in US pollinator-dependent exports.

The broader context of planetary boundary transgression amplifies these direct calculations through multiple pathway interactions. With six of nine planetary boundaries already exceeded, pollinator decline occurs within a broader pattern of ecosystem service degradation that could generate compound and cascading economic impacts across multiple sectors simultaneously.

Risk concentration analysis within the global context reveals concerning vulnerabilities. Critical dependency crops (cocoa) account for $1.72 billion (63%) of analyzed at-risk value, reflecting biological constraints that cannot be addressed through technological substitution. High-variable dependency crops (other fruits) contribute $695 million (25%), while moderate dependency crops (citrus) represent $316 million (12%). This distribution occurs within the broader context of global biodiversity collapse affecting 60% to 70% of plants that rely on insect pollination.

The $2.73 billion at-risk value represents a conservative baseline that excludes numerous amplification factors operating within stressed planetary systems. Domestic consumption value, processing industry investments, employment effects, and supply chain disruptions could multiply direct trade impacts significantly. Additionally, the analysis excludes nuts (almonds alone exceed $5 billion in annual US exports), vegetables, oilseeds, and specialty crops, suggesting that comprehensive pollinator-dependent risk assessment could identify economic exposure measuring in tens of billions of dollars.

International competitive dynamics within the context of global ecosystem decline create additional complexity beyond direct production impacts. The US position as the largest pollinator-dependent exporter provides potential strategic advantages if conservation investments maintain ecosystem service stability while competitor nations experience degradation. However, if US ecosystem services decline while international competitors maintain stability through superior conservation strategies, market share losses could substantially exceed the direct production impacts quantified in this analysis.

Discussion

The competitive implications of pollinator decline extend beyond direct production impacts through complex international trade dynamics occurring within the context of unprecedented biodiversity loss. With six of nine planetary boundaries already exceeded, pollinator communities face systematic pressure from multiple converging threats that amplify economic risks beyond historical precedent.

The widespread use of nature-adverse fertilizers, particularly neonicotinoid pesticides, has generated systemic toxicity in agricultural landscapes where pollinators forage. Systemic chemicals persist in plant tissues for months, and create chronic exposure scenarios that impair pollinator navigation, memory, and reproductive success even at sublethal concentrations.

Habitat destruction represents the most significant driver of pollinator decline, with agricultural intensification eliminating 33% of global forest cover and fragmenting remaining natural ecosystems. The conversion of landscapes into monoculture production systems removes the floral diversity required to support healthy pollinator communities throughout seasonal cycles. The loss of habitat affects specialist pollinators like the Ceratopogonidae midges essential for cocoa production, which require specific microhabitat conditions unavailable in simplified agricultural environments.

Climate change compounds these pressures through disruption of seasonal timing relationships between flowering plants and pollinator emergence. Temperature increases of 1-2°C can desynchronize pollination relationships evolved over millennia. Extreme weather events increasingly destroy pollinator nesting sites and overwinter habitat.  

Future research should extend this methodology to capture economic exposure across all pollinator-dependent sectors. Dynamic models that incorporating temporal trends, climate change projections, and international competitive effects would significantly improve the forecast quality of this analysis. The quantitative framework demonstrated here provides a foundation for such expanded analysis and offers paths to policy guidance for conservation investment priorities based on demonstrated economic returns.

Dr. Anant Jani

Advisor

Anant is a Research Fellow who works on understanding how we can improve the value of healthcare services by optimizing resource utilization, improving population health and by addressing social determinants of health. Prior to his position at the University of Oxford, Anant worked in Europe and the Middle East to help healthcare systems within these countries to focus more on value-based healthcare. Anant has a PhD in immunology from Yale University.

Chiyedza Heri

Director

Chiyedza Heri is an inter-disciplinary professional with experience spanning biodiversity conservation, carbon markets, sustainability reporting, policy advisory and innovative financing mechanisms. Her work focuses on helping governments, financial institutions, businesses and development partners mobilise capital for climate-resilient, nature-positive and inclusive economic development across Africa.

