May 23, 2023
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The question about the value of a project is key to identifying which projects are implemented. Economic evaluation provides a robust and repeatable way of comparing the benefits and costs to determine if a project is worthwhile doing, or to identify which option delivers the ‘best bang for you buck’.
The NSW Government recently released its latest Guide to Cost–Benefit Analysis, which sets out the preferred method for appraising the economic, social, environmental and cultural value of NSW Government policies and proposals. As well as explaining how to conduct cost–benefit analysis, the guide references useful tools for practitioners, including both INFFEWS tools developed by the CRC for Water Sensitive Cities:
- The INFFEWS Benefit: Cost Analysis Tool allows practitioners to assess water sensitive investments, supports balanced and systematic decision making and provides evidence for use in business cases and grant proposals.
- The INFFEWS Value Tool gives practitioners a way of valuing the benefits of water sensitive projects that are not traded in markets, such as the environmental and social benefits. Recently updated, the tool contains 2,800 non-market values from 225 Australian studies that relate to benefits from water sensitive solutions.
The tools have been used to assess projects across the country and indeed around the world (e.g. Princes Park Stormwater Harvesting, Measuring the performance of water sensitive infill development in Knutsford, Brisbane infill integrated water management strategy, Integrated urban flood management in China, Valuing the benefits of nature-based solutions in the Greater Mekong Region).
Water Sensitive Cities Australia delivers training on economic evaluation and the INFFEWS tools, as part of our strategy for mainstreaming water sensitive principles and practices.
Our next training is scheduled for September/October 2023. If you would like to attend the training, please register your interest via the link below.
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