Abstract
Asset-intensive industries (including water and power utilities, mineral resources and energy) are those which require significant levels of capital investment in their assets in order to operate. These industries face challenges from uncertainty in resource availability and demand for end products, the intricate and complicated nature of their assets, and the complexity of the economic, ecological and social settings in which they operate. In these industries, the application of decision frameworks that account for this uncertainty and complexity in guiding asset investment and development is standard practice. Lessons from asset-intensive industries were applied during the concept feasibility phase of the Reef Restoration and Adaptation Program (RRAP) to establish the investment case for research and development into interventions to help the Great Barrier Reef (GBR) resist, adapt to, and recover from the impacts of climate change. The authors worked with RRAP partners to define a decision framework that included structured decision-making processes (SDM), a cost-benefit analysis (CBA), and a value of information (VoI) analysis, to establish the investment case for intervening on the GBR which led to success in securing Australian Government commitment for the next phase of the Program. With climate change expected to drive increased demand for significant levels of restoration and adaptation investment in large integrated social, ecological and economic assets (such as the GBR), the lessons from RRAP offer insights for the application of decision frameworks to inform public and private investment priorities.
Highlights
This paper has demonstrated that the application of frameworks commonly used in assetintensive industries, drawn from decision science, were critical in establishing the investment case for research and development (R&D) in restoration and adaptation on the Great Barrier Reef (GBR) in the context of climate change
Extend the value of information (VoI) analytical approach, conducted at the program scale, to establish an iterative VoI process within Restoration and Adaptation Program (RRAP) to assist with prioritising investment in R&D
Extend the cost-benefit analysis (CBA) conducted at the program scale, to establish an iterative CBA process within RRAP to assist with prioritising investment in implementation of restoration and adaptation options
Summary
The challenge facing the Great Barrier Reef. The Great Barrier Reef (GBR) is the world’s largest living structure, an ecosystem home to a wealth of marine biodiversity unmatched anywhere in the world, a global icon so exceptional that it has been inscribed on the United Nations (UN) World Heritage List since 1981 in recognition of its Outstanding Universal Value [1]. Decision frameworks for restoration & adaptation investment in the Great Barrier Reef.
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