Chiyedza is the Founder and CEO of Ubuntu Alliance, where she works with public and private sector partners to improve sustainability data, reporting and access to alternative finance for environmental and social outcomes.
Her experience includes policy and advocacy leadership with BirdLife Zimbabwe, where she supported nature and climate-policy alignment, ecosystem-restoration finance and stakeholder capacity building; and service as Vice Chair of the Zimbabwe Carbon Association, where she contributed to carbon-market coordination, regulatory benchmarking. She has also facilitated carbon-finance learning for conservation practitioners, policymakers and finance professionals through Africa Leadership University.

Chiyedza brings practical knowledge of TNFD, TCFD, carbon-crediting programmes, impact measurement, biodiversity-finance planning, ESG-related standards and the interlinkages among the Rio Conventions. She has contributed to Zimbabwe’s National Biodiversity Strategy and Action Plan and has engaged in major regional and global policy forums, including UNFCCC COP28 and 30, UNCBD COP16, UNCCD COP16, Ramsar COP15, the Africa Climate Summit one and two and the 2024 UNEP FI Africa Regional Roundtable.

Zsófia Ságodi

Analyst

Zsófia Ságodi is an International Relations student at Leiden University with experience in business development, policy research, and data analysis. She is interested in international political economy, sustainability, and using research and data-driven insights to support strategic decision-making.

William Morrissey

Manager

William Morrissey is an environmental science and policy professional who thrives at the intersection of climate, finance, and policy. As an Associate at Responsible Alpha, William leads the US federal and state contracting effort, liaising with federal partners, identifying public partnerships, and opportunities for growth. He also assists on contracts, using his project management, natural resource management, and scientific research experience. 

With 5+ years of experience as a natural resource biologist, William has worked across sectors to solve complex environmental problems. At Versar Inc., he had the opportunity to contribute to many environmental projects, such as freshwater habitat surveys and IDDE inspections. He has managed environmental and wetland permitting for the Maryland State Highway Association and served as a field biologist for the MD Department of Natural Resources.  

Recently, he obtained his MPA in Environmental Science and Policy from Columbia University School of International and Public Affairs, where he studied climate science, environmental policy, and sustainable finance. In his undergraduate career, he studied Biology at the University of Delaware with a primary focus on ecology.  

Outside of the office, William spends a lot of his time with his family, traveling abroad or to the New Jersey shore, and cooking delicious vegetarian recipes. 

 

Dr. Emily Senay, M.D., MPH

Advisor

Dr. Emily Senay, MD, MPH, is the Interim Executive Manager at the Climate Health Society. Dr. Senay is also a lecturer in the Department of Environmental Health Sciences at the Yale School of Public Health. She serves as a clinician with the Queens World Trade Center Health Program, providing care to first responders and volunteers who supported the 9/11 response. Dr. Senay’s scholarship centers on how healthcare organizations contribute to and respond to the climate crisis, with an emphasis on healthcare sustainability, transparent environmental accounting in the health sector, and climate communication for clinicians. Her clinical work highlights interventions with co-benefits for patients and the planet, including Lifestyle Medicine approaches that promote health while reducing environmental impact. Prior to her academic and clinical roles, Dr. Senay spent more than two decades as a medical broadcast correspondent for CBS News and PBS News, where she reported on health and science topics for national audiences.

Rajeev Soni

Director Product Development

Raj Soni advises enterprise leaders on capturing AI value. Over twenty years Raj has launched and scaled B2B SaaS and enterprise products globally and built teams across four continents. He works with leadership on the decisions that matter, which workflows to redesign, how to structure adoption, and how to measure and deliver against the AI value promise.

