An assessment of the Natural Capital of the UK Overseas Territory of the British Virgin Islands

Tender description

The Caribbean Overseas Territories (Anguilla, British Virgin Islands, Cayman Islands, Montserrat and Turks and Caicos) the South Atlantic Overseas Territories (Falkland Islands, St Helena, Ascension, Tristan and South George) are highly dependent on the natural environment for their economic and social wellbeing. The Territories are also reliant on very limited manmade assets. In the Caribbean in particular these manmade capital assets, and human life, are vulnerable to both natural and manmade disasters. The natural environment is itself susceptible to damage from human activities - resulting in loss of value to the economies of the Territories - but also provides a key role in protecting man made assets and protecting human well being. JNCC has initiated a suite of projects to integrate satellite data, Geographic Information Systems (GIS) and economic assessments of environmental goods and services (derived from natural capital) with the following objectives: i. establish the Total Economic Value (TEV) of the terrestrial and marine natural environment to each of the ten listed Territories; ii. identify the priority natural capital assets and measurable attributes (Natural Capital Metrics) to monitor changes in value through time; iii. integrate natural capital valuations into national mapping (GIS) to define the spatial distribution of these natural assets (Value Mapping) and to promote the integration of such valuations into planning and policy making to improve long-term economic growth. The British Virgin Islands (BVI) has one of the most tourism dependent economies in the world contributing almost 80% to the GDP of the islands. The main attractions in the BVI include dive tourism, boating services and yacht charters, all of which directly benefit from services provided by local ecosystems such as coral reefs, sea grass beds and mangroves. In addition to supporting the important tourism sector, the BVI's ecosystems provide recreational opportunities for the local population, serve as hurricane shelters for vessels, protect coastal and inland infrastructure, prevent soil and beach erosion and provide research opportunities. In the context of the proposed study, these and other benefits provided by ecosystems are referred to as ecosystem services.