The Integrated Research Project 2: Comprehensive Economic Evaluation Framework (IRP2) is working on developing an economic evaluation framework to identify and quantify economic, environmental and community values of investments in water sensitive practices and systems. The ultimate output of the project would be an accepted and well-aligned evaluation framework that users will apply to business case development and decision making at multiple levels in public and private sector organisations. The specific deliverables of the project are the followings:
- A Benefit Transfer tool and guideline
- A Benefit-Cost Analysis tool, framework and guideline
- Advice on financial regulation framework for selected cases
- Economic evaluation of Urban Heat Island (UHI) mitigation scenarios
- Generate primary information for specific case studies
These outputs are being developed in collaboration with our industry partners and other stakeholders. Since the beginning of the project we have carried out a number of engagement and need assessment activities, such as interviews, group discussions, meetings, workshops and conference sessions (see Appendix A). Some findings from these activities have already been presented in other reports, such as Stakeholder Engagement Strategy, Milestone Report on BCA tools and detail project plan for WP6. Here, we provide a synthesis of our current understanding of the industry needs of various elements of the main deliverables of the project.