Mr. Soni has held director of product development and similar roles at Gartner, Glasswing, SEQR, and European Union Delegation to India and South Asia. He has worked at firms including Tata Consultancy. He also participated on product, delivery and engagement leadership roles with Bank of America, Boeing, JPMorgan Chase, National Bank of Greece and ABN AMRO on enterprise launches.
Career highlights include:

  • 20 years launching and scaling B2B SaaS and enterprise products across research, logistics, retail, financial services and higher education.
  • Fortune 500 and high-growth startup experience on product strategy and go-to-market.
  • Global teams of 60+ across four continents. 1M+ paying enterprise users shipped. One founder/exit.
  • Deep expertise in product market fit, retention and expansion revenue models.

Raj graduated with an MBA from the Ross School of Business, University of Michigan.

Dr. Tom Achoki, M.D., Ph.D.

Advisor

Dr. Tom Achoki, M.D., Ph.D. is a seasoned physician executive with over 15 years of global experience leading innovation in healthcare and social impact initiatives. His work spans strategic partnerships across public, private, and nonprofit sectors, driving transformative change in health systems and development programs worldwide. He is a co-founder of the Africa Institute for Health Policy, a leading research organization based in Nairobi, Kenya.

Tom is a medical doctor and has completed a PhD from Utrecht University in the Netherlands and an MBA from the M.I.T Sloan School of Management, where he focused on finance and healthcare innovation. He did his post-graduate training at the Institute of Health Metrics and Evaluation, University of Washington where he also held a faculty position. He brings deep expertise in corporate venture investing and operational model design to advance business goals while creating shared value and mitigating risk. He is a recognized thought leader in global health, digital transformation, research, and data analytics—leveraging evidence to inform strategic decisions and execution.

Dr. Achoki’s work is grounded in a commitment to equity, sustainability, and measurable impact—making him a trusted advisor in shaping the future of healthcare and social innovation.

Francisco Lizcano Bazaldúa

Director

Francisco Lizcano Bazaldúa is an impact investing professional with a background spanning venture acceleration, institutional finance, and sustainable technology-enabled supply chains across Latin America. He holds an MSc in Astrophysics from UNAM — where he developed advanced skills in statistical modelling, quantitative data analysis, and evidence-based reasoning — which he brings to investment analysis, ESG research, and sustainability advisory. Experienced structuring blended-finance mechanisms and advising early-stage impact enterprises on capital readiness and scalability, he has worked across the full capital stack from seed-stage ventures to institutional products. His supply chain traceability work at BanQu deepened his practical understanding of ESG compliance frameworks, sustainable sourcing standards, and the role of data integrity in credible sustainability reporting. Francisco is currently a Fellow of the New England Impact Investing Initiative (NEI3), deepening his expertise in sustainable finance and impact measurement across emerging markets.

Cara Li

Project Team

Cara Li

Ruonan (Cara) Li is passionate about sustainability and global development, with a interdisciplinary background in public administration, economics, and policy studies. Currently pursuing a Master’s degree in International Relations at Johns Hopkins University SAIS Europe in Bologna, she focuses on how data-driven insights and policy innovation can advance sustainable growth and international cooperation.

Julianne Zimmerman

Advisor

Julianne Zimmerman is a social justice investor and systems-change leader with more than 30 years of experience putting technology and capital to work for the greater good. She currently serves on the Trust Stewardship Committee for Ona Perpetual Purpose Trust and previously served as Co-CEO of Adasina Social Capital. Julianne has held leadership and advisory roles across impact investing, energy, biofuel, water purification, aerospace, and technology.

She previously served as Managing Director at Reinventure Capital, investing in US-based companies led and controlled by BIPOC and/or female founders. She is actively involved in advancing racial, social, and gender equity and serves on the board of the Criterion Institute and as an Ambassador for Global InvestHer.

