Abstract
Improved Cost-Benefit Analysis (CBA) analysis requires a broader analytical framework, in order to perceive each project individually from the perspective of potentially measurable and significant effects on the environment and society as a whole. The main goal of our paper is to assess the financial and economic justification for variant V3 (as the most technically optimal) of the wastewater treatment plant (WWTP) construction project in Nov Dojran, North Macedonia, with the purpose of advancing municipal infrastructure and environmental benefits from improved water treatment. Based on the economic analysis conducted, we conclude that the investment in the WWTP project is justified, because the economic internal rate of return is higher than the opportunity cost of capital (EIRR = 16.38%), the economic net present value is higher than 0, and EBCR (benefit-cost ratio) is greater than 1 (EBCR = 2.11). The highest environmental benefit of 49.2% in total environmental benefits is associated with nitrogen, while phosphorus is the next pollutant in the structure of environmental benefits at 46.1%. The environmental benefits of removing biological oxygen demand (BOD) and chemical oxygen demand (COD) are significantly less important, despite the removal of significant amounts of these pollutants during treatment. The situation is similar with suspended particles.
Highlights
The development of social awareness in the balance of human development and environmental protection is a prerequisite for the concept of sustainable development.Sustainable development policies and strategies should be based on greenways (GWs) [1], which represent the potential for an integrated strategy of simultaneous environmental quality and economic development [2,3]
In the part that follows, we present the methodological basis of the conducted financial and economic feasibility analysis of the technical variant V3 of the wastewater treatment plant (WWTP) construction project in Nov Dojran, as well as inputs used for its implementation, procedure, and results of the conducted financial and economic analysis
They manifest in an increased number of diseases due to the reduced quality of drinking water and bathing water, an increased number of diseases due to unsafe food, increased risk of contracting a disease at work or during recreation in irrigated wastewater areas, increased health care burden, etc.; Negative impacts on the environment due to water and ecosystem degradation are manifested through reduced biodiversity, degraded ecosystems, bad odors, and increased GHG emissions, etc.; Possible negative effects on economic activities refer to a decrease in industrial productivity, agricultural productivity, the market value of crops, number of tourists or willingness to pay for tourist services, and reduced fish and shellfish catches or a reduction in their market value, etc
Summary
The development of social awareness in the balance of human development and environmental protection is a prerequisite for the concept of sustainable development.Sustainable development policies and strategies should be based on greenways (GWs) [1], which represent the potential for an integrated strategy of simultaneous environmental quality and economic development [2,3]. The development of social awareness in the balance of human development and environmental protection is a prerequisite for the concept of sustainable development. Even certain long-term assessments have shown that financial development significantly enhances environmental degradation, which should be urgently considered by policymakers who, within sustainable environmental policy and green financing approaches, should seek solutions for this problem [6,7,8]. Intensified urban and industrial development, population growth, as well as the actualization of climate change, are putting serious pressure on local water resources. The scientific community has intensified efforts towards the protection of water resources [9,10], which indicates significant problems in this area.
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