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

Abstract

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.

Keywords

• environmental damage
• last environmental damage
• ecological and economic evaluation
• cost-benefit analysis