The CRC for Water Sensitive Cities’ Comprehensive economic evaluation framework (IRP2) team has custom built a Non Market Value tool, which is an excel-based database using 336 values from 76 Australian studies. These values are arranged so that end users can easily and efficiently access them. The tool has a companion guidelines document for end users on how to conduct benefit transfer for water sensitive practices, including choosing appropriate methods for the particular context. End users should read the guidelines before they start using the Non Market Value Tool and conducting benefit transfer.
The beta version of this tool is currently being tested by IRP2's project steering committee, some case study partners, and CRCWSC Regional Managers. But now we’re opening access to CRCWSC Participants, to explore, test for functionality, identify any errors, and provide general feedback to the developer to inform the changes to the final version.
The Non Market Value Tool is part of a broader package of economic tools and resources, known as INFFEWS (Investment Framework For Economics of Water Sensitive cities). Another component of INFFEWS is the Benefit: Cost Analysis (BCA) Tool, which is tailored to assess investments for water-sensitive cities. The aim is to support balanced and systematic decision making about these investments, and to provide evidence for business cases. We released this tool earlier in the year and it is still open for Participants to download and provide feedback to further inform its development.