Abstract
The challenge of selecting strategies to adapt to climate change is complicated by the presence of irreducible uncertainties regarding future conditions. Decisions regarding long-term investments in conservation actions contain significant risk of failure due to these inherent uncertainties. To address this challenge, decision makers need an arsenal of sophisticated but practical tools to help guide spatial conservation strategies. Theory asserts that managing risks can be achieved by diversifying an investment portfolio to include assets – such as stocks and bonds – that respond inversely to one another under a given set of conditions. We demonstrate an approach for formalizing the diversification of conservation assets (land parcels) and actions (restoration, species reintroductions) by using correlation structure to quantify the degree of risk for any proposed management investment. We illustrate a framework for identifying future habitat refugia by integrating species distribution modeling, scenarios of climate change and sea level rise, and impacts to critical habitat. Using the plains coqui (Eleutherodactylus juanariveroi), an endangered amphibian known from only three small wetland populations on Puerto Rico’s coastal plains, we evaluate the distribution of potential refugia under two model parameterizations and four future sea-level rise scenarios. We then apply portfolio theory using two distinct objective functions and eight budget levels to inform investment strategies for mitigating risk and increasing species persistence probability. Models project scenario-specific declines in coastal freshwater wetlands from 2% to nearly 30% and concurrent expansions of transitional marsh and estuarine open water. Conditional on the scenario, island-wide species distribution is predicted to contract by 25% to 90%. Optimal portfolios under the first objective function – benefit maximization – emphasizes translocating frogs to existing protected areas rather than investing in the protection of new habitat. Alternatively, optimal strategies using the second objective function – a risk-benefit tradeoff framework – include significant investment to protect parcels for the purpose of reintroduction or establishing new populations. These findings suggest that leveraging existing protected areas for species persistence, while less costly, may contain excessive risk and could result in diminished conservation benefits. Although our modeling includes numerous assumptions and simplifications, we believe this framework provides useful inference for exploring resource dynamics and developing robust adaptation strategies using an approach that is generalizable to other conservation problems which are spatial or portfolio in nature and subject to unresolvable uncertainty.
Introduction
Worldwide, coastal freshwater wetlands are among the most sensitive of ecosystems, resulting in increasing rates of loss as a function of anthropogenic activities (e.g., development, fragmentation and pollution) and changing climate (e.g., salinization, hydrologic alteration; ). Wetland-dependent species and the broad range of ecosystem goods and socio-ecological services provided by coastal wetlands are threatened as the distribution, extent, and function of coastal wetlands are reduced in response to relatively rapid changes in sea-level, nutrification, temperature and precipitation extremes, and altered fire regimes (; ; ; ). Loss of coastal freshwater and tidal wetlands from sea-level rise (SLR) has been observed to result in reduced aboveground biomass, primary productivity, nitrogen sequestration, and water treatment capacity (). Human development and other sources of habitat fragmentation are expected to limit the capacity for positive climate niche tracking of habitat or habitat-dependent species (; ; ). A net loss of freshwater habitat can impact populations directly and also reduces the opportunities for marsh-dependent species to detect and migrate to areas of refugia as a means for climate adaptation.
Caribbean islands comprise a small fraction (0.15%) of global land surface area, however the region supports an inordinate representation of the worlds amphibian and reptile diversity, with 3% of all amphibians and 6.3% of the world’s reptiles occurring in the West Indies (). Similarly, Caribbean islands have seen a disproportionate level of anthropogenic impacts (e.g., development, forest loss, fragmentation, invasive species) (; ) and are expected to experience greater changes in climate extremes relative to baseline experience in temperate regions or continental landmasses with accelerated SLR, salinization of freshwater resources, erosion, extreme periods of precipitation and drying (; ). Amphibians are among the most sensitive vertebrate groups to rapid environmental changes, largely the result of limited vagility, narrow distributions, and habitat specialization (; ; ; ). Puerto Rico was among the first regions to observe declining amphibian populations possibly attributed to climate change and other anthropogenic impacts (). To protect sensitive biodiversity and ecosystems from climate change on small tropical islands, the natural resource management community is tasked with exploring, adopting, and implementing novel conservation strategies to address proximate factors affecting amphibians and other species at appropriate planning scales.
Towards this end, we present a test-case to demonstrate a potential strategy for localized adaptation planning for species conservation in response to observed and projected global change impacts to important coastal systems. We selected an endangered and endemic amphibian, the plains coqui (Eleutherodactylus juanariveroi; Spanish: coqui llanero; hereafter llanero), on the island of Puerto Rico to represent a spatially discrete natural resource management issue of modest spatial scale. This species is a coastal, fresh-water wetland-obligate species with a highly restricted known distribution, currently believed to be limited to three small, isolated habitat patches on the island’s northern coastal palustrine fringe (Figure 1). We believe the species was once widely distributed throughout the northern coastal plain (), but has been restricted to isolated marsh patches due to land-use change and altered hydrology. Llanero is the smallest bodied of Puerto Rico’s 17 extant Eleutherodactylus species (14.7-15.8mm mean snout vent length) and is thought to occupy the smallest geographic distribution on the island. Since llanero was first identified from a single wetland in 2007 (; ), there have been recent discoveries of two additional isolated populations (Figure 1).