She also mentors entrepreneurs and emerging leaders through organizations including MIT VMS, WPI, and Majira Project. Julianne holds two SB degrees from MIT, an MS in Aerospace Engineering from the University of Maryland, and an executive certificate in Sustainability Management from Presidio Graduate School. She is a 2020 Conscious Company World Changing Woman and a 2022 Forbes 50 Over 50 honoree.

Isabella Manzione-Dearborn

Analyst

Isabella Manzione-Dearborn is a graduate student at Johns Hopkins University’s School of Advanced International Studies pursuing a Master of Arts in International Affairs. Isabella currently serves on the project team as an analyst and works extensively with the Business Development and Marketing Team.  

Throughout her education, Isabella cultivated a strong interest in climate and sustainability issues, integrating global sustainability themes into her coursework and study abroad experience. Her professional background includes internships with the Department of Defense and the International Rescue Committee, where she supported federal operations and refugee resettlement efforts. Isabella’s interdisciplinary perspective and commitment to the environment align with Responsible Alpha’s mission to advance climate-conscious financial strategies. 

With over two years of study-abroad experience, Isabella demonstrates strong global citizenship skills. In addition to her passion for travel, Isabella enjoys training for half marathons and collecting many plants. 

Paul Jonas

Analyst

Paul is a trained natural resource scientist studying at the School of Environment and Sustainability at the University of Michigan.

Emily Korlin

Manager

Emily's interests lay at the intersection between data, environment, and public health. She has a Bachelor of Arts in Biology, Society, and Environment from the University of Minnesota.

Jimena Faz Garza

Analyst, Special Projects

Jimena’s management role includes project tracking and management, team coordination, online marketing, and supporting RA’s participation in working groups and partnerships. She is also an analyst who conducts research and assists in writing reports and deliverables for client projects. 

Jimena has previously interned at A Wider Circle (a social support nonprofit in the DC/Maryland area), and at the Chronicle of Philanthropy (a publication covering philanthropy and nonprofits in the US and worldwide). She has also worked as a summer camp counselor and as a state lead in Virginia for a voter turnout campaign in 2020. 

Jimena attended the College of William & Mary and earned a Bachelors degree in Sociology with a concentration in Social Problems, Policy, and Justice. She enjoys studying intersections between social dynamics, environmental patterns, and economic trends, and using iterative research processes to create lasting solutions that bridge gaps between sectors. She is passionate about translating technical information into clear, compelling narratives. 

Jimena has lived in Mexico City, DC, and Virginia, and is now based in Nairobi, where she enjoys spending time with her family, exploring the city, trying new foods, meeting people from around the globe, and bonding with her cat. 

 

Dr. Mike Kroll

Advisor

Dr. Mike Kroll is a risk management and quantitative finance specialist, combining advanced technical capability with deep financial services expertise. Holding a doctorate in Physics from Ruhr University Bochum, Germany, he delivers credit and operational risk frameworks, regulatory compliance programs, and ESG/climate risk solutions for banks, insurers, and institutional investors across Europe, North America, and emerging markets.

His work spans quantitative management advisory and climate risk modelling, underpinned by proficiency in programming languages and quantitative analytics.

Mike operates at the intersection of risk methodology and data-driven implementation as he translates technical requirements into operational delivery.

Mark Bershatsky, CFA

Advisor

Mark Bershatsky, CFA has been at the cutting edge of carbon reduction technologies since 2007. Currently, Mark is a senior credit and risk manager in the renewable energy sector.

Monique Aiken

Board Member

Monique Aiken is a strategist, systems thinker, author, founder and podcaster with nearly 25 years of experience in finance and impact.

 For the first 12 years of her career in traditional finance, Monique moved between New York, London and Houston, splitting time between Debt Markets at Bank of America and Citi and Commodity Derivatives at Deutsche Bank. Monique then focused her energies on advancing the impact economy, spending ~3 years each at the Clinton Global Initiative, Tideline, a boutique impact investing strategy advisor, and Mission Investors’ Exchange where she led programs for members looking to begin or deepen a practice of impact investing.
 
