The Thurston Climate Adaptation Plan is an important step toward ensuring community resilience and economic sustainability. As part of this plan, the Thurston Regional Planning Council is considering several actions to prepare for climate change impacts.
This report provides a holistic benefit-cost analysis (BCA) for two climate adaptation actions identified in the Thurston Climate Adaptation Plan, going beyond traditional economic measures (e.g., capital costs, acquisition costs) to take nature’s services into account. Action F-01 evaluates and secures sustained funding to restore and protect riparian vegetation along freshwater and marine shorelines. Action G-12 aims to increase incentives for targeted urban development, ensure that redevelopment projects are financially viable. The benefit-cost ratio (BCR) is the dollar value of benefits produced by each dollar of related costs; in other words, the return on investment for every $1 in expenditures or forfeited revenue. Our BCA results show that both of these adaptation actions will provide significantly greater ecosystem service benefits that should be taken into account when considering whether to take other actions.
Funded By: Thurston Regional Planning Council
Suggested Citation: Armistead, C., Casey, P., Kocian, M., Flores, L. 2017. Benefit-Cost Analysis of Selected Actions from the Thurston Climate Adaptation Plan. Earth Economics, Tacoma, WA.