Impact House conducted an important study to examine potential financing solutions for marine conservation in the Pacific Ocean in Costa Rica. By looking at how willing tourists were to pay for better protection of the Cocos Marine Conservation Area (ACMC in Spanish), the study provided data on the value of tourism for this area and on the existing possibilities for generating additional funds for its conservation. 

The ACMC protects some of the most extensive and biodiverse reefs, seamounts and transit zones in the eastern tropical Pacific migratory corridor. The area is known for its abundance of iconic shark species and excellent fish biomass. However, it is also subject to intense pressure from fishing.

The study discusses options for regulating the use and management of the waters around the ACMC, including the possible expansion of the protected marine areas to minimise the effects of stressors. These plans form part of a collective cross-border effort by Costa Rica, Panama, Ecuador and Colombia to protect this important marine corridor, as leaders of these countries announced in 2021 at the COP 26 (read more here or here). 

To support the ongoing discussions on the future of the ACMC, the Friends of Cocos Island Foundation (FAICO) commissioned Impact House to conduct a primary study on the value of the ACMC’s habitats and species to visitors to the area. This was an important piece designed to supplement and complete socio-economic studies conducted by, among others, the International Centre of Economic Policy for Sustainable Development (CINPE) of the National University of Costa Rica (UNA) and the National System of Conservation Areas (SINAC) in the ACMC parallel. 

There are areas where tourists are willing to pay for better protection of the ACMC’s habitats and species. The study showed that it is crucial economically to maintain healthy shark populations. It estimates that the annual income generated by tourists who want to observe live sharks is 45 times higher than the income generated by the sale of their meat (i.e. dead sharks). 

Extensive research shows that 99% of tourists visit the ACMC to dive and that a potential decline in the shark population could jeopardise up to 95% of tourism revenues, which totals $19.7 million annually (SINAC, 2020). Most visitors stated that they would not return to the area if there was a deterioration of the marine environment and a decline in populations of migratory species, such as sharks.

The study’s findings also support possible increases in the ACMC’s occupancy tax, as these would help improve the protection for important habitats and species for this economic sector. The establishment of funding mechanisms based on tourists’ willingness to pay could generate annually between $83,000 (conservative estimate) and $230,000 (optimistic estimate). These additional funds could provide further support for the management and conservation of the sea within the ACMC.

This improved protection would also help maintain the populations of many species important to the fishing industry. 

Through an additional (ongoing) project, Impact House is also assessing the financial needs for effective marine management in the ACMC and other protected marine areas in Costa Rica, while making further recommendations in the mobilisation of financial resources for the protected marine areas of the whole country.