In 2020, she joined The Investment Integration Project (TIIP), as Managing Director. TIIP connects systems thinking with investing for institutional investors through custom consulting, applied research and recently launched SaaS platform, SAIL, the Systems Aware Investing Launchpad that allows investors to learn about “system-level investing” at their own pace.
 
Monique is also co-founder of Make Justice Normal, a growing collective seeking to open space for people working to move capital towards justice, for which she is host of their podcast, "Into the Record", and co-cofounder of the ReStarter Fund, an economic and climate justice initiative aiming to be a small business lifeline in these times of polycrisis.
 
A Contributing Editor at ImpactAlpha, Monique also serves on the boards of Responsible Alpha and the Institute for Nonprofit Practice. Other advisory board and committee service includes: the Steering Committee for the Intentional Endowments Network (IEN), the NYC Racial Equity Endowment Fund, the Investment Committee for the NYU Impact Investment Fund, the Advisory Board for the Global Bio Fund, focused on gendersmart biotech and wellness, the WELL Certified Sustainable Finance Task Force and the Community Advisory Board for New York Radio (WNYC).
 
Monique is a proud Toigo, SEO, and INROADS alum and holds an MBA from NYU Stern School of Business and a B.Sc. in Foreign Service from Georgetown University, where she studied Spanish and Portuguese. Her first children's book, a love letter to her son (and all children), was published in January 2024.

Justin Kew, CFA

Board Member

Justin who is a CFA holder and leads the ESG research function in an alternative investment firm. He has extensive experience in the financial services ranging from investment banking to asset management and venture capital funds management. Justin has worked on building up business units, ran global business change programs, and built ESG businesses up for multiple asset management. Justin has almost a decade of experience in sustainable investing.

Peter Fusaro

Advisor

Peter is a New York Times best selling author, global thought leader focused on climate change investment and the Energy Transition for many decades. Since Earth Day 1970, he has been focused on energy & environmental issues that enhance economic development & human health through innovative clean energy technology. He is passionate about ESG & impact investing, particularly in carbon emissions reductions. He has been involved in several cleantech startups as an Advisor, Judge in the Cleantech Open for the Northeast, & Entrepreneur-in-Residence for Columbia Tech Ventures. 

 Peter is Founder of the 25th Annual Wall Street Green Summit held on March 10 and 11, 2026 in New York & focused on the nexus of finance and technology. The Summit is one of the longest running & most comprehensive events in the Sustainable Finance in the world hosting over 9,000 participants.
 
Peter wrote the New York Times best seller, “What Went Wrong at Enron” as well as 16 other books on energy & the environment with noted global publishers such as Wiley, McGraw-Hill, & Oxford University Press. His 900 page book “Energy and Environmental Project Finance Law & Taxation” published by Oxford is used as a primer at graduate school courses throughout the world. 
 
Peter was a professor at Columbia University creating & teaching a course on Renewable Energy Project Finance to second year graduate students where he taught financial modelling. Peter has lectured at leading universities including MIT, Columbia, Yale, Carnegie-Mellon, Wharton, Northwestern, Univ. of Michigan, Oxford, Univ. of Chicago, Tufts & London Business School. His belief is that economic transformation to sustainability cannot occur without the massive engagement of young professionals & he has mentored over 300 college undergraduate & graduate students on career development & opened doors for their professional careers.
 
Peter has 50 years of experience in clean energy & environmental innovation, both in the private and public sectors & believes we are in the beginning stages of a Global Energy Transformation into sustainability. He is a recognized expert in ClimateTech, ESG, & Carbon Markets, & recognized with Lifetime Achievement Award in Who’s Who in America. He has a proven track record of sourcing capital from strategic investors, venture funds for revenue-generating companies that want to scale & commercialize their climate change technology. On the advisory boards of ClimaTwins, Global Green Street and Power to Hydrogen.

