Australian “Green Infrastructure Economic Framework” puts a dollar value on green infrastructure
Why Green Infrastructure is a Key to Town Planning
A new economic framework, the Green Infrastructure Economic Framework, puts a dollar figure on green infrastructure, to enhance the business case for increased urban greening projects in cities. The framework attempts to quantify the social, health and financial dividends that green infrastructure will pay over time, not only in its positive aspects but also in terms of the opportunity cost of not having it.
Following the November 2015 launch at Victoria University, it will be easier for local governments to understand the economic value of urban greening. The framework is designed to help local governments make better future investment decisions by enabling them to develop a business case for urban greening.
Make Better Investment Decisions
The idea of the framework, Professor Roger Jones says, is to think of green infrastructure as an asset that gives the community a certain level of benefits. “That will help us to integrate green infrastructure into our cities much better than we have done in the past,” he says. Roger Jones is a research fellow at the Victoria Institute of Strategic Economic Studies at Victoria University in Melbourne.
In this case, green infrastructure refers to such natural features as wetlands, green ways, rooftop gardens, and parks. “We know that green is fundamentally good for our cities, but we have to make the business case stack up,” said Councilor Arron Wood, chair of the City of Melbourne’s Environment Portfolio.
Application of a Life-Cycle Management Process
The cities of Melbourne, Banyule, Kingston, and Moonee Valley as well as Victoria University in partnership with the Victorian State Government developed the framework. These cities see urban greenery as critical infrastructure that supports the livability of cities and the health and wellbeing of communities.
The framework identifies the key steps needed to value green infrastructure. It outlines a full life cycle management process to assist day-to-day decision making and provides an explanation of the economic methods and approaches to assist practitioners in valuing green infrastructure.
To Learn More:
To download and read an article by James Dunn that was published in The Australian Financial Review Magazine, click on Green infrastructure a key to town planning.
Also, to download the Summary Report, click on Green Infrastructure Economic Framework.
And to download the Final Report, CLICK HERE.