Figure 1
Puerto Rico’s coastal wetlands have been highly modified by humans since the 1500s, mostly in the form of agriculture; widespread urbanization of the northern coast has been the dominant source of land-use change since the 1930s (
Climate change has been identified as a factor that may affect the demographics, abundance, and distribution of Puerto Rico’s natural resources, either directly (
We develop our test-case using multiple climate adaptation strategies to maximize the viability of a sensitive amphibian species of conservation importance. We begin by evaluating projected changes in future conditions of coastal wetlands, including SLR, altered precipitation regimes, and habitat transitions, to predict the possible impacts on the status and distribution of extant llanero populations. We consider a range of future scenarios to project the distribution of wetland refugia on the island; these become candidate sites for possible management interventions (e.g., protection, restoration, species reintroduction or assisted migration). Recognizing the uncertainty inherent in these climate and habitat scenarios, we then conduct a spatial portfolio analysis to demonstrate a well-grounded approach for managing the risk of investing in conservation actions to meet objectives for securing long-term resource persistence.
Methods
Modeling species and habitat distributions
For the purposes of this demonstrative model, we were limited in the number of parameters, level of detail, and sophistication in projecting future biotic and abiotic conditions of the island’s coastal wetlands. For recent historical observations (1963-1995), we characterized monthly precipitation and minimum and maximum temperatures using data based on the Parameter-elevation Regressions on Independent Slopes Model (PRISM,
We developed a candidate set of niche models to estimate the species’ distribution under current conditions and to characterize habitat affinities and potential abiotic determinants of the species’ range based on the conditions of known localities (i.e., niche envelope). Species data for fitting distribution models consist of approximately 45 presence-only observational records with locality information from personal observations and a public database (
Using combinations of the selected covariates and their values for known llanero observation locations and background locations, we modeled the species’ current environmental niche by specifying a generalized linear model (GLM), using a logistic link function to relate the response variable (probability of occurrence) to a linear combination of habitat and environmental factors at a given location. Assuming upland regions of the island, where wetland habitats are mostly absent, will not be suitable to support llanero populations, we reduced the domain of our analysis to Puerto Rico’s coastal plains (<100m MSL). This area encompasses the three known populations and the majority of palustrine wetlands on the island’s coastal zone. We focus on three sub-regions around each of the three known populations (Figures 1, 2) to summarize and compare current wetland conditions and distributions to those projected under various future scenarios in greater detail. We evaluated a series of modeled combinations of current environmental variables for their fit to the data, using lowest values of AIC to select a final set of covariates that best explain variation in llanero occurrence and distribution (
Figure 2

Modeled distributions of the plains coqui (E. juanariveroi, “coqui llanero”) across Puerto Rico’s north coast as a function of current select environmental conditions and under two model parameterizations. Parameterization 1 was modeled using known localities, none of which occur in drained wetlands, whereas Parameterization 2 hypothesizes drained wetlands represent valuable habitat for the species if restored. Red boxes denote the sub-regions analyzed in this study (see Figure 1 for the named designations and full spatial extent).
To model projected changes in species distributions and potential habitat refugia, we would ideally consider multiple hydrological processes that are sensitive to changes in precipitation and rising ocean levels, including freshwater recharge, changes in the water table, hydrologic head gradient, and the fresh water-saline water interface. Such models would then inform predictions of vegetation transitions and other biotic changes, but are not currently available to explicitly model these coastal processes. Instead, we rely on available covariate data to estimate changes under future climate scenarios, including precipitation and temperature projections and habitat transitions linked to SLR scenarios, as well as some static variables such as soils and wetland data layers. For changing sea levels, we rely on an available scenario-based model of SLR which projects spatially resolved changes in habitat cover types over a range of uncertain climate futures and sea levels, including scenarios of 0m (no change), 1m, 2m, and 3m SLR (SLAMM;
Decision analysis using portfolio optimization