Gwen Bridge

Board Member

Gwen Bridge is an Indigenous consultant specializing in Indigenous-led conservation, natural resource management, and policy development. A member of the Saddle Lake Cree Nation, she brings a deep cultural perspective to her work, emphasizing the advancement of Indigenous knowledge within a transforming Western legislative context.

Gwen excels in facilitating collaboration between Indigenous communities, governments, and organizations to create sustainable land management solutions. With a Master of Science from the University of Alberta, her expertise extends to collaborative policy-making, Indigenous strategy, organizational reform, and community engagement. She is dedicated to empowering Indigenous communities to take leadership roles in conservation and to shape policies that reflect their cultural values and sustainable practices.
 

Gwen has worked with Tribal Nations in the US and First Nations in Canada and with national and international environmental NGOs to advance Indigenous led natural resource management projects and policy development. Gwen is the co-founder of the Indigenous Engagement Institute, an initiative to share knowledge and skills with those seeking to improve indigenous relations.

Musa Collidge-Asad

Board Member

Musa has been engaged with a broad range of sustainable finance and development, climate resilience, and related thematic areas for the bulk of his career.  His sustained commitment traverses his lengthy tenure with the World Bank Group overseeing a multi-billion-dollar portfolio of diverse sustainable development projects to U.S.-based entrepreneurial and green bank endeavors across diverse asset classes at the intersection of climate finance, renewable energy, real property, and impact capital. 

Additionally, the following highlights some of his unique contributions and capabilities based on relevant leadership roles in diverse organizational contexts:

  • Inclusive Prosperity Capital -- as CIO and a core member of IPC’s leadership team, roles included oversight of all capital formation, investment strategy and transactions, risk-portfolio management, team expansion and a $10M OpEx budget, for a ~$350M blended finance investment platform.

  • Montgomery County Green Bank and MD Clean Energy Center -- MCGB roles include BoD, Investment Committee, and Fin-Ops Committee; MCEC roles include Advisory Council (Governor's Office Appointment) and Energy Innovation Accelerator Exec-in-Residence.

  • Quantified Ventures -- led teams in an entrepreneurial culture to deliver environmental impact bond and fund solutions resolving climate resilience, water quality, and sustainable land use.

  • World Bank Group -- led numerous multidisciplinary teams for a multi-billion dollar portfolio of diverse sustainable development and Global Environment Facility programs delivering long-term impactful results.

  • High-Level Professional Network -- cultivated an extensive network of government, business, banking, NGO and academic leaders in the U.S. and globally who are deeply engaged with an array of renewable energy, climate finance, economic development, and impact investments.

  • Relevant Academic Background -- includes a J.D. (environmental law), an M.B.A. in Finance, and Harvard Executive Management Program.

Neil Hyman, Esq.

General Counsel and Corporate Secretary

Neil Hyman is the General Council at Responsible Alpha and the founder of the Law Office of Neil S. Hyman, LLC, where he practices employment law, commercial litigation and civil litigation. Neil represents workers and employers alike, in state and federal trial and appellate courts. He has argued on behalf of his clients before the United States Equal Employment Opportunity Commission, the Maryland Commission on Human Rights and the Montgomery County Office of Human Relations. He provides legal counsel to clients who wish to reduce their liability as employers. In service of this goal, he can draft protective contracts, employee handbooks, noncompete agreements and other documents that help shield employers from potentially damaging litigation.

Steve Zwick

Director

Steve Zwick produces the popular Bionic Planet podcasts and serves as director of media relations for standard-setting body Verra. Before this, he served as chief business correspondent for TIME Magazine from 1998 to 2006.

He built Ecosystem Marketplace into the world’s leading provider of freely available news and analysis on payments for ecosystem services covering all aspects of environmental finance – including carbon markets, but also mitigation banking, green bonds, and performance-based payments. He launched Bionic Planet in 2016 explicitly to break down information asymmetries among those on the front lines of the climate challenge.

