The NSW Government has made ambitious strategic commitments to increase green and public spaces, including through Premier’s Priorities:
Public spaces provide important benefits such as:
Green infrastructure is vital to the provision and maintenance of biodiversity in urban areas and to mitigating urban heat islands and increasing resilience to a changing climate.
However, the benefits of these assets are difficult to accurately quantify and monetise compared to more traditional types of infrastructure.
The series of graphics below showcase examples of monetised values of the benefits that green infrastructure and public spaces provide.
This information was collated from existing studies and demonstrates the type of information a valuation framework can provide.1 / 4
Waterways: Sydney Water surveyed households in the Georges, Cooks and Parramatta river catchments. They found on average people were willing to pay $0.93 per annum for 10 years for every extra kilometre of waterway in good health in 30 years’ time and $0.18 per annum for 10 years for every additional garbage truck load of rubbish and litter removed from the waterways annually.
The department is developing a sector-specific framework for valuing green infrastructure and public spaces (the framework). The framework will be a public document that can be used to help prepare economic evaluations, including cost-benefit analysis, to ensure we have a consistent approach to valuing these important assets.
When approved, the framework will be a companion to the NSW Government’s Guide to Cost-Benefit Analysis. It will include guidance and endorsed valuation methods to monetise the costs and benefits of green infrastructure and public spaces and will include repeatable dollar values of some benefits.
A clear and robust framework for valuing these benefits will enable a more consistent approach for decision makers considering investment proposals involving green infrastructure and public spaces.
Development of the framework is underway and is expected to be completed by early 2022.
We have already completed a number of studies to inform the framework and have a choice modelling study underway.
The choice modelling study will generate new parameter values that reflect how people in urban NSW value green infrastructure and public spaces.
This will include values for:
The outcomes of this study will be published in late 2021.
We will be sharing information about the project and our research over the coming months.
To find out more about valuing green infrastructure and public spaces, download the frequently asked questions about the project (PDF, 111 KB).