Significant and long-term investment is typically required for designing, implementing, or modifying a protected area network. We therefore propose the use of a quantitative portfolio optimization approach that accounts for uncertainty, spatial variability, and risk when evaluating any set of proposed investments in a conservation design (
For the optimization model, we consider both currently protected areas (PA;
We evaluate reserve designs under two optimization frameworks and across a range of unit-cost
budget scenarios. We developed a range of budget constraint scenarios, using unit-costs values of {10, 30, 50, 75, 100, 150, 200}, based on a set of trial model runs, with the highest budget scenario corresponding to the point where no changes in portfolio decisions or values were observed. The two forms of optimization included a cost-constrained maximization and a risk-benefit tradeoff analysis. The former strategy focuses on maximization of expected occurrence value conditional on budget constraints, while the latter prioritizes trading off expected return with risk minimization using a Nash bargaining solution (
where PBb is the proportion of total benefit provided by an optimal portfolio at budget level b, is a vector of occurrence probabilities for each grid cell (unweighted expected values across S environmental scenarios), and xi,b is a vector of binary decision variables which take a value of one if grid cell i is identified for a conservation action (i.e., protection, restoration or translocation) and zero if no action is recommended for cell i under budget level b. We also evaluate the proportion of the ideal benefit for the optima under each budget level, as well as the proportion of worst-case risk or costs (i.e., nadir of the Pareto frontier) for each optima incurred at a given budget level (see Equations 5-8 in
Results
Current estimates of coqui llanero distribution
Applying a balance of statistical model diagnostics (e.g., minimized AIC values) and biological knowledge of the species (
Table 1
| Model 1 | Area Occupied (Ha) | Percent Area Occupied | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 0m | 1m | 2m | 3m | 0m | 1m | 2m | 3m | ||
| AR | 31.5 | 31.5 | 23.1 | 0.0 | AR | 0.5% | 0.5% | 0.3% | 0.0% |
| SS | 178.8 | 115.7 | 9.1 | 1.3 | SS | 3.6% | 2.3% | 0.2% | 0.0% |
| RG | 52.9 | 51.4 | 36.9 | 22.4 | RG | 0.4% | 0.4% | 0.3% | 0.2% |
| Coast | 267.0 | 202.4 | 71.9 | 26.1 | Coast | 0.1% | 0.1% | 0.0% | 0.0% |
| Model 2 | 0m | 1m | 2m | 3m | 0m | 1m | 2m | 3m | |
| AR | 136.3 | 136.3 | 69.3 | 25.4 | AR | 2.1% | 2.1% | 1.0% | 0.4% |
| SS | 346.8 | 282.8 | 156.5 | 120.8 | SS | 7.0% | 5.7% | 3.1% | 2.3% |
| RG | 1,159.3 | 1,144.1 | 795.1 | 580.5 | RG | 8.5% | 8.4% | 5.8% | 4.2% |
| Coast | 1,932.6 | 1,853.4 | 1,303.9 | 967.1 | Coast | 0.9% | 0.9% | 0.6% | 0.5% |
Projected area (hectares) and percent of sub-regions occupied by coqui llanero under current sea levels and for scenarios of 1-3m sea-level rise (SLR).
Model 1 estimates distribution based on habitat niche derived from observed positive localities. Model 2 includes drained wetlands as candidates for species occurrence assuming restoration of hydrologic properties. Four sub-regions are represented: Arecibo (AR), Sabana Seca (SS), Rio Grande (RG), and the island's coastal zone below 100m above sea-level (Coast).
Projected changes to abiotic conditions and coastal wetlands
Puerto Rico’s northern coastal plains and karst region fall within the subtropical moist forest life zone (
To evaluate the range of projected changes in abiotic conditions at the scale of current llanero distribution, we compared historical to future projected mean precipitation values for our delineated coastal region. To do this we took the original downscaled output from
Figure 3

Projected declines in precipitation across Puerto Rico for (A) the dry season (Feb-Mar) and (B) the month of highest precipitation (May). Declines are visualized as differences between mean monthly historical (1963-1995) and mid-century (2050) projections.
Current freshwater marsh (based on an a priori SLR scenario of no change) is estimated to cover approximately 16% of the coastal fringe, with the three sub-regions comprising a much higher representation of potentially suitable marsh habitat (Arecibo: 38%, Sabana Seca: 38%, Rio Grande: 33%; Table 2A). Across the three additional a priori SLR scenarios (1m, 2m, 3m), SLAMM output predicts substantial loss of freshwater marsh (ranging from less than 1% to 3.5%), with the highest expected losses being inland freshwater marsh and irregularly flooded marsh (losses as high as 27% and 20%, respectively, under the highest predicted SLR). Transitional marsh is projected to more than triple in area, open estuary area experiences up to a four-fold increase, and ocean beach expands more than three-fold under the 3m SLR scenario (Table 2B). Projected wetland losses are not distributed equally across the three llanero sub-regions. Regardless of the scenario, Sabana Seca is projected to experience the greatest relative loss of critical habitat, from 20% to 73%. The Rio Grande and Arecibo areas are projected to experience similar levels of loss, from 2% and 3% under a minimal SLR and 42% and 44% under highest SLR, respectively.
