Unlocking Natural Capital in the Megadiverse Colombian Pacific Basin: Navigating Challenges and Governance Gaps

Abstract

The Pacific region is considered a biodiversity hotspot and presents high species endemic levels. The Colombian Pacific basin occupies an area of approximately eight million hectares, located in the country’s west. The literature about the economic valuation of ecosystem services (ES) and the spatial information on natural resources in the Colombian Pacific basin was revised through various information sources to document the earliest approximation to the state, spatial distribution, and economic value of the natural capital at the scale of biomes, specific ecosystems, and political-administrative units. Our assessment estimated a natural capital loss of 40 billion Int.$2020/year (15% of Colombian GDP in 2020) and a remnant natural capital worth 139 billion Int.$2020/year (51% of Colombia’s GDP in 2020) for 15 ecosystem services. This research establishes that a potential expansion in livestock production systems will generate an additional loss of natural capital between six and eight billion Int.$2020/year. Additionally, we include an analysis based on the GLOBIO4 initiative models, identifying future natural capital losses between 7.5 and 7.6 billion Int.$2020/year. Lastly, the policy challenges and gaps in research and management concerning this remaining natural capital in the Colombian Pacific basin are pointed out.