Climate change is already impacting the way councils manage their assets and infrastructure. Local Government plays a key role in facilitating community adaptation however, the lack of evidence to support council decision making is already presenting a challenge for the sector. This project seeks to address this barrier by developing a clearer understanding of the costs and benefits of different adaptation options for community assets and infrastructure owned and managed by councils across Greater Melbourne.
Phase 1: CBA Framework (2021)
The outputs include a cost-benefit analysis framework for each major asset class and a robust methodology for assessing and prioritising adaptation options in subsequent project phases.
Phase 2: Quantifying the economic costs of impacts (current)
The current phase of work will develop financial estimates of the costs of climate change impacts on each asset class for all participating councils. This ‘baseline’ is a critical first step in the CBA framework and will assist councils to understand their risk exposure to assets if climate change adaptation is not undertaken. The outputs of this work will be important for councils seeking to apply the overarching principle of addressing climate change risk as outlined in the Local Government Act 2020.
The project is funded under the Regional Adaptation Strategy (RAS) for Greater Melbourne is being delivered through a partnership between four Greenhouse Alliances and DELWP. The approach and methodology builds on previous cost-benefit work delivered under the RAS, including EAGA’s Exploratory Study and SECCCA’s Asset Vulnerability Assessment. Natural Capital Economics were engaged to deliver the work on behalf of the project partners.