Monetary Valuation of External Impacts of Sustainable Infrastructure Projects: Evaluating Project Alternatives at the Rockaway Wastewater Treatment Plant

摘要

This paper presents the application of the Zofnass Economic Tool, a novel methodology using peer reviewed data sets, weighted by local community values and conditions, to monetize social and environmental impacts. In the wake of damage caused by Superstorm Sandy, New York City Department of Environmental Protection (DEP) evaluated options for repairing the heavily damaged Rockaway wastewater treatment plant. In collaboration with DEP and the consultants, we worked to quantify the monetary value of key external impacts. This paper presents the three project options through a comparative analysis. After establishing the existing base case cost estimates by alternative, we demonstrate how project externalities are priced, and provide an estimate of post-externality-valuation over its anticipated lifecycle. The paper addresses challenges faced by government agencies when deciding among allocating scarce financial resources and between project alternatives, and how financial tools can embed issues of infrastructure sustainability and resiliency.