More than 80 percent of the Caribbean's wastewater enters the ocean untreated, spurring the growth of algae on coral reefs and increasing the risk of infections for swimmers, among other issues. While many have been aware of this problem in Tobago for more than 20 years, there's been little government action.
Governments, businesses, development agencies, and NGOs are increasingly turning to economic valuation as a way to protect coral reefs and mangroves. This process makes the economic case for protection and sustainable use of natural resources by showing the monetary, employment, and infrastructure benefits ecosystems provide—metrics that are easily understood by decision-makers.
But not all economic valuations are created equal. WRI's new guidebook shows how NGOs and other stakeholders can conduct economic valuations in ways that lead to real change on the ground.
This guidebook details the steps in conducting a coastal ecosystem valuation to inform decision making in the Caribbean. It guides valuation practitioners—both economists and non-economists—through the three phases of a valuation effort (scoping, analysis and outreach), with an emphasis on...
How do people, governments, and corporations “value” ecosystems? And how can you put a price on the vast array of social, economic, and environmental benefits that ecosystems provide?
These are just two of the questions experts sought to address at “The Future of Revaluing Ecosystems,” an event WRI recently convened in Bellagio, Italy, in collaboration with the Rockefeller Foundation, Forum for the Future, and the Economist Intelligence Unit. The meeting brought together 32 participants from public, private, non-profit, and research sectors to consider how society could include in public and private decision-making a more complete valuing of the benefits ecosystems provide to people. The discussions shed light on how we can evaluate ecosystems’ true worth to communities and businesses —and how to use these valuations to foster better environmental stewardship.
Supporting the sustainable management of coastal ecosystems by quantifying their economic value.
Governments, corporations, and development agencies are increasingly interested in putting a dollar value on ecosystems in order to balance conservation and development needs, a concept known as “economic valuation.” For example, St. Maarten’s government recently established the country’s first marine national park after a local organization found that the area’s coastal ecosystems contribute $58 million per year through tourism and fisheries. Belize enacted a host of new fishing regulations based on a WRI valuation, which found that coral reef- and mangrove-associated tourism contributes $150 million-$196 million per year to the country’s economy. And in Bonaire, park managers used economic valuation to justify the Bonaire Marine Park’s establishment of user fees—making it one of the few self-financed marine parks in the Caribbean.
These stories show that economic valuation can indeed lead to better coastal policy, conserving these ecosystems and securing their important economic contributions. However, according to new WRI research, these cases tend to be the exception in the Caribbean.
Economic Valuation and Coastal Policy in the Caribbean
In the Caribbean, there is keen interest in economic valuation of coastal ecosystems to inform policy and improve natural resource management. But while the literature on the value of coral reefs and mangroves in the Caribbean continues to grow, these ecosystems continue to decline.
WRI and the Marine Ecosystem Services Partnership (MESP) took a closer look at the impact of previous economic valuation studies in the Caribbean. Out of more than 200 studies of the economic value of the Caribbean’s marine ecosystem goods and services, we were only able to identify 13 that actually influenced marine and coastal management policies, such as those in Bonaire, St. Maarten, and Belize.
Enabling Conditions and Lessons Learned
This paper assesses the policy influence of previous coastal ecosystem economic valuations in the Caribbean and identifies the key “enabling conditions” for valuations to influence policy, management, or investment decisions. These findings will inform WRI's and our partners’ efforts to...
This report is a map-based analysis of threats to coral reefs around the world, with particular focus on the countries of the Coral Triangle—Indonesia, Malaysia, Papua New Guinea, the Philippines, Solomon Islands, and Timor-Leste. It examines present pressures on coral reefs, including...
Guidelines for Identifying Business Risks & Opportunities Arising from Ecosystem Change
This report is a structured methodology that helps managers proactively develop strategies to manage business risks and opportunities arising from their company’s dependence and impact on ecosystems. This is version 2.0 of the report, which was originally published in 2008.