Assessing the value of coral reefs in the face of climate change: The evidence from Nha Trang Bay, Vietnam

Abstract

Coral reef ecosystems provide many important services to society. Their importance is not only proved by their beauty but also because they provide food and livelihood for millions of people in communities around the world, especially in developing countries. This paper estimates the economic value of coral ecosystems and potential impacts of climate change and fishing activities on the loss of coral reefs in Nha Trang Bay, Vietnam. Economic valuation and bioeconomic approaches are applied to combine socioeconomic data and projections of coral reef cover based on the quantitative scenarios of sea surface temperature and fishing activity to articulate the potential economic consequences of future change in the coral reef. The loss in economic value of coral under climate change and fishing effort scenarios is estimated which ranges from US$27.78 to US$31.72 million annually. This result is useful for policy makers to draw conclusions for climate policy, biodiversity conservation, sustainable development, and priorities for further work.