Previously, he was the radio host and producer at Deustche Welle Radio reaching over 20 million listeners, a contributing writer to Time Magazine, and a futures trader and broker in Chicago.

Ashley Fritz, CFA

Advisor

Ashley Fritz has over 15 years of experience in the asset management industry, focusing on sustainability, global markets and data analytics. 

Most recently, she was a Senior Investment Analyst on the Emerging Markets Debt investment team at Loomis, Sayles & Company where she helped develop, implement and execute the team’s sustainability framework covering the investable universe.  Her work included aggregating relevant third party data to evaluate current and prospective holdings for portfolio inclusion as well as meeting with portfolio company management to learn more about sustainability efforts. She constructed several portfolios aligned to the International Energy Agency (IEA) climate scenarios using both current and projected industry relative carbon emissions.

Prior to this, she was a Vice President and Senior Portfolio Analytics Specialist at FactSet Research Systems, where she served as a subject matter expert in portfolio level products across the system. Her responsibilities during this time included assisting large asset managers, endowments and foundations create and analyze custom sustainability reports on the platform.

She is passionate about sustainable investing and has written several frequently cited blog posts detailing her work.

Ashley earned a BS from Bentley University. She is a CFA® Charterholder and holds a certificate in Sustainable Investing from the CFA Institute. She is active in her community and serves on the Board of Directors for her town’s Green Committee.

Chris Donn, MBA

Advisor

Chris thrives at the intersection of sustainability, communications, and business development—helping companies and investors grow, fund, and demonstrate their impact. With 20+ years’ experience across Asia, Europe, and the Americas, he excels at translating complex climate, sustainability, and ESG requirements into clear, compelling strategies that secure financing from investors and contracts with Fortune 500 companies. His track record includes $50 million in contracts and funding across corporates, governments, and investors.

Chris' core strengths:

    • Strategic communications & investor relations (impact storytelling, stakeholder engagement).
    • Fundraising & business development (winning contracts and funding at scale).
    • Sustainability, climate, and ESG reporting & regulatory alignment (CSRD, ISSB, GRI, TCFD).

Chris has an MBA (ESCP Business School) and Postgraduate Diploma in Digital Business (Columbia × MIT).

Peter Graham

Director

Peter Graham is a Director at Responsible Alpha, where he focuses on climate transition, nature-based solutions, sustainable finance, and ESG risk and opportunity. He supports clients and partners in developing strategies that enhance valuation, reduce risk, expand market opportunities, and contribute to a resilient, nature-positive circular economy.

Peter has more than 20 years of experience across government, international NGOs, consulting, and multilateral climate diplomacy, including roles with Climate Advisers, WWF, Natural Resources Canada, and Verdant Futures LLC. His work has focused on forest and land-sector climate policy, carbon markets, climate finance, corporate sustainability, nature-related financial risk, REDD+, and international negotiations, including chairing UNFCCC negotiations that produced the Warsaw Framework for REDD+.

Peter holds a Master of Forestry (Economics) degree from the University of British Columbia and a Bachelor of Science in Forestry (Forest Resource Management) from the University of New Brunswick. He has authored and contributed to peer-reviewed publications on forest carbon, climate policy, REDD+, nature-based solutions, and the role of forests and land use in climate mitigation.

Liesel D'Souza, SCR

Project Team

Liesel D’Souza is a seasoned Risk Management and Sustainable Finance Strategist with over 20years of experience spanning global financial institutions and regional markets. She has held leadership roles at Standard Chartered Bank in Singapore, including Regional Director for ESG & Climate Risk, and previously worked at Goldman Sachs and Deutsche Bank in New York and London.

Liesel graduated from New York University with a degree in Finance and International Business and is certified by the Global Association of Risk Professionals in Sustainability and Climate Risk. She is passionate about enabling organizations to navigate the evolving sustainability landscape, and excels in driving Sustainability Policy, ESG Governance and leading cross-functional teams to deliver complex Decarbonization Strategies, Climate Scenario Analysis, and Regulatory engagement aligned with TCFD, ISSB, and Net-Zero frameworks.

