According to MOF Estimates... Increased by 15 Trillion Compared to 2013 Value
[Sejong=Asia Economy Reporter Kwon Haeyoung] The value of ecosystem services provided by Korea's tidal flats, including pollutant purification and tourism and recreation, is estimated to be approximately 17.8121 trillion KRW annually.
The Ministry of Oceans and Fisheries announced on the 19th that this result came from a joint study with the Korea Maritime Institute, which has been conducting research on the valuation of tidal flat ecosystem services since 2017.
Tidal flats produce various marine products such as octopus and clams and purify pollutants flowing into the ocean. They also provide various benefits such as mitigating damage caused by earthquakes and tsunamis. Additionally, tidal flats are utilized as tourism resources and venues for various experiential activities like tidal flat fishing, and are gaining attention as marine healing resources that promote physical and mental health through marine resources.
The Ministry of Oceans and Fisheries estimated the economic value of regulating services and cultural services among the ecosystem services of tidal flats at 17.8121 trillion KRW annually. This is about 15 trillion KRW more than the 2013 survey result (2.9101 trillion KRW).
An official from the Ministry of Oceans and Fisheries explained, "In the process of systematizing and subdividing evaluation items, new values such as carbon absorption were discovered," and added, "The new cultural service value gained from the designation of our southwestern coastal tidal flats as a World Heritage site was also reflected."
The Ministry of Oceans and Fisheries plans to evaluate the supply and supporting services of tidal flats, which were not included in this study, through follow-up research and establish an evaluation system for the overall ecosystem services of tidal flats. Starting next year, four new tidal flat vegetation restoration projects will be promoted to enhance the carbon storage function of tidal flats by creating halophytic plants on the upper tidal flats and to improve the landscape of tidal flats.
Lee Jaeyoung, Director of the Marine Ecology Division at the Ministry of Oceans and Fisheries, stated, "The ecosystem service value of tidal flats announced this time confirms the necessity and economic feasibility of tidal flat conservation and restoration," and added, "We will advance the evaluation methods of tidal flat ecosystem services and add value assessments for the supply and supporting services of tidal flats to promote more systematic and scientific tidal flat management policies."
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