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Economic Valuation of Coral Reefs in Tobago – . June 13, 2008 Tobago Lauretta Burke World Resources Institute. Trinidad and Tobago Buccoo Reef Trust T&T Institute of Marine Affairs (IMA) Tobago House of Assembly (THA) / Policy Research Development Institute (PRDI)

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Economic Valuation of Coral Reefs in Tobago –

June 13, 2008

Tobago

Lauretta Burke

World Resources Institute


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Trinidad and Tobago

Buccoo Reef Trust

T&T Institute of Marine Affairs (IMA)

Tobago House of Assembly (THA) / Policy Research Development Institute (PRDI)

T&T Central Statistics Office (CSO)

T&T Environmental Management Agency (EMA)

Environment Tobago and SOS

Saint Lucia

Government of Saint Lucia

Regional Partners

University of the West Indies (UWI) / Sustainable Economic Development Unit (SEDU)

Caribbean Natural Resources Institute (CANARI)

Project Partners Include


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Financial Support

  • Macarthur Foundation

  • Ocean Foundation

  • Henry Foundation

  • Munson Foundation

  • Dutch Ministry of Foreign Affairs

  • SwedBio

  • International Coral Reef Action Network (ICRAN)

  • Buccoo Reef Trust


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Beautiful


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Valuable


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Threatened

  • Coastal development

  • Mangrove removal

  • Sewage

  • Dredging

  • Runoff

  • Tourism

  • Overfishing

  • Warming Seas


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Influencing Better Management

  • Economic Valuation is a tool to guide coastal planning, investment and management in the long-term interest of local communities and the country


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OPTIONS

Development options

Enforcement of regulations

Capping tourist numbers

Investing in pollution control

OUTCOMES

Revenue streams from tourism

Societal benefits from reefs

Ecosystem goods and services

Evaluating trade-offs


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Economic Valuation of Coral Reefs

  • WRI (with partners) developed a coral reef valuation methodology and implemented valuations for the coral reefs of Tobago and St. Lucia.

  • The study evaluated the overall annual economic contribution of coral reef-associated

    • tourism and recreation,

    • fisheries, and

    • shoreline protection services.


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Ecosystem Services from Coral Reefs


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Ecosystem Services from Coral Reefs


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Non-Valued Services

Total Economic Value (TEV) would also include:

Other Use Values:

  • Research Values

  • Option Values (e.g. pharmaceutical)

  • Carbon storage

    Non-Use Values

  • Bequest Value

  • Existence Value

We focus on values that can be reliably estimated using available data


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Summary of Values


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Valuation Summary

Coral reef-associated tourism and recreation – contributed between US$100 and $130 million to the national economy in 2006.

Photo: BRT


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Valuation Summary

Coral reef-associated fisheries–

  • important for cultural tradition, safety net, and livelihood

  • provide annual economic benefits estimated at between US$0.8 – 1.3 million.

Photo: BRT


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Valuation Summary

Shoreline Protection Services of Coral Reefs–

  • avoided erosion and storm damage from waves valued between US$18 and $33 million per year.


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Valuation Summary

  • Tourism and Recreation - US$100 to $130 million in 2006.

  • Coral reef-associated fisheries - US$0.8 – 1.3 million / year

  • Shoreline protection services –US$18 and $33 million per year.

  • These are significant compared to Tobago’s GDP, which was $286 million in 2006.

  • Coral reefs provide other important values not estimated in this study, and these numbers should be regarded as a lower bound estimate.


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Coral Reefs – Economically Important to Tobago

Valuation can highlight:

  • Significant contribution to GDP

  • Taxes paid to government

  • Jobs and wages dependent on coral reefs

  • Value of social safety net

    Supports:

  • Coastal Planning (shoreline protection analysis)

  • Evaluation of trade-offs


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Economic Valuation applications

  • Estimate Economic Contribution to GDP

  • Compare benefits of development / management options

  • Encourage increased investment in coastal management / MPAs / fisheries management

  • Identify sources of support for management / policy / protected areas

  • Set fees, such as visitor fees

  • Damage assessment

$


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Tobago-specific examples

  • Evaluate the costs and benefits of investing in more active management of Buccoo Reef Marine Park

  • Evaluating the benefits of investment in improved sewage treatment in SW Tobago

  • Examine changes in fisheries management and the impact on short-term livelihoods versus long-term benefits

  • Comparing the benefits of consumptive vs. non-consumptive use of sea turtles


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Econ Val Project Characteristics

  • Develop method which is simple and replicable

  • Rely predominantly on existing, available data

  • Produce coral reef valuation estimates for two pilot areas (Tobago and St. Lucia)

  • Estimate likely economic loss due to coral reef degradation


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Valuation – Main Components

Tourism

Method: Financial Analysis

(Net revenues plus transfers)

Fisheries

Method: Financial Analysis

(Net revenues plus transfers)

Shoreline Protection

Method: “Avoided Damages”


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Tourism Components

  • Accommodation

  • Reef Recreation – Diving

  • Reef Recreation – Snorkeling

  • Marine Park Revenues

  • Misc. Expenses (e.g., departure taxes, visitor expenditure)

  • Local Use

  • Indirect economic effects


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Tourism Valuation issues

  • Identifying “coastal” visitors

  • Quantifying reef recreation

  • Getting accurate MPA visitation numbers

  • Tobago-specific data


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Tourism and Recreation Valuation Assumptions

  • 40% of visitors come to Tobago in part due to the reefs.


