a case study
A CASE STUDY.
If opportunity was taken to build the protection of our coral reef systems into contract negotiations and obligations from the very start of planning and discussions, this could be what it looks like insofar as program costs go.
This example takes a look at how a CORAL FUTURES program could be applied to a project currently under consideration by the West Australian government.
THE ANKETELL PORT SCENARIO
- In 2014 the Western Australian government released its Master Plan for a new port in the State’s Pilbara Region.
- At that time, it was estimated to be at a cost of approximately $4.5 billion.
- It is also estimated that approximately 160,000 square metres of coral habitat will be destroyed.
Using these approximated figures, the remediation offset is calculated as:
160,000sqm x USD $950/sqm = $152 million.
The cost of the CORAL FUTURES program to offset this damage through the
growth and restoration of new coral is $15.2 million per year,
plus, the 15% operating and management costs over the life of the 10-year contract period.
This is considered both appropriate and achievable in order for our important coral reef systems to be sustained.
CONSIDER THESE WORLDWIDE STATISTICS
- 835 Active Ports
- 56,000 Merchant Ships
- 3,427,193 Port Calls in 2019
- Increasing number of Port Expansions and Shipping Movement (year upon year)
- Value of USD $14 trillion Assigned to Shipping Trade in 2019
- 30 million+ Cruise Ship Passengers in 2019
- Value of approx. USD $150 billion Assigned to the Cruising Industry in 2019
