Marine and coastal – attractive environment for investment

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BY LYNTON AARON FILIA

MARINE and coastal areas are known as one of the attractive environmental zones which foreign aid and research invested in that benefit Solomon Islands.

The National Marine Ecosystem Service Valuation report of Solomon Islands highlighted that marine and coastal area have play crucial role in attracting international aid and researchers.

In return, according to the report compiled by Marine and Coastal Biodiversity Management in the Pacific Countries (MACBIO), stated such funding avails potentials benefits to Solomon Islands.

It said investment in marine and coastal biodiversity includes many projects run through the fisheries and environment departments.

Data were not available to estimate the total economic value for Solomon Islands, however, in 2013, donor supported fisheries project alone totaled to SBD$1.3 million, report shows.

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It also highlights such figure is a minimum estimate of the value of marine research and management in the Solomon Islands including minimum estimate of the value of marine research and management.

These funds benefit government mostly, although aid expenditure indirectly benefits local institutions, local communities and private sectors, it said.

Moreover, Marine research and protection projects also bring technical assistance and capacity development, and potentially increase value of ecosystem services through improved resource management and sustainability.

Other marine and coastal ecosystem services include cultural identity, handicrafts, bioremediation and aesthetic beauty.

These services have not been quantified by this study because of a lack of data and human and financial resources, but marine and coastal indeed provide benefits to Solomon Islands and rest of the world.

Meanwhile, organization behind the report’s compilation includes, Solomon Islands Government, MACBIO, SPREP, IUCN and GIZ.

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