Development of a Natural Capital Investment Plan for the Turks and Caicos Islands 2024

Abstract

Available here are a series of reports produced as part of the RESEMBID-supported Resilient Community Recovery from Covid-19 in the Turks and Caicos Islands project, delivered in partnership between JNCC, the Turks and Caicos Islands Government Department of Environment and Coastal Resources (DECR), the Turks and Caicos Islands Fishing Cooperative, the Turks and Caicos National Trust, and Invest Turks and Caicos. These resources look at the development of a Natural Capital Investment Plan for the Turks and Caicos Islands (TCI), and include the following:

• Development of a Natural Capital Investment Plan for the Turks and Caicos Islands: Accessible Framework: This framework report produced by Finance Earth and eftec, outlines a strategic roadmap for developing a Natural Capital Investment Plan (NCIP) in TCI. The framework provides an evaluation of risks to natural capital assets and identifies key opportunities for sustainable financing. It highlights diverse ecosystems, including coral reefs and mangroves, which underpin TCI’s economy and biodiversity. Revenue generation opportunities, such as ecosystem service payments, sustainable tourism, and renewable energy, are explored alongside barriers like limited data and governance challenges. Recommendations include the creation of a robust governance vehicle, such as a Natural Capital Trust, improved regulatory frameworks, and targeted stakeholder engagement to build local capacity. Aligning with TCI’s Vision 2040, the NCIP is designed to promote economic diversification, resilience to climate change, and long-term natural capital preservation.
• Development of a Natural Capital Investment Plan for the Turks and Caicos Islands: Background Study': This background study serves as the foundational analysis for the RESEMBID-supported NCIP, commissioned by JNCC and conducted by Finance Earth and eftec. It assesses the state and extent of TCI’s natural capital, identifying critical assets such as marine ecosystems and terrestrial habitats that support tourism, fisheries, and climate regulation. The study reveals an annual funding gap of $0.9 million for effective natural capital management and proposes innovative revenue streams, including user fees and sustainable enterprise development. Challenges such as overfishing, unsustainable tourism, and insufficient regulatory enforcement are outlined, with recommendations for stakeholder-driven strategies to mobilise investment. The report emphasises the importance of aligning natural capital initiatives with broader socio-economic goals, creating a framework for sustainable financing mechanisms that balance environmental conservation with community benefits.
• 'Development of a Natural Capital Investment Plan for the Turks and Caicos Islands: Business and Community Perspectives': This report, supported by RESEMBID, provides an in-depth analysis of stakeholder engagement findings as part of the NCIP development process. Drawing from socio-economic surveys, business attitudes assessments, and targeted interviews, it highlights the dual role of tourism as a vital economic driver and a source of environmental pressure. Communities and businesses expressed concerns over the long-term sustainability of tourism-dependent livelihoods and the impact of environmental degradation, including challenges such as coral reef bleaching and waste management. Recommendations include integrating natural capital training into existing programmes, enhancing regulatory enforcement, and diversifying income opportunities to reduce overreliance on tourism. The report also advocates for the creation of a governance structure to manage natural capital projects and a systematic approach to data collection for monitoring impacts. These insights aim to align the NCIP with community priorities and foster a balanced approach to economic and environmental resilience.
• 'Natural Capital Investment Plan for the Turks and Caicos Islands: Technical Report': The technical report synthesises findings from the RESEMBID-supported NCIP project, offering a comprehensive strategy to unlock sustainable financing for TCI’s natural capital. It identifies revenue opportunities such as payments for ecosystem services, sustainable tourism, and renewable energy projects. The report addresses barriers to investment, including unclear policies, limited local capacity, and the need for improved data on ecosystem services. Key recommendations include the establishment of a TCI Natural Capital Trust to govern and aggregate funding, the implementation of targeted capacity-building initiatives, and the development of pilot projects to demonstrate revenue potential. The report also emphasises aligning NCIP priorities with TCI’s Vision 2040, focusing on economic diversification, climate adaptation, and the protection of biodiversity. By fostering partnerships between public, private, and third-sector stakeholders, the NCIP aims to build a resilient, sustainable economy while safeguarding TCI’s natural heritage.

This project is funded by the Caribbean Overseas Countries and Territories (OCTs) Resilience, Sustainable Energy and Marine Biodiversity Programme (RESEMBID), a €40M programme financed by the European Union and implemented by Expertise France, the development cooperation agency of France.

These resources may not be fully accessible for all users. If you need copies in a different or more accessible format, please contact Communications@jncc.gov.uk.