Integrated assessment of public investment in land-use change to protect environmental assets in Australia

David Pannell, Anna M. Roberts, Geoff Park, April Curatolo, Sally P. Marsh and Jennifer Alexander

No 102455, Working Papers from University of Western Australia, School of Agricultural and Resource Economics

Abstract: A framework for comprehensive integrated assessment of environmental projects is developed and applied in partnership with a regional environmental body. The framework combines theory with practice, bringing a pragmatic and efficient approach to the rigorous assessment of projects for a large number of environmental assets in the north central region of the state of Victoria, Australia. Key features of the study include extensive participation of decision makers and stakeholders, integration of a comprehensive set of information about projects, explicit assessment of uncertainties and information gaps, and analysis of the most appropriate policy mechanism for each project. The process of applying the framework involved four steps: identification of around 300 important environmental assets in the region, filtering the list of assets to remove those that are less likely to provide opportunities for cost effective public investment, development and detailed assessment of projects for a subset of assets, and negotiation of funding for projects. The analysis assisted the environmental body to make strong business cases for a number of environmental projects, resulting in funding for those projects. Implications for land-use policy include that environmental projects vary widely in their cost-effectiveness, requiring careful targeting of funds if environmental benefits are to be maximised. Many existing environmental programs use simplistic analyses to support decision making, resulting in missed opportunities for substantially greater environmental benefits. Promoting adoption of improved analytical methods is very challenging, requiring changes in mind-set and culture in environmental organisations. Widespread adoption is unlikely unless funders create incentives by rewarding those project proponents who undertake rigorous and comprehensive project assessments that focus on achievement of environmental outcomes.

Keywords: Environmental Economics and Policy; Resource/Energy Economics and Policy (search for similar items in EconPapers)
Pages: 20
Date: 2011-01-11
New Economics Papers: this item is included in nep-agr, nep-env and nep-ppm
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:uwauwp:102455

DOI: 10.22004/ag.econ.102455

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