Assesing the viability of protecting colombian caribbean coast from sea level rise: an economic valuation approach

Abstract

The coastal areas of Colombia are highly susceptible to sea level rise (SLR) due to climatechange. The degree of vulnerability has been determined and currently an adaptation plan isbeing evaluated. This study applied a Cost Benefit Analysis (CBA) over a 100 years scenario toassess the feasibility of the plan in the Colombian Caribbean Coast. A Contingent ValuationMethod was used to estimate the market and the non-market benefits, using a random sampleof 504 respondents in Barranquilla, Cartagena and Santa Marta. The estimated benefitsare weighted against the cost of the protection strategy as estimated by the NetherlandsClimate Change Studies Assistance Programme. The CBA results indicate that carrying out theadditional measures for protecting the Colombian Caribbean Coast from SLR is an economicand ecological feasible venture even if predictions of SLR are uncertain.