Evaluating environment policy that has immediate costs but long-term gains.
A fundamental challenge for environmental policies is the different timescales over which ecological and financial costs and benefits occur. For example, whilst revegetation to offset land clearing incurs immediate costs, it can take decades for it to become suitable habitat for wildlife. These long time lags can lead to inefficiencies in spending and poor environmental outcomes. This project will develop novel approaches for evaluating the future impacts of environmental policies and new methods for improving their design. The methods will be tested and demonstrated in the policy context of biodiversity offsetting, which is set to play a key role in nature conservation globally.