Business Case for Natural Assets in the Region of Peel: Benefits to Municipalities and Local Communities

The Credit Valley Conservation Authority will complete a feasibility study to assist the Peel Region and the lower-tier municipalities in developing, evaluating and applying asset management plans to reduce climate vulnerability of natural assets while reducing climate-related risks to municipal infrastructure and stormwater management service.The study will conduct a cost-benefit analysis of natural asset management options at two selected case study locations and assess the socio-economic and environmental feasibility of each one. The cost-benefit model/interface will serve as a decision making tool that provides guidance to municipalities with respect to natural asset management to ensure continuous provision of stormwater management services under changing climate. From a stormwater management perspective, the study will:• Develop an inventory/mapping tool for all natural assets in the Region of Peel;• Apply the inventory/mapping tool to build the business case for restoring/managing key natural assets in urbanised neighbourhoods and one rural location;• Use the case study results as guidelines for other municipalities and provincial governments for establishing natural asset management plans and processes.Completing an inventory of natural assets in the Region of Peel will demonstrate the value of wetlands, forests and other green space to the area municipalities in terms of resiliency and ability to accommodate climate change pressures. Producing a mapping tool will assist municipalities in a) estimating impacts of climate change on natural assets and the key services they deliver; and b) prioritizing natural asset sites selection for restoration and management projects. The site-specific business cases will identify a set of best management practices and restoration options for key natural assets. It will evaluate a full range of benefits associated with enhancement and restoration of natural assets to municipalities and local communities. Provide life cycle cost comparison of natural assets versus built infrastructure will assist municipalities in achieving optimal decisions with respect to the infrastructure/asset planning and management.The role of natural systems is important in addressing the climate change and infrastructure-related challenges, however, municipalities require having a better understanding and stronger evidence of the benefits, costs and risks associated with managing natural assets. This project supports and advances a number of priority areas identified by the Region in accordance with its updated 2015-2035 Strategic Plan and Council priorities. It addresses several key issues under both Climate Change and Asset Management strategies such as: a) reducing infrastructure risk, capital and operating expenses while maintaining required level of service, b) improving climate change resilience, and c) achieving additional local and global community benefits in GHG emissions, temperature moderation and air quality enhancement, recreational opportunities and increased biodiversity.