Liesel D'Souza, SCR

Managing Director

Liesel D’Souza is a Managing Director at Responsible Alpha, where she leads Energy Transition and Natural Capital advisory work focused on climate riskand supply chain resilience. She guides corporates, investors, and financial institutions on integrating climate and social risk into decision‑making, shaping resilience strategies, and mobilizing capital toward high‑impact outcomes. Her work spans risk diagnostics, portfolio‑level analytics, and executive‑level narrative development for clients across global markets. She previously served as Head of Climate and ESG Risk at Standard Chartered Bank, where she built and implemented operationalized frameworks across multiple jurisdictions and asset classes.

Her broader career includes deep Asia‑Pacific experience in banking, policy, and sustainability, with specialization in climate‑related financial risk, transition finance, and impact‑aligned capital allocation. She has advised multinational corporates, asset managers, and development institutions on risk transmission, regulatory alignment, and long‑term value creation. Liesel holds degrees in Finance and International Business from New York University, along with certifications in Sustainability and Climate Risk management.

Her academic background reflects a focus on financial systems, development, and environmental governance. Outside of work, she is engaged in community‑focused environmental initiatives and enjoys travel, contemporary art, and exploring nature across the Asia‑Pacific region.

Gabriel Thoumi, CFA, FRM, Certified Ecologist, LEED AP

President and CEO

Gabriel Thoumi, President and Founder of Responsible Alpha, is an award-winning sustainable finance research manager with over 20 years’ experience leading scientifically rigorous, replicable, and scalable approaches for capital deployment and impact. He has worked with financial institutions, banks, asset managers, corporations, civil society, and governments in more than 30 countries focusing on financing and modeling the necessary energy transition and nature transition pathways for a sustainable future.
In his career, he has spoken at or moderated more than 300 events including TV appearances from the NYSE; has published more than 120 sustainable investment research reports, chapters, peer review articles, and finance textbooks edited; and sat on numerous global boards and advisory committees including the S&P Global Sustainable Finance Scientific Council.
Mr. Thoumi has also participated on and led teams winning numerous awards, such as:
  • Rockefeller Foundation Bellagio Center – cohort of top 25 global natural capital leaders (2014, individual award)
  • Lipper Award: Best in Class Natural Resources Fund Globally for the Calvert Global Water Fund (2014, team award)
  • Environmental Finance: ESG innovation of the year (research) (2020, team award as co-author)
  • Global Innovation Lab for Climate Finance, Agricultural Supply Chain Adaptation Facility (2015, group award representing Calvert Investments co-won with the Inter-American Development Bank)
  • Gotham Network: Gotham Green Award (2021, individual award)
Since 2010, Mr. Thoumi has lectured on sustainable finance and impact investing, energy transition, and natural capital at various universities including Ross School of Business, University of Michigan, Smith School of Business, University of Maryland, Johns Hopkins University SAIS, and the University of Applied Sciences, Upper Austria. He has also frequently guest lectured at leading universities globally including Oxford University, Yale University, Columbia University, and others.
For 8 years, Thoumi was a political appointee supporting Washington DC regional energy transition, nature conservation, air quality, climate modeling, and urban planning.
As a trained scientist, he has experience at sea conducting oceanographic research and on land assessing forest and biodiversity health.
Mr. Thoumi has an MBA, MSc in Sustainable Systems, and a Graduate Certificate in Real Estate Development from the University of Michigan where he was both a Consortium and Erb Institute fellow. He has a MIM in International Finance from the University of St. Thomas where he was a NSHMBA fellow. He also has a B.A. in Art History and Archaeology and a B.A. in Studio Arts from the University of Maryland where he was Summa Cum Laude and Phi Beta Kappa.