Benefits of green infrastructure and public spaces
Public spaces provide important benefits such as:
- improved physical and mental health
- increased urban amenity
- boosted labour productivity
- enhanced property values
- expanded business incomes by increasing street activity.
Green infrastructure is also vital to the provision and maintenance of biodiversity in urban areas and to reducing urban temperatures and increasing resilience to a changing climate.
However, the benefits of these green assets are difficult to accurately quantify and give a monetary value to - compared to more traditional types of infrastructure.
The series of graphics below showcase examples of the financial 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.
Developing a new valuation framework
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.
Valuing green infrastructure and public spaces in practice
The framework will outline approaches to monetise the benefits of green infrastructure and public spaces. Below read two examples of projects where the unique benefits of these assets were monetised.
- 1. Improving tree canopy in Moreland, Victoria (PDF, 601 KB)
- 2. Waterways health improvement program (PDF, 670 KB)
How Moreland City Council monetised the benefits of improving tree canopy in their community.
How Sydney Water monetised the community benefits of improving the health of waterways in Greater Sydney.
Want to know more?
To find out more about valuing green infrastructure and public spaces, download the frequently asked questions about the project (PDF, 111 KB).
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Banner image credit: Destination NSW
Streetscapes of Central Park buildings in Chippendale, Sydney.
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