Valuation of Mangrove Restoration
- Edward B. BarbierEdward B. BarbierDepartment of Economics and Finance, University of Wyoming
Since the 2004 Indian Ocean tsunami, there has been strong interest globally in restoring mangrove ecosystems and their potential benefits from protecting coastlines and people from damaging storms. However, the net economic gains from mangrove restoration have been variable; there have been some notable project successes but also some prominent failures. There is also an ongoing debate over whether or not the cost of mangrove restoration is justified by the benefits these ecosystems provide. Although the high costs of mangrove restoration and the risk of failure have led to criticism of such schemes, perhaps the more pertinent concern should be whether the ex post option of restoration is economically beneficial compared to preventing irreversible mangrove conversion to alternative land uses. Case studies on mangrove valuation from Brazil and Thailand illustrate the key issues underlying this concern. Since much recent mangrove restoration has been motivated by the trees’ potential storm-protection benefit, a number of studies have valued mangroves for this purpose. However, mangroves are also valued for other important benefits, such as providing collected products for local coastal communities and serving as nursery and breeding grounds for off-shore fisheries. The implications of these benefits for mangrove restoration can be significant. It is also important to understand the appropriate use of benefit transfer when it is difficult to value restored mangroves, methods to incorporate the potential risk of mangrove restoration failure, and assessment of cost-effective mangrove restoration.