PORT OF SPAIN, TRINIDAD AND TOBAGO/ Government from 13 Caribbean countries reunite together to strengthen their capacities for the estimation of the economic and social benefits of the rich biodiversity and ecosystems of this region.

It was shared the worries about the growing costs of biodiversity loss and ecosystem degradation.

New Panorama

After publishing the study “The Economics of Ecosystems and Biodiversity  (TEEB) Mainstreaming the Economics of Nature”, the United Nations decided to build a course on TEEB for the Caribbean countries.

With the support of the Government of Trinidad and Tobago and the University of the West Indies, this event was fully subscribed with nominations from the majority of the Caribbean countries. This shows compromise of the region on evaluating its natural capital and its relevance for their development.

In the past only traditional sectors such as manufacturing, mining, retailing, construction and energy generation were uppermost in the minds of economic planners and ministers of finance, development and trade.

Mayor interest

TEEB has brought to the world’s attention that nature's goods and services are equal, if not far more central, to the wealth of nations including the poor, said Achim Steiner, UN Under-Secretary General and UNEP Executive Director, at the Convention on Biological Diversity's 10th Conference of Parties meeting in Nagoya in 2010.

In this context, in Latin America and the Caribbean, the region with the greatest biological diversity in the planet, decision makers at all levels, now recognize nature’s contribution to human livelihoods, health, security, and culture. The region holds almost one half of the world’s tropical forests, the second biggest coral barrier reef, and an amazing diversity of species (41 per cent of its birds and 50 per cent of its amphibians). In other words, the region is endowed with exceptionally rich biodiversity and its countries are keen to harvest benefits from the sustainable use of that biodiversity, to promote social and economic growth and equality.

The workshop will increase the capacities of high-level professionals in the Caribbean region to conduct studies on the economics of the ecosystems and biodiversity at the country level.

Nature's importance

This course facilitates the dissemination of a practical framework for environmental valuation in the form of TEEB to policy makers across the Caribbean region. As a result of this, the stream-ling of the approach to environmental economics within the region could be achieved.

During the 4 days, the experts from the Caribbean drew together knowledge from the fields of science, economics and policy to enable practical actions for moving forward conservation and sustainable use of biodiversity.

In addition, it is an important step towards mainstreaming environmental economics in the national decision-making process, through innovative economic instruments that will enable countries to reap benefits from the sustainable use of biodiversity, and promote social and economic growth and equality in the region, said the representative of Barbados, Mr. David Bynoe.