Investment in the aquatic environment I: A marketing-based approach

The importance of integrating environmental considerations into economic analyses has been widely recognized. Indeed, the UK Government has made a commitment to evaluating environmental costs and benefits in investment appraisal techniques in both UK Sustainable Development Strategy and the duties of the Environment Agency. However, an evaluation framework is required to provide comprehensive and consistent environmental benefit assessments. In the aquatic environment, techniques based on cost benefit analysis and environmental economics have been developed, but these may not incorporate the full range of factors which determine anthropogenic use. This study considers the application of a broadly-based marketing approach, by translating key marketing concepts to an aquatic environment context, and incorporating assessment techniques from both the physical and management sciences. An assessment approach emerges which includes fundamental demand and supply side considerations in environmental valuation and investment appraisal. The further development and application of this approach offers the prospect of targeting investment on the aquatic environment more effectively.