Table 2A
| Habitat Class | Arecibo | Sabana Seca | Rio Grande | Coastal |
|---|---|---|---|---|
| Developed Dry Land | 779 | 938 | 3,707 | 49,244 |
| Undeveloped Dry Land | 3,879 | 2,743 | 6,951 | 175,848 |
| Nontidal Swamp | 946 | 427 | 1,233 | 30,259 |
| Inland Fresh Marsh | 1,558 | 1,157 | 2,447 | 2,604 |
| Transitional Marsh | 214 | 332 | 2,318 | 1,123 |
| Ocean Beach | 37 | 10 | 22 | 322 |
| Estuarine Open Water | 1 | – | 0 | 1 |
| Tidal Creek | 2 | – | 30 | 27 |
| Open Ocean | 4,100 | 2,218 | 5,384 | 2,739 |
| Irregularly Flooded Marsh | 21 | 291 | 915 | 167 |
| Total land area | 6,656 | 4,959 | 13,916 | 210,351 |
| Total fresh marsh | 2,524 | 1,875 | 4,595 | 33,029 |
| Proportion Fresh marsh | 0.379 | 0.378 | 0.330 | 0.157 |
Distribution of landcover classes under current conditions, in hectares, for the sub-regions designated in this study.
For comparison with future changes, landcover is based on the SLAMM model (
Table 2B
| Habitat Class | 1m | 2m | 3m | Percent Difference from Current | ||
|---|---|---|---|---|---|---|
| 1m | 2m | 3m | ||||
| Developed Dry Land | 49,210 | 49,048 | 47,987 | -0.1% | -0.4% | -2.6% |
| Undeveloped Dry Land | 175,754 | 175,376 | 174,042 | -0.1% | -0.3% | -1.0% |
| Nontidal Swamp | 30,210 | 30,146 | 29,847 | -0.2% | -0.4% | -1.4% |
| Inland Fresh Marsh | 2,546 | 2,270 | 1,902 | -2.2% | -12.8% | -26.9% |
| Transitional Marsh | 1,215 | 1,880 | 3,934 | 8.2% | 67.4% | 250.3% |
| Saltmarsh | 10 | 55 | 351 | – | – | – |
| Tidal Flat | 3 | 20 | 50 | – | – | – |
| Ocean Beach | 337 | 485 | 1,161 | 4.6% | 50.7% | 260.5% |
| Estuarine Open Water | 2 | 2 | 5 | 20.0% | 85.0% | 305.0% |
| Tidal Creek | 27 | 27 | 27 | 0.0% | 0.0% | 0.0% |
| Open Ocean | 2,742 | 2,753 | 2,783 | 0.1% | 0.5% | 1.6% |
| Irregularly Flooded Marsh | 167 | 161 | 133 | -0.1% | -3.8% | -20.2% |
| Total land area | 210,272 | 210,422 | 211,453 | |||
| Total fresh marsh | 32,923 | 32,577 | 31,883 | -0.3% | -1.4% | -3.5% |
| Proportion Fresh marsh | 0.157 | 0.155 | 0.151 | 0.0% | -0.2% | -0.6% |
Distribution of projected future landcover classes, in hectares, for Puerto Rico’s coastal zone (below 100m above sea-level) as designated in this study.
Percent changes from current conditions under 1-3m SLR are provided in the three rightmost columns. Landcover changes are based on the SLAMM model (
Projected changes in coqui llanero distribution and identification of habitat refugia
Interactions of climate change with SLR-driven habitat transitions are expected to result in significant changes to the species’ distribution, with somewhat unexpected spatial variation over the modeled scenarios. Using a threshold probability of occurrence of >0.6 to estimate area occupied, a 1m SLR scenario is projected to have no impact to llanero distribution in Arecibo but results in a 35% decline in the occupied area in Sabana Seca. Under the 2m SLR scenario, the projected loss of occupied area ranges from 95% in Sabana Seca to a 27% loss in Arecibo. A 3m SLR scenario would result in total extirpation of the population in Arecibo and a decline in occupied area of ~58% in Rio Grande. Across the three SLR scenarios, the entire coastal zone would experience average losses in llanero distribution of 25%, 73%, and 90%, respectively (Table 1; Figure 4). Predicting changes in llanero distribution under the second parameterization (which models occupancy assuming drained wetlands are currently occupied) resulted in similar patterns of reductions in species distribution with increasing SLR, although with overall greater extents of area occupied and larger proportional losses under rising seas (Table 1). Despite the disparities in projected habitat-area loss over the three population sub-regions, shifts in future habitat refugia follow a similar pattern, with refugia projected to shift landward over SLR scenarios, suggesting saltwater intrusion or habitat transition may be stronger drivers of population dynamics relative to changes in rainfall, temperature, or other factors. The consequences of these dynamics of near-coast habitat loss, and potential inland habitat gains, is a shift away from areas of known occupancy, particularly in Arecibo marshes (Figure 4). Under the second parameterization (drained wetlands modeled as potential habitat), llanero is predicted to be more widely distributed relative to the original parameterization (Table 1), including scattered distributions beyond the northern coastal plains to eastern wetlands (Figure 5). Although the area of occupancy declines with increasing SLR, at an occupancy probability threshold >0.6, the predicted distribution increases when using this more permissive niche parameterization relative to the first parameterization. This suggests the potential opportunity for expanding freshwater habitats (e.g., transitional marsh; Table 2A) to act as refugia for llanero as ocean levels rise (Figure 5).