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Tourism Valuation for Tobago


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Tourism Valuation for Tobago


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Tourism Valuation for Tobago


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Tourism Valuation for Tobago


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Tourism Valuation for Tobago


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Tourism Valuation for Tobago


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Local Reef Use Survey

  • Commissioned a survey through the University of West Indies / Sustainable Economic Development Unit / Government of St. Lucia, Department of Statistics

  • 300 people surveyed in 6 locations in Tobago (Reef - Buccoo, Pigeon Point, and Speyside, and non-reef - Mt. Pleasant, Roxborough, and Patience Hill)

  • Designed to measure local use of beaches and reefs as well as recreational and subsistence fishing


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Fisheries Components

  • Commercial Fisheries

  • Fish Processing and Cleaning

  • Local Use (fishing)

  • Indirect economic effects

  • Focus on reef-associated species – snapper, grouper, grunts, squirrelfish, parrot fish, lobster and conch.


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Fisheries Valuation Issues

  • Lack of meaningful data on fish landings

  • Limited data on sales and exports

  • Limited data on local use

  • Focus on economic impact – does not fully capture social values.


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Commercial Fishing in Tobago

  • Estimate derived from two approaches –

    • reef fish productivity

    • estimated pot fishing effort

  • Coral reefs are over-fished Tobago / productivity is declining


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a) Reef Fish Productivity

  • Reef Area: 30 km2(from this project)

  • Estimated fish productivity rate: range of 2 to 5 MT of fish / km2 of coral reef

  • Potential sustainable harvest of 130,000 to 330,000 lb of reef fish


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b) Landings based on boats

  • 16 boats doing pot fishing, average 105 trips per year, landing an average of 150 - 200 lbs per trip

  • This leads to an estimated 250,000 - 336,000 lbs of fish caught.(Comparable to the maximum productivity estimate)

  • Average Price of pot fish = TT$15 ($2.50 US), leads to gross value of catch of US$630,000 - 840,000.


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b) Landings based on boats (cont.)

  • We assume an additional 15,000 - 20,000 lbs of lobster caught (and US$7 per pound for lobster) so US$106,000 - 140,000

  • Total Gross revenue = US$735,000 - 981,000.


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Fisheries Valuation for Tobago


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Fisheries Valuation for Tobago


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Fisheries Valuation for Tobago


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Shoreline Protection Services

  • Innovative method for isolating the role of coral reefs and integrating economics

  • Map outputs –

    • Shoreline protected by coral reefs

    • Areas vulnerable to waves \ storm damage

    • Relative contribution of reefs to shoreline protection


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Physical Factors

Physical factors affecting the protection afforded by a coral reef:

  • orientation of the coast (windward / leeward; high energy or low energy coast)

  • bathymetry / shoreline profile

  • shoreline shape (bay, headland)

  • depth of the reef / geology (type of reef)

  • distance the reef is from land


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Complex Analysis

  • IMA developed shoreline protection framework - rules for how much protection the reef affords this coastline situation.

  • Can be adapted for climate scenarios


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Shoreline Protection Analysis (5 Steps)

  • Identify vulnerable areas

  • Identify areas protected by coral reefs

  • Evaluate the relative protection provided by reefs

  • Incorporate property values

  • Combine to evaluate potential storm damage avoided


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1.

6% of Tobago’s land area rated “vulnerable.


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2.


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Shoreline Stability Factors (from IMA)

  • Coastal Geomorphology

  • Coastal Geology

  • Coastal Protection Structures

  • Wave Energy

  • Storm/Hurricane Events

  • Coral Reef Index (Reef type, continuity, distance offshore)

  • Coastal Elevation

  • Coastal Slope

  • Coastal Vegetation

  • Anthropogenic Activities


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Stability Factors used in Tobago Analysis

  • Coastal Geomorphology

  • Coastal Geology

  • Wave Energy

  • Storm/Hurricane Events

  • Coral Reef Index (Reef type, continuity, distance offshore)

  • Coastal Elevation

    Not Available

  • Coastal Vegetation

  • Coastal Slope

  • Coastal Protection Structures

  • Anthropogenic Activities


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With reef present

Without reef

3a. Relative Total Coastal Protection (RTCP)


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3b.


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3b.


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Potentially Avoided Damages

  • Estimated based on property values in “vulnerable areas” which are “protected by a reef,” based on the “relative reef contribution” for that area.

  • Tobago – property values estimated at US$18 – 22 per square foot


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Shoreline Protection Summary – Tobago


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Shoreline Protection Summary – Buccoo


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Summary of Values for Tobago


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Tourist Destination

Environmental issues

water quality

overfishing

reef condition

BRMP - enforcement

Policy Exploration – Buccoo Reef


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Enforcement of no-fishing regulations

Re-routing of storm drain

Integrated watershed management

Sewage treatment

Management Options – Buccoo Reef


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Glass-bottom / snorkel Tours –US$1.4 mill / yr

Tourism

US$7-8 million / yr

US$128 – 156 million over 25 years

Shoreline protection - US$140-250 million over 25 years

Economic Value – Buccoo Reef


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Policy Recommendations for Tobago

  • Improve coastal water quality

  • Maintain coastal mangroves

  • Establish an entrance fee to BRMP and use revenue for park management

  • Monitor marine recreation and manage within sustainable limits

  • Improve mapping and monitoring of coral reefs and mangroves


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Policy Recommendations for Tobago (continued)

  • Improve fishing survey design, data collection and information management at THA to allow tracking of fishing effort and catch over time

  • Monitor sea turtle populations – manage sustainably

  • Use the coral reef valuation methodology and Tool to track the economic contribution of coral reefs over time


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Thank You

Available online at www.buccooreef.org and

www.wri.org/project/valuation-caribbean-reefs

Contacts:

WRI –Lauretta Burke, +1 (202) 729 7774, lauretta@wri.org

BRT – Hyacinth Armstrong, +868 635 2000, h.armstrong@buccooreef.org

IMA – Sean Paddy, (868) 634 4291 x405, spaddy@ima.gov.tt


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