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Filling the global biodiversity financing gap will require significant investments from financial markets, which demand credible valuations of ecosystem services and natural capital. However, current valuation approaches discourage investment in conservation because their results cannot be verified using market-determined prices. Here, we bridge the gap between finance and conservation by valuing only wild animals' carbon services for which market prices exist. By projecting the future path of carbon service production using a spatially explicit demographic model, we place a credible value on the carbon capture services produced by African forest elephants. If elephants were protected, their services would be worth $20.8 billion ($10.3 to $29.7 billion) and $25.9 billion ($12.8 to $37.6 billion) for the next 10 and 30 y, respectively, and could finance anti-poaching and conservation programs. Elephant population growth would generate a carbon sink of 109 MtC (64 to 153) across tropical Africa in the next 30 y. Avoided elephant extinction would also prevent the loss of 93 MtC (46 to 130), which is the contribution of the remaining populations. Uncertainties in our projections are controlled mainly by forest regeneration rates and poaching intensity, which indicate that conservation can actively reduce uncertainty for increased financial and biodiversity benefits. Our methodology can also place lower bounds on the social cost of nature degradation. Poaching would result in $2 to $7 billion of lost carbon services within the next 10 to 30 y, suggesting that the benefits of protecting elephants far outweigh the costs. Our methodology enables the integration of animal services into global financial markets with major implications for conservation, local socioeconomies, and conservation. [ABSTRACT FROM AUTHOR]

Megaherbivores have pervasive ecological effects. In African rainforests, elephants can increase aboveground carbon, though the mechanisms are unclear. Here, we combine a large unpublished dataset of forest elephant feeding with published browsing preferences totaling nearly 200,000 records covering >800 plant species and with nutritional data for 145 species. Elephants increase carbon stocks by: 1) promoting high wood density trees via preferential browsing on leaves from low wood density species, which are more palatable and digestible; and 2) dispersing seeds of trees that are relatively large and have the highest average wood density among tree guilds based on dispersal mode. Loss of forest elephants could cause an increase in abundance of fast-growing low wood density trees and a 6% to 9% decline in aboveground carbon stocks due to regeneration failure of elephant-dispersed trees. These results demonstrate the importance of megaherbivores for maintaining diverse, high-carbon tropical forests. Successful elephant conservation will contribute to climate mitigation at a globally-relevant scale.