<<
>>

1.2. An ecological component of an estimation of efficiency of the project, its role and a place in investment designing

The analysis of investment projects occurs till now without a necessary economic estimation of ecological consequences of their realisation. The estimation of efficiency of investment projects is carried out under known standard schemes when the indicators of projects reflecting their financial and economic efficiency are subject to a quantitative money value.
The reason of it is absence simple and enough convenient methods of definition of a damage put to the nature and its influence on indicators of economic efficiency of the project. As the basic priorities of ecological strategy of Russia vary with nature protection on warning, the ecological estimation of investment projects joins in process of development of decisions more and more. Thus the special attention is given to revealing of environmental problems at early stages of consideration of projects, to inclusion in projects of the actions directed on improvement of quality of environment and prevention, reduction and indemnification of an ecological damage and risk. The ecological estimation accompanies all stages design-reinvestment cycle (table I.2.I) 13. The methodical allowance by an ecological estimation of investment projects. Management of environment. Component RPOI. M. NUMTS Goskomecologies of Russia, 2000. In the given work the attention of the author is concentrated to the third stage design-reinvestment cycle and procedure of an ecological estimation corresponding to it. Ecological making estimation of efficiency of the investment project the economic damage from the environmental contamination, representing value terms of social and economic consequences of realisation of the project, caused by environmental contamination, loss or deterioration of quality of natural resources and objects, and connected with these factors aggravation of health of people, loss of incomes, real estate depreciation, and also expenses for liquidation negative последствий14 is. The damage size is characterised by the sum of ecological expenses. The rough list ecological затрат15: Cost of lost or worsened natural resources; Expenses for liquidation of negative consequences and restoration of quality of environment, restoration or reproduction of natural resources instead of the lost: 15 Time typical technique of definition of economic efficiency of realisation of nature protection actions and an estimation economic usherba, caused to a national economy environmental contamination. M. 1986. - Expenses for clearing of emissions in atmospheric air and dumps in water objects on the best technologies to the level supplying reception of sanitary-and-hygienic to company sanitary-and-hygienic and ecological specifications; - The additional expenditures connected with clearing of potable water, increase in capacity of urban municipal systems of water removal and water consumption; - Expenses for carrying over of water fences; - Expenses on rekultivatsiju, sanitation and disinfecting of the earths; - Expenses for creation of additional capacities on reception and warehousing of a waste, their processing; - Additional expenditures on health services, treatment, acquisition of medicines; - Expenses on otselenie the inhabitants living in sanitary-protective zones, indemnification caused in this connection material damage and