Mapping and economic valuation of the wider values of brownfield remediation and restoration: a review

Abstract

Although a growing body of research recognizes the wider values generated by brownfield remediation and restoration (BRR), there is still limited consolidated knowledge on how these values can be systematically assessed and integrated into planning and investment decisions. A semi-systematic review of scientific and grey literature was conducted to map the wider values and their economic impacts as well as economic valuation methods that have been used to monetize them while assessing potential biases, knowledge gaps and future research directions. This study contributes to the literature by providing a structured synthesis that links wider values of BRR with economic valuation methods, uncertainty considerations, and their integration into business case development. The review shows that there is a broad range of wider values linked to BRR and alternative future land uses, many of which can be monetized using various monetary valuation methods, though difficult to monetize benefits such as biodiversity and soil health improvements are underrepresented. A simplified framework is proposed to demonstrate how accounting for wider values from an economic perspective can strengthen the economic case for BRR, particularly at vacant or underutilized land with lower financial potential. Value transfer is highlighted as a promising valuation method where resources are limited, but a probabilistic approach is recommended to account for uncertainties by considering representative values for ranges (e.g., mean, mode or median values) instead of transferring highly variable point estimates. It is also recommended to carefully consider the economic valuation method for the specific project context, as some valuation estimates and methods using direct, cost-based methods like market pricing, replacement cost, etc., are highly site-specific and could be replicated using site-specific information instead of value transfer. Potential risks such as double-counting, limitations in monetization from narrow ethical viewpoints, and other biases and methodological challenges are discussed.