Lake worth $1 billion

Spiel · June 28, 2008

Lake worth $1 billion

Report places value on Simcoe's ecosystem

June 28, 2008

According to a recent report, the ecological benefits of the Lake Simcoe ecosystem are worth nearly $1 billion.

The Lake Simcoe Region Conservation Authority (LSRCA), the Friends of the Greenbelt Foundation and the David Suzuki Foundation partnered to create the report --Lake Simcoe Basin's Natural Capital: The Value of the Watershed's Ecosystem Services-- released Thursday.

Using data collected by the LSRCA over the past three years, the study examined the lake's numerous goods and services, including carbon storage, flood control, waste treatment, clean air and water quality, supply and filtration.

"Because it's based on science, it's going to allow us to make informed land-use decisions," said Mike Walters, the LSRCA's director of watershed management. "It is based on our factual understanding of the ecosystem."

The report states services provided by the watershed's forests and wetlands are worth $319 million and $435 million, respectively, making them "the most highly valued assets."

Putting a dollar value on the lake is "crucial to securing a safe water source and a safe local food source," said Danielle Pignataro, communications director with the Friends of the Greenbelt Foundation.

"It begins to level the playing field between the environment and the economy," she said, adding it's the first watershed valuation of its kind in southern Ontario.

With a total area of more than 815,000 acres, the Lake Simcoe watershed is a substantial resource that cannot afford to be compromised in any way, she said.

"Like the ecosystems within and around its boundaries, if one area of the greenbelt is compromised, it can affect its interconnected parts," Pignataro said, using the Holland Marsh as an example.

Area environmentalist Jim Woodford questioned the benefit of -- and logic behind -- tagging Simcoe as a billion- dollar lake.

"The state the lake is in, it's probably worth 10 bucks," Woodford said. "I don't think (valuation) is the way to approach this. They've got to, first of all, find out what's wrong with the lake and fix it."

High phosphorus levels and the invasive spiny water flea are among the most urgent issues of the lake, he said.

"To get a true figure for the value of Lake Simcoe, you would have to subtract all the liabilities, such as the $200 million to reduce phosphorus, stream rehabilitation, spawning habitat renewal, etc.," Woodford said. "The final figure might be minus several hundred million."

Full Report Here