Figure 4

Modeled probabilities of future plains coqui (E. juanariveroi, “coqui llanero”) distribution across Puerto Rico's northern coast, and at three sub-regions included in this study (see Figure 1). Rows represent future uncertainty in sea-levels, with scenarios of 1m, 2m, and 3m of sea-level rise (SLR).
Figure 5

Modeled probabilities of future plains coqui (E. juanariveroi, “coqui llanero”) distribution across the northern and eastern coastal zone included in this study (see Figure 1 for the named designations) under the alternative parameterization in which predicted species distribution is modeled assuming drained wetlands represent viable habitat. Rows represent future uncertainty in sea-levels, with scenarios of 1m, 2m, and 3m of sea-level rise (SLR).
Portfolio optimization for a risk-managed adaptation to climate change
The covariance structure of expected parcel benefits across climate scenarios revealed that the majority (95.2%) of grid-cell pairs are either uncorrelated or negatively correlated with changes in SLR (i.e., < 4.8% of cell pairs co-vary positively across scenarios). A neutral (uncorrelated) or negative (one parcel improves while the other declines under a given scenario) relationship between pairs allows for managing risk through diversification of a reserve portfolio with sites that bet-hedge over the full range of climate uncertainty. This contrasts with a strategy of selecting those parcels which are individually expected to provide the highest benefits (i.e., averaged over scenarios). Our cost-constrained optimization approach did not include this risk-mitigation but produced results comparable to the risk-return framework (Table 3). This outcome may be due in part to the small percentage (< 1%) of negatively correlated site pairs contributing to the neutral or negative relationships among parcels, suggesting that bet-hedging opportunities for coastal sites may be limited and, thus, managing risk may not play as large a role in protected area design for coastal Puerto Rico as might be expected. Under this first approach, our evaluation of SLR scenarios across the coastal zone offers evidence that the location of potential refugia sites may vary spatially as a function of future climate outcomes (Figure 5). As budgets increase, a cost-constrained maximization suggests an increased focus of translocations to existing protected areas, with greater emphasis in the northeast region of the island (e.g., Rio Grande) with some new sites added to conserve wetlands near Sabana Seca and Rio Grande at very high budget levels, relative to the north-western population (Figure 6). Drained wetlands are not identified for protection or restoration under this optimization, except for one protected site under the highest budget scenario. Using this framework, translocating to existing PAs contributes an average of nearly 80% of the total expected conservation benefit, while adding new parcels to the reserve design contributes only 14% of the expected benefit. Continued investment for monitoring existing populations adds an average of 6% to the conservation outcome (Table 3).
Table 3
| Constrained Benefit Maximization | Value Contribution | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Budget Constraint | Return | Max Return | Δ Return | % of total | Spent | Worst Cost | Δ Cost | % of Worst | Parcels Added | Ignore non-PA | Add to PA | Trans-locate to PA | Ignore PA | Restore PA drained wtlnd | Protect & restore drained wtlnd | Ignore drained wetland | Maintain and monitor | Discontinue investment | |
| 10 | 8.4 | 17.2 | 8.8 | 0.1 | 3.7 | 9.7 | 6.0 | 0.4 | 0 | 73.4 | 0 | 6.4 | 29.6 | 0 | 0 | 5.8 | 2.0 | 1.8 | |
| 30 | 20.0 | 37.1 | 17.1 | 0.2 | 12.2 | 29.7 | 17.5 | 0.4 | 0 | 73.4 | 0 | 18.0 | 17.9 | 0 | 0 | 5.8 | 2.0 | 1.8 | |
| 50 | 28.7 | 48.3 | 19.6 | 0.3 | 20.7 | 49.7 | 29.0 | 0.4 | 0 | 73.4 | 0 | 26.7 | 9.3 | 0 | 0 | 5.8 | 2.0 | 1.8 | |
| 75 | 35.6 | 60.8 | 25.2 | 0.3 | 27.7 | 74.7 | 47.0 | 0.4 | 0 | 73.4 | 0 | 33.6 | 2.4 | 0 | 0 | 5.8 | 2.0 | 1.8 | |
| 100 | 40.7 | 73.2 | 32.4 | 0.4 | 35.2 | 99.7 | 64.5 | 0.4 | 3 | 70.4 | 2.9 | 35.8 | 0.1 | 0 | 0 | 5.8 | 2.0 | 1.8 | |
| 125 | 43.0 | 84.2 | 41.2 | 0.4 | 39.2 | 124.7 | 85.5 | 0.3 | 5 | 68.7 | 4.7 | 35.8 | 0.1 | 0 | 0 | 5.8 | 2.5 | 1.3 | |
