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Eco123 Revista da Economia e Ecologia
Saturday 17th August 2024.
If a strip of land on the south coast of Portugal has been designated as a nature reserve, surely there should be no power on Earth to describe this region as a development area that can be used for the construction of yet another hotel. Correct me if I am wrong. A nature reserve is a nature reserve – or are there some exceptions?
When a bank grants a loan for a house, it normally checks all the facts. It wants to know whether it is throwing money down the drain (to put it bluntly), and whether the house is being built on good foundations and not on quicksand. It checks the profitability of a home loan, protecting itself against possible defaults. If the bank invests in the construction of a hotel in a nature reserve, or if the bank itself is actually the owner of this property, possessing a building permit granted by the town hall dating from the year 2008, and wants to start building the hotel 16 years later – in 2024 – how does it deal with the conflict of interest, the abyss that opens up in front of it? Does it want to make money at the expense of nature – or in harmony with nature?
There is no authority in Portugal that can advise a bank to reopen discussions about the project and reconsider its earlier decision at a meeting of the board of directors. The question as to whether there are already too many hotels on the south coast of the Algarve (many of which are not fully utilised) is not on the agenda of the bank’s supervisory board. It is stated in the development plan that this hotel will have five storeys, i.e. three floors above ground and two basement areas, containing around 1,030 beds. Who cares if the hotel is to be built in a nature reserve and the town hall granted permission for it in 2008? Yet, what matters today, however, is that the risk analysis, which adheres to the laws of the market, is congruent with the laws of nature and its protection. This is part of the European Union’s new Green Deal.
Let’s assume that, in the near future, the tourism strategy for the Algarve dating from 2008 will no longer meet the expectations of 2024 (or 2035) in purely economic terms, because there are already too many hotels using too much water, and water is becoming increasingly scarce in the region. Let’s also assume that water is allocated to the hotel in the future, but that its swimming pool cannot be connected to the Aguas do Algarve SA water supply network because there is simply not enough water for it. Let’s further assume that water is rationed per day/month per resident. Will those who live and work in the Algarve all year round still get water, or will tourists who spend two weeks on holiday on the beach and shower two or three times a day (i.e., use around 220 litres of water per person) be given preference? Can we still afford this luxury?
Investments that are not made at the expense of natural resources are the only solution for all businesses. Water can be collected, and every hotel should have not only gutters, but also cisterns, capturing water for both swimming pools and showers. But one thing should be made quite clear: a nature reserve is a nature reserve. And a town hall should stick to that principle and revoke the planning permission for the bank’s hotel. Times are changing and, yes, we are living in conflict with nature and the climate in many respects. Do we want to remedy that situation, Mr Mayor? Then simply revoke the bank’s planning permission. Be a climate hero. Set a good example.
P.S.:
A reader wrote to me last week, saying that I was a cynic. With this in mind, I wish the bank continued fun “burning money” …
P.P.S.: I have three questions for the reader. Firstly, which nature reserve? Secondly, which district of the Algarve are we talking about? And thirdly, which bank are we talking about?
Write down these three answers and send them to editor@eco123.info and you can win a weekend for two in Caldas de Monchique. First come, first served.
