Investment in Coral Reefs for Coastal Protection
Barbados Reef Keepers - Coenostrum Inc. (Barbados)
The beaches of Barbados, like many small island developing states (SIDS) suffer from coastal erosion, caused in part by coral reef deterioration. This impacts the attractiveness of beaches which is a major pull for the tourism driven economy. Hoteliers have already proven that they are willing to pay for solutions to coastal erosion affecting their business. Solutions that improve coral reef health could not only assist with maintaining beach width but also with other tourism-based Ecosystem Services – such as snorkeling and diving.
This project seeks to develop a sensible investment mechanism for hoteliers to maintain and enhance these ecosystem services (ES). Based on state-of-the-art scientific knowledge to identify reefs where these ES are maximized, this mechanism will allow the hoteliers to contribute to the financing of reef conservation and restoration activities. The goal of the project is to test a sustainable finance mechanism that will be used to improve the health of coral reefs as well as the structural ability of the reef to protect shorelines (ES of coastal protection), scenic beauty and fish biomass.
Links http://blue-finance.org/
Photo: RAMONA OSCHE / CORAL REEF IMAGE BANK