| 150 | 49.0 | 93.0 | 43.9 | 0.4 | 51.2 | 149.7 | 98.5 | 0.3 | 13 | 62.7 | 10.7 | 35.8 | 0.1 | 0 | 0 | 5.8 | 2.5 | 1.3 | |
| 200 | 61.5 | 109.5 | 47.9 | 0.6 | 76.2 | 199.7 | 123.5 | 0.4 | 29 | 50.7 | 22.7 | 35.8 | 0.1 | 0.5 | 0 | 5.3 | 2.5 | 1.3 | |
| Mean | 35.9 | 65.4 | 29.5 | 33% | 33.2 | 92.2 | 58.9 | 0.4 | 6.3 | 190% | 14% | 79% | 21% | 0.2% | 0.0% | 16% | 6% | 5% | |
| Risk-Benefit (Nash) Optimization | Value Contribution | ||||||||||||||||||
| Budget Constraint | Spent | Return | Max Return | Δ Return | % of total | Risk | Worst Risk | Δ Risk | % of Worst | Parcels Added | Ignore non-PA | Add to PA | Translocate to PA | Ignore PA | Restore PA drained wtlnd | Protect & restore drained wtlnd | Ignore drained wetland | Maintain and monitor | Discontinue investment |
| 10 | 9.6 | 12.7 | 17.2 | 4.5 | 0.1 | 2.7 | 22.3 | 19.6 | 0.1 | 2 | 71.4 | 2.0 | 8.8 | 27.2 | 0 | 0 | 5.8 | 2.0 | 1.9 |
| 30 | 29.7 | 30.2 | 37.1 | 6.8 | 0.3 | 65.7 | 520.3 | 454.6 | 0.1 | 10 | 64.9 | 8.5 | 19.3 | 16.7 | 0 | 0 | 5.8 | 2.5 | 1.3 |
| 50 | 49.7 | 39.3 | 48.3 | 9.0 | 0.4 | 113.1 | 673.1 | 559.9 | 0.2 | 24 | 54.4 | 18.9 | 17.9 | 18.1 | 0 | 0 | 5.8 | 2.5 | 1.3 |
| 75 | 73.1 | 49.0 | 60.8 | 11.8 | 0.4 | 209.0 | 940.0 | 731.0 | 0.2 | 39 | 44.7 | 28.6 | 18.2 | 17.8 | 0 | 0 | 5.8 | 2.3 | 1.6 |
| 100 | 91.1 | 52.3 | 73.2 | 20.8 | 0.5 | 297.6 | 1194.4 | 896.9 | 0.2 | 50 | 37.7 | 35.7 | 13.2 | 22.8 | 0.5 | 1.0 | 4.3 | 2.0 | 1.9 |
| 125 | 102.2 | 58.3 | 84.2 | 25.9 | 0.5 | 341.3 | 1651.5 | 1310.3 | 0.2 | 62 | 29.7 | 43.6 | 12.2 | 23.8 | 0 | 0 | 5.8 | 2.5 | 1.3 |
| 150 | 116.1 | 67.5 | 93.0 | 25.5 | 0.6 | 482.2 | 2189.6 | 1707.4 | 0.2 | 68 | 25.6 | 47.7 | 17.5 | 18.4 | 0 | 0 | 5.8 | 2.3 | 1.6 |
| 200 | 133.2 | 76.2 | 109.5 | 33.3 | 0.7 | 747.4 | 3892.4 | 3145.1 | 0.2 | 77 | 20.8 | 52.6 | 20.8 | 15.2 | 0 | 0 | 5.8 | 2.8 | 1.0 |
| Mean | 75.6 | 48.2 | 65.4 | 17.2 | 44% | 282.4 | 1385.5 | 1103.1 | 0.19 | 41.50 | 90.6% | 62% | 33% | 42% | 0.1% | 0.3% | 12% | 5% | 3% |
Results produced for reserve design optimization under two analytical frameworks: maximization of species benefits under cost constraints and a risk-benefit optimization based on a Nash bargaining solution.
Bold values in bottom rows are mean quantities calculated for each column, using the units specific to the column. The means of Value Contributions columns (representing the nine possible parcel decisions) are provided as percentages of total value, with the highlighted columns summing to 100% and the sum of values for individual budget scenarios equaling the benefits provided in the column "Return" (column 3).
Figure 6

Reserve design results for coastal Puerto Rico to maximize the cumulative probability of occurrence of the plains coqui (E. juanariveroi, “coqui llanero”) based on modeled habitat changes and projected species distributions over eight future scenarios. Optimization outcomes are constrained under eight budget levels and include nine possible management decisions, conditional on the protected-area status of a parcel and whether a parcel falls within an historical (drained) wetland.
We repeated budget-scenario optimizations using a Nash bargaining solution to balance expected benefits with the risks of investing in lands that may lose their conservation value conditional on climate futures (Figure 7). Surprisingly, average returns were higher across budget scenarios under the Nash approach than with the benefit-maximization framework (48.2 versus 35.9, respectively; Table 3). Relative to the previous analysis, the Nash solutions rely more heavily on conserving unprotected cells for translocating frogs and are less dependent on existing protected areas, with an average of nearly 62% of conservation benefit stemming from the protection of new land and only 33% from utilizing current PAs for species management (Table 3). Investment in the protection and restoration of a few additional drained wetlands near Arecibo and Rio Grande adds to the predicted conservation outcome, but only under a moderate budget scenario (100 cost-units; Figure 7). Recommended additions to the reserve design are again concentrated in the northcentral and northeast, with a few unprotected and currently protected cells identified for translocation along the eastern coast (Figure 7).
