Abstract

Belize is host to a rich marine environment, which supports important fishing and highly lucrative tourism industries. However, this rich marine biodiversity and the industries which depend on it are at risk as the Belizean government considers the establishment of an offshore oil industry. Toted as a revenue generator for a stagnating Belizean economy, the potential for loss in fisheries revenue due to an oil spill, highly probably after recent events in the Gulf of Mexico, presents a strong argument for preventing such a development. As was seen recently in the Gulf of Mexico, the potential economic (let alone biological) impact of an oil spill on fisheries alone is substantial. Of significant economic importance to Belize are the Caribbean spiny lobster (Panulirus argus) and the queen conch (Strombus gigas) fisheries. Both of these fisheries have high market value, are responsible for substantial foreign exchange earnings and create employment both in fishing and processing. The total revenue from Belizean fisheries, including commercial and the generally ignored subsistence sectors, is estimated to be 22 M USD∙year-1, with a total economic impact estimated at 65 M USD year-1 (in 2011). While the annual revenue generated by fisheries is likely lower than that generated by oil, fisheries are a renewable resource, which provides direct and indirect benefits to the people of Belize in perpetuity. In contrast, oil is a non-renewable resource whose revenue stream is very short-lived in human generational terms. Furthermore, the revenue generated and employment created by the fishing industry plays an important role in the livelihoods, culture and food security of the Belizean people.