Valuation of coral reefs : the next 10 years
2005
Spurgeon, J.
This paper outlines the role economic valuation could play in the conservation and sustainabe use of coral reefs over the next 10 years. It also highlights some key issues that must be dealt with in the valuation of coral reefs. In addressing these points, the paper (i) recognizes the need to tackle the root causes of coral degradation, (ii) considers shifts in natural resource management techniques towards integrating economic and social aspects, and, in the future, encompassing financial, legal, and ethical considerations, (iii) acknowledges the increasing role of tools such as sustainability and performance indicators; and (iv) draws upon some recent projects involving applied environmental valuation. Key roles for environmental valuation include option appraisal, natural resource damage assessments, assisting in the application of market-based instruments (MBIs) and developing sustainable financing opportunities. Issues that need resolving relate to integration of socioeconomic aspects, understanding of cause-and-effect linkages, the assessment and aggregation of non-use values, use of benefit transfers, dealing with distributional effects, and appropriation of environmental values.
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