By way of example, during the construction of the Gorgon Gas Project, Chevron Corporation received permission to kill and not replace 3% of all the coral on the east side of Barrow Island.
The proponents of the Anketell Port Development have been granted permission to destroy 16-hectares of coral in the creation of this port. Coral Futures Corporation’s proposed coral farm will be a long-term replacement of the lost coral infrastructure.
Companies can proudly share this information with the public though Coral Certified Credits.
We’ve taken a look back over some of the actions brought against companies for damaging a coral reef. What follows gives a snapshot of how coral is valued as a transaction in these events:
MINIMUM SCENARIO
The ‘minimum scenario’ outcomes of several compensation claim cases for damages against perpetrators appears to be in the order of (USD) $800 – $1,200 per sqm.
ESTABLISHED VALUE
The ‘minimum scenario’ outcomes of several compensation claim cases for damages against perpetrators appears to be in the order of (USD) $800 – $1,200 per sqm.
PENALTIES
Penalties are generally INCREASED if incidents occur within a specified Marine Environment or Sanctuary, if there are aggravating circumstances, or if violations are repeated.
LEGAL PAYMENTS
A payment of $7,490 per sqm was successfully brought against a shipping company in the USA for damage to the Florida Keys Marine Park.
COMPENSATION
Compensation of $2,038 per sqm was ordered against a vessel that damaged the reef system when it grounded in Indonesian waters off Central Java.