Cost-benefit analysis
Alternative adaptation options were analyzed via the Marine InVest tool to identify costs and benefits of these approaches. Costs were incorporated directly into the scenarios and InVEST. This included the costs of implementation of adaptation options combined with any associated costs to ecosystem services quantified by our models, and benefits represented by the positive return in ecosystem service values quantified by our models. Local experts helped in reviewing the selected ecosystem services and adaptation options. A technical report was developed on the activities.
The models had the capacity to effectively quantify the potential costs and benefits of climate change and alternative adaptation strategies to lobster fishing and coastal protection, and alternative adaptation strategies to tourism and carbon storage and sequestration. The ecosystem service models provided a useful framework for tackling a complex set of issues within limited timeline.
Using storylines, spatial scenarios for Integrated and Reactive adaptation approaches, three models for ecosystem services, model for seawall protection from storms, information from the literature, and stakeholder expertise, we were able to effectively quantify the benefits of adaptation options in terms of revenue from lobster and tourism, carbon storage and sequestration, and avoided damages to coastal infrastructure. Outputs from models are relevant to Belize’s decision-makers, the public and private sectors, as described in building block 5. This CBA approach helped to clearly assess the costs and benefits of alternative adaptation options in an efficient way. Standardizing both costs and benefits, such as ecosystem services, in monetary values enables cross-sector decision-making and allows for a more complete economic assessment of options.