Figure 7

Reserve design results for coastal Puerto Rico to balance the cumulative probability of occurrence of the plains coqui (E. juanariveroi, “coqui llanero”) and the level of risk represented by the spatial configuration and correlation structure of parcels included in a portfolio. The optimization used a Nash bargaining solution (
Although the proportion of total potential benefits increases monotonically with available budget for both the Nash solutions and the benefit-maximization optimizations, the risk-benefit framework of the Nash approach returns a greater proportion of the total available conservation benefit at each budget level relative to a benefit-maximization framework (Figure 8). This outcome suggests that overall conservation benefits may not have to be sacrificed by actively managing for risk – i.e., trading-off parcels with high expected benefit for those with lower associated risk, as theory predicts for diversified portfolios. Relatedly, the proportions of realized relative to maximum possible gains at each budget level were also systematically higher for the Nash solution, although there was no overall trend across the range of budgets under either framework (Figure 9A). However, higher proportional benefits were achieved at lower budgets (i.e., <100 cost units) in both cases. Evaluating complementary optimization outcomes of loss rates (i.e., the proportions of worst possible risks and costs incurred under each framework, respectively) reveals the Nash risk-benefit framework sustained a low and relatively consistent proportion of potential risk for each budget scenario (mean of 19%; Figure 9B). In contrast, the proportion of expended costs relative to the potential was substantially greater under a benefit-maximization approach, with a mean outlay of 37% of cost potential (Figure 9B and Table 3). Note that this is a relative comparison between different framework objectives and the trends in Figure 9B represent distinct scales.
Figure 8

The percentage of total unconstrained available benefits (i.e., cumulative probability of occurrence) achieved under each of eight budget levels for two spatial design optimization approaches (cost-constrained maximization and balanced risk-return optimization).
Figure 9

The gap between achieved conservation benefit at each budget level and the idealized benefit available for that budget for the two optimization approaches (A), and the proportions of worst possible risks and costs incurred at each given budget level for the two optimization frameworks (i.e., representing the ability of each framework to minimize cost or risk losses) (B). Note that in (B), lower values represent better performance, and that the results from the two optimization models illustrate different metrics and are therefore not directly comparable.
Discussion
Hedging bets as a core climate adaptation strategy
Climate change can cause direct disruptions to species persistence through physiological effects as the planet warms (
Both current protected areas and the potential of drained wetlands contributed to a conservation design to increase the persistence of coqui llanero. Recommendations to protect and restore drained wetland were inevitably influenced by the second model parameterization (i.e., drained wetlands being viable llanero habitat). Cost considerations may also minimize attention given to restoring drained wetlands, with limited numbers of parcels being recommended for conservation as budgets increase (Figures 6, 7). If restoring historical wetlands is found to benefit the species, decisions to restore this habitat will likely be more important than our preliminary findings suggest. The existing PA network protects only 14% of the current predicted distribution of llanero, and conserves only 3% of the extant wetlands found along Puerto Rico’s northern coast. The value of the current PA network to future conservation of llanero may still be beneficial relative to this small percent coverage, however, with 79% and 33% of the total expected benefits attributed to PAs under the constrained-maximization and risk-benefit frameworks, respectively. Importantly, cost considerations were more pronounced under the benefit-maximization framework, with an average of only 6.25 unprotected cells identified for adding to the reserve network. Under the risk management Nash approach, adding an average of 41.5 cells to the PA was assessed as optimal, even though conserving these parcels added twice the cost relative to translocating frogs to currently protected cells (Table 3). These results highlight concerns that reliance on the current protected-area network for conserving coastal species may include substantial risk. Although it was not an explicit feature of our optimization, an additional benefit of the Nash optimization results includes increased connectivity among several protected areas in the northeast (Figure 7), as well as expanding potentially valuable refugia near Sabana Seca which may support natural migration of the extant llanero population in this region.
