Valuing Complex Natural Resource Systems
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Valuing Complex Natural Resource Systems

The Case of the Lagoon of Venice

  • The Fondazione Eni Enrico Mattei series on Economics, the Environment and Sustainable Development

Edited by Anna Alberini, Paolo Rosato and Margherita Turvani

In complex natural resource systems, modifications or disruptions tend to affect many and diverse components of the ecological system, settlements and groups of people. This book uses the Lagoon of Venice – a unique natural resource, wildlife habitat, centre of cultural heritage and recreational site – as an example of one such system that has been heavily affected by human activities, including the harvesting of natural resources and industrial production. The contributors explore the Lagoon’s potential for regeneration, examining public policies currently under consideration. The aim of these policies is to restore island coastlines and marshes, fish stocks, habitat and environmental quality, defend morphology and landscape through the strict control of fishing practices, and to protect the islands from high tides.
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Chapter 8: What is the Value of Brownfields? A Review of Possible Approaches

Stefania Tonin

Extract

08/05/2006 18.11 - Valuing Complex Natural Resource Systems – Chap 08 – p. 143 8. What is the Value of Brownfields? A Review of Possible Approaches Stefania Tonin 8.1 INTRODUCTION Brownfield redevelopment is currently considered to be one of the key factors for urban regeneration. According to the United States Environmental Protection Agency (US EPA), the term brownfield site means real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant (US EPA, 2001). Implicit in the word brownfield is the need to consider whether the land can be reused. Cleanup and redevelopment of these areas can contribute to creating new employment opportunities, maintaining or enhancing the quality of life, improving recreational opportunities, and enhancing environmental quality and other public goods. Acquiring, cleaning up and reusing old – and often abandoned – industrial sites can be an expensive and time-consuming undertaking (Bartsch, 2001). In many situations, private developers and financial institutions are not able, or willing, to act on their own to ensure that the full economic potential of site reuse will be achieved. Also, strict liability regimes and the possible adverse effect on human health and on the surrounding economy create hurdles to cleanup and reuse of brownfields. Contamination may affect the value of a site through three pathways: i) cost of cleaning up or containing the contamination; ii) the stigma factor which may persist even after the area is cleaned up; and iii) liability over future cleanup costs....

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