ESTIMATION AND VALUATION OF ENVIRONMENTAL AND SOCIAL EXTERNALITIES FOR THE TRANSPORT SECTOR

Abstract

This paper aims to quantify elements of the Triple Bottom Line (TBL) approach to transport infrastructure investment decision making, in accordance with international best practice. The primary objective is to provide a table that values social and environmental external impacts relating to transport projects, for project preparation, appraisal and selection. This paper describes the derivation of these values according to an extensive review of Australian and overseas studies. It is acknowledged that there is a distinct lack of research and studies conducted in Australia of environmental and social externalities on the transport sector. Australia is heavily reliant on overseas studies, which in some cases provide dated values for use in a project appraisal and evaluation. The paper highlights that it is necessary to value externalities as accurately as possible in order to drive policy directions, appraise and evaluate public sector projects, and allocate budgets appropriately. (a) For the covering entry of this conference, please see ITRD abstract no. E209537.

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