Technique of the selection of investment projects for elimination of accumulated damage to the environment in the Russian Arctic based on cost-benefit analysis

• Published in: Arctic and North
• Main Authors: Olga E. Medvedeva, Marina A. Vakula
• Format: Article in Journal/Newspaper
• Language: English; Russian
• Published: Northern Arctic Federal University 2016
• Subjects: environmental damage; last environmental damage; ecological and economic evaluation; cost-benefit analysis; envir; geo; Arctic
• Online Access: https://doi.org/10.17238/issn2221-2698.2016.25.108; http://narfu.ru/upload/iblock/232/08_medvedeva_vakula.pdf; https://doaj.org/article/7170a3bba579408ba6f8497cc6ecb292

The damage caused to the natural environment of the Arctic in recent years is too large and requires removal. The elimination of environmental damage requires large investments. In conditions of limited financial resources it is necessary to select the most efficient projects. The evaluation of environmental and economic efficiency of projects of the elimination of the last environmental damage can become the tool of such selection, based on the cost-benefit analysis, this evaluation consists of accounting of non-market environmental effects of restoring the environment of the Arctic. The article presents an algorithm of such evaluation and selection of projects and examples of its application.