In This Month's Newsletter:
Lessons from the Thames Tideway Tunnel
How revealing the value of nature created change
Developing a Framework to Value Impacts on Marine Mammals
Integrating non-market values into decision-making for Defra
envecon Special Offer & Last Chance for Tickets
Discount code for eftec newsletter subscribers
Lessons from the Thames Tideway Tunnel
How revealing the value of nature created change
This month, the Thames Tideway Tunnel became fully connected after 10 years of construction. This is a full-circle moment for eftec, having been involved in making the investment case for the project since 2001.
Over several projects, we showed the economic benefits of addressing the combined sewer overflow problem in the tidal part of the River Thames. We conducted primary research involving stated preference surveys of Thames Water customers (and further afield) to show that people valued reductions in fish kills, human health impacts, and sewage litter. We then used this information in cost benefit analyses of a variety of options considered to tackle the problem, eventually supporting the decision to build the tunnel. Over the years, we went back to the original research with updates, including updated benefits for Defra to add to the legal case for the investment.
In short: we showed decision-makers the value of a clean river that markets hide.
As our CEO, Ece, said:
“This tunnel happened because of its social and environmental benefits. What is celebrated today would not have passed a financial cost benefit analysis.”
Developing a Framework to Value Impacts on Marine Mammals
Integrating non-market values into decision-making for Defra
Industrial activities on the sea and the seabed put pressure on marine mammals, ranging from acoustic trauma to habitat degradation. However, there is still a critical lack of evidence which hampers the development of effective policies.
eftec and the University of Glasgow created a framework to link scientific evidence on impacts to the abundance and distribution of marine mammal populations with economic evidence on how these impacts affect social welfare. This can be used to estimate the costs of impacts on marine mammal populations and the benefits of actions taken to alleviate these impacts.
The findings show welfare losses of tens to hundreds of millions of pounds per year across the example studies. In the example of offshore wind development's impacts on bottlenose dolphin populations, we found the cost could be up to £499 million per year during the construction phase. Furthermore, given scientific evidence gaps and the difficulty of integrating economic data, it is reasonable to assume that the welfare loss could be higher for some activities and locations.
We hope this work will be used to integrate projected impacts on marine mammal populations into decisions about marine planning. It also highlights the need for further evidence gathering, which we elaborate in the report and our project summary.
envecon 2025: Last Chance for Tickets
Discount code for eftec newsletter subscribers
Limited tickets remain to join us at envecon: the multi-sectoral conference focusing on the use and application of environmental economics in decision-making from UKNEE.
The conference, now CPD accredited, includes:
Keynote speech from Kerry ten Kate, giving perspective from her work at the heart of green finance and nature investment standards.
Presentations on the economics and policy of nature-based solutions for climate, the energy and transport transitions, the health and wellbeing benefits of reducing pollution, chemicals management, and much more.
Networking with professionals in policy, research, consultancy, business, and finance during the day and the evening reception.
1 year of UKNEE membership benefits: including access to conference and monthly webinar recordings and subscription to JEEP.
Friday, 14th March at The Royal Society, London. In person and Online Attendance available.
Tickets & Agenda here. Use code EFTEC75 for the early-bird rate (£75 off a standard in-person ticket). Online participation is £30 and will give you access to the recording of the whole day.
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