Abstract
This paper identifies and assesses the economic value of the main natural benefits relating to the complex system of wetlands (CSW) belonging to the San Juan River in the Colombian Magdalena Medio. This is a region rich in biodiversity and natural resources, which in the past was hit by violence and the actions of different armed groups. Benefit estimation takes into account diverse monetary valuation techniques, such as market prices for direct wetland uses and the transfer of benefits, for the assessment of indirect use and non-use values. The results reveal that the most important values relate to ecotourism (60.1%) as a possible future use of the CSW, the benefit of preventing flooding (28.4%), and the biodiversity that inhabits the area (6.7%). All three values represent the total economic value of the CSW. This research also finds that the benefits of the ecosystems currently provided by the CSW exceed the opportunity cost, represented by the total conversion of the area to livestock. Lastly, the net present value (NPV) of 25 and 75 years, relating to the benefits of the CSW, exceeds the income from the conversion of land to livestock, revealing profitable investments in conservation and ecotourism projects.
Highlights
The benefits associated with the San Juan River complex system of wetlands (CSW) in the Colombian Magdalena
The benefits associated with wetlands outweigh their opportunity cost, which in this region is present in the livestock expansion border at the expense of wetlands
This research estimated the economic value of three direct uses of the wetland: fishing, fertile land used for livestock on a seasonal basis, and what has been called scientific tourism, which was valued using market analysis techniques
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. Wetlands are an extension of marshes, swamps, and peatlands, or water-covered surfaces, whether natural or artificial, permanent or temporary, with seasonal or permanent connections to rivers. These ecosystems perform many functions and provide diverse services that contribute to human well-being. Among their contributions are nutrient retention, flood control, habitat availability, climate regulation, water purification, food and timber supply, transportation, recreation, and cultural heritage. Notwithstanding, a few economic actors have associated wetlands with useless or low-value land, which has led to the allocation of other uses such as intensive agriculture, industry, or housing projects
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