BUSINESS EDU
Viewing Coral Reefs as an Economic Asset – by Carlos Lander, Caracas, Venezuela Carlos is a self-taught amateur archaeologist, author, programmer, and statistician with over 25 years diving experience.
Introduction: Value is a human con- struct that shapes our approach to coral reef conservation, often expressed in monetary terms. Assigning an economic value to coral reefs involves considering
tein source for rural communities. Determining the value of biodiversity for future generations involves contingent valu- ation, a method measuring how much people are willing to pay for conservation efforts, despite inherent cultural biases. Natural Carbon Sequestration: Coral reefs, along with algae, plants, and soil, naturally absorb CO ₂ through photo- synthesis – a process leveraged economically through carbon credits. Companies earn these credits by funding environ- mental conservation or carbon capture projects, later selling them on open markets. Unfortunately, carbon credits fre- quently create more harm than benefit, as companies favor inexpensive offsets instead of genuine emission reductions. This approach delays essential green initiatives, creating dis- trust in the market and often perpetuating environmental in- justices due to insufficient verification and oversight. Coastal Protection: Coral reefs function as vital natural barriers against storm surges, potentially saving billions of dollars annually by preventing property damage and eco- nomic disruption. Calculations of these savings combine economic data such as property values and infrastructure
ecological, protective, cultural-heritage, and intrinsic dimen- sions. GDP calculations typically account only for direct eco- nomic activities linked to reefs. In some Caribbean nations, reefs significantly contribute around 10%–15% of GDP. Types of Assigned Values: Ecological Value: Coral reefs support roughly 25% of marine species while covering less than 1% of the ocean floor. This remarkable biodiversity provides numerous re- sources including food, medicine, and materials. Pharmaceu- tical industries harness reef organisms to create treatments for cancer, antiviral and antibacterial agents, painkillers, and anti-inflammatory drugs. Many chemical compounds derived from reefs are still under investigation. The ecosystem's health also critically influences local food supplies, particu- larly in island nations, where reef fish serve as a primary pro-
costs with flood-risk assessments derived from historical events and hydrodynamic modeling, which simulate coastal water movement. Methods and Metrics: Economists com- monly evaluate coral reef values by calculating revenue generated from fisheries, tourism, phar- maceuticals, and other reef-linked activities. An- other key metric is the estimated cost of coastal protection infrastructure needed if reefs did not exist. Opportunity cost measures the value of utilizing versus preserving the resource for fu- ture use. Social or cultural values are more challenging to quantify, incorporating aspects such as cul- tural tourism linked to lifestyle, mental health, recreation, and intrinsic non-use values. Intrinsic values represent the willingness of the public to financially support reef conservation even with- out direct interaction, closely tied to ethical con- siderations and societal values influencing
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