Model limitations
Although we applied the current state of knowledge regarding factors affecting llanero distribution, including all known species localities and available data on historical and future biotic (vegetation, soils, wetlands) and abiotic (precipitation, temperature) conditions in coastal Puerto Rico, we simplified several aspects of our projection, species, and decision models. Simplifications affected our modeling of projected changes in habitat conditions, subsequent llanero distribution, and of the optimization of spatial conservation portfolios. Due to data limitations, we did not include coastal and karst hydrology or estimates of water-balance in projecting vegetation dynamics. Temperature-mediated evapotranspiration, declining freshwater input causing reduced hydrologic head pressure, and SLR are all expected to lead to advancing saltwater intrusion and the conversion of fresh marsh habitat to other cover types. For the decision modeling, we standardized parcel size to 1 km2 grid cells as well as the costs to purchase, restore, translocate, or monitor. We also simplified the options available for each parcel to nine management alternatives based on expected benefits and current protection status. The implementation of one of these options, adding to a protected-area design, may not be realistic to consider for the conservation of a single species, but this practice has precedent under the “umbrella species” concept (
Because of their restricted distribution and a lack of systematic survey (i.e., detection/non-detection) data, it is unsurprising that our llanero occurrence models fit a relatively few environmental variables, including landcover type, wetland categorization, soil class, and average precipitation during the driest months. Projected changes in these covariables over a range of possible climate futures resulted in substantial variation in the expected distribution of viable llanero habitat. Freshwater marshes on the island’s coastal zone are anticipated to decline under all climate scenarios, with inland freshwater marsh declining 27%, flooded marsh contracting by 20%, and non-tidal swamp experiencing a 1.5% reduction under the highest SLR scenario. Saltmarsh, transitional marsh, and tidal flats are all predicted to increase as SLR progresses. Habitat transition and loss will not be experienced equally across the llanero distribution, with western and central populations projected to decline to near local extirpation under the highest SLR scenario while eastern populations could see reductions of less than 60% under one model. Overall losses in distribution are projected at between 50% and 90% for the northern coastal region. When modeling these habitat responses, we treated the four SLR scenarios as equally likely which could have attributed greater weight to extreme futures and biased high the expected habitat losses. Although a 3-m SLR scenario may appear extreme, updated long-term mean sea level projections for the U.S. include a range of 0.8 to 3.9m for the modeled emission scenarios by 2150 (
Conclusions
Although coqui llanero may be locally abundant, this tiny coastal species with limited migration ability is currently known from only three small populations in sensitive lowland marshlands, putting the global distribution of this amphibian at critical risk of extinction. Before considering localized management responses such as restoration or conservation of individual land parcels, or translocation of individuals to a “highly likely” refugia, evaluation of a more comprehensive portfolio strategy may help decision makers mitigate the risks of investing in costly, long-term activities when facing large climate uncertainty. Investing in multiple translocation sites and possibly a portfolio of land parcels is unavoidably much costlier than acting on individual protection options, but the portfolio does not have to be implemented all at once, nor by a single decision maker. Opportunities to conserve individual parcels as they become available do not have to be ignored, and optimization methods exist to advance the process we detail here by identifying an optimal sequence of parcels to conserve in an identified portfolio design (e.g.,
Statements
Data availability statement
Publicly available datasets were analyzed in this study. This data can be found here: https://www.gbif.org/.
Author contributions
ME: Conceptualization, Formal analysis, Investigation, Methodology, Software, Writing – original draft, Writing – review & editing. AT: Conceptualization, Formal analysis, Methodology, Writing – review & editing. JC: Conceptualization, Formal analysis, Methodology, Writing – review & editing.
Funding
The author(s) declare financial support was received for the research, authorship, and/or publication of this article. This work was supported by funding from the US Geological Survey - Southeast Climate Adaptation Science Center, under grant RWO-241 "Advancing Climate Change Adaptation Strategies for High Elevation and Endangered Lowland Coquí Frogs in the U.S. Caribbean".
Acknowledgments
We thank Curtis Belyea for assistance with manuscript figures. Julien Martin offered helpful revisions for an earlier draft. Neftalí Ríos López has provided on-going discussion, advice, and insights on coqui llanero biology and conservation, for which we are grateful. Two reviewers offered helpful suggestions to improve this manuscript. The U.S. Geological Survey, Southeast Climate Adaptation Science Center has provided long-term funding, administrative, and staff support for amphibian conservation efforts in Puerto Rico. Any use of trade, firm, or product names is for descriptive purposes only and does not imply endorsement by the U.S. Government.
Conflict of interest
The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.
Publisher’s note
All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article, or claim that may be made by its manufacturer, is not guaranteed or endorsed by the publisher.
Supplementary material
The Supplementary Material for this article can be found online at: https://www.frontiersin.org/articles/10.3389/fcosc.2024.1444626/full#supplementary-material
Supplementary Figure 1Properties of the Nash Bargaining Solution (
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Summary
Keywords
spatial conservation planning, reserve design, portfolio optimization, risk management, habitat-species modeling, climate change, assisted migration
Citation
Eaton MJ, Terando AJ and Collazo JA (2024) Applying portfolio theory to benefit endangered amphibians in coastal wetlands threatened by climate change, high uncertainty, and significant investment risk. Front. Conserv. Sci. 5:1444626. doi: 10.3389/fcosc.2024.1444626
Received
05 June 2024
Accepted
11 September 2024
Published
07 October 2024
Volume
5 - 2024
Edited by
James Nichols, University of Florida, United States
Reviewed by
Timothy C. Haas, University of Wisconsin–Milwaukee, United States
Doug P. Armstrong, Massey University, New Zealand
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© 2024 Eaton, Terando and Collazo.
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*Correspondence: Mitchell J. Eaton, meaton@usgs.gov
Disclaimer
All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.