#TurksandCaicos, August 18, 2017 – Providenciales – DECR staff and representatives from the Ministry of Finance, the Ministry of Tourism, Environment, Heritage, Culture and Gaming, and the civil society are meeting in Providenciales with research consultants from Wolfs Company to discuss the preliminary findings of the AGRRA reef assessment conducted in May, and discuss the importance of nature for TCI’s economy and opportunities to increase financing for nature management and monitoring in TCI.
During the meetings, representatives from Wolfs Company presented the key findings from the sustainable finance project conducted in 2015-2016 with the support from the partnerships of the Gulf and Caribbean Fisheries Institute and the US National Oceanic and Atmospheric Administration (NOAA).
“The meetings provided valuable information to the participants on the importance for nature to TCI’s economy. This will support DECR and other nature management organizations in building a fact-based business case to increase financing for nature management”, said Viviana Luján Gallegos, partner at Wolfs Company. Wolfs Company is a research company on environmental economics based in Bonaire and Amsterdam.
The project estimated that the natural resources of TCI contributed an economic value of USD 45.5 million per year to the tourism industry. This analysis did not quantify other ecosystem services provided by nature, such as coastal protection, fisheries and local recreation. Based on a financial plan that calculated the budget needs for DECR to improve their management of marine protected areas, an incremental investment needed to effectively manage and protect TCI’s natural resources could be covered by, for example, earmarking only 1.8% of the tourism-related revenues (around USD 1.1 million from USD 61.5 million).
“The economy of the Turks & Caicos Islands (TCI) depends in large part on tourism, and tourism in turn is heavily dependent on TCI’s natural resources – especially its beaches, natural landscapes, clean coastal waterways and vibrant coral reefs. However, there is a large disconnect between the revenues that are generated from, amongst others, tourism and the investment that has been made in the management of the natural capital that underpins these revenues. A relatively small incremental investment in the financing of the organizations responsible for the natural resources of TCI would contribute significantly to improve the management and protection of essential natural capital. DECR would encourage further use of Natural capital valuation by TCIG to further demonstrate the value of nature to TCI’s economy in planning and development strategies for TCI” said Mr. Ethan Griesbach, acting Director of the Department of Environment and Coastal Resources (DECR).
The meetings also served to present the preliminary findings and suggestions of the ongoing BEST 2.0 project financed by the BEST 2.0 initiative with funding from the European Commission.
The preliminary results of the assessments conducted during the AGRRA training, held in May in Providenciales, in the framework of this project, show that in the two sites surveyed (one inside and one outside the Princess Alexandra Park) the coral cover has decreased in comparison to the findings of a baseline monitoring survey conducted in TCI in 1999. Other reef health indicators show improvement, which could be attributed to effective conservation policies, like the fishing ban on parrot fish.
To assess whether in general the health of the coral reefs in TCI is declining, a new baseline survey of all the sites assessed in 1999 will need to be conducted. In addition, suggestions were presented for other management and socio-economic indicators that could be applied by DECR to track and report the benefits of more investments in nature management. Finally, discussions were held on suggestions to improve the long-term financing for monitoring and nature management in TCI, including potential sources of revenue and legal mechanisms that will guarantee that these funds will be only used for nature management.
“I am convinced about the importance of our natural resources to the health of our economy. These types of initiatives are important to provide fact-based information to decision makers to support policy that will enhance our capabilities to manage and conserve our valuable natural resources. I will support the consideration by our government of options to achieve this, including mechanisms that could be similar to the Conservation Fund we had in the past” said Honorable Minister Higgs, Minister of Tourism, Environment, Heritage, Culture and Gaming. The Conservation Fund that provided additional financing for nature management organizations in TCI was abolished in 2009.
For more information please contact:
Mr. Ethan Griesbach at egriesbach@gov.tc
Mrs. Viviana Luján at viviana.lujan@wolfscompany.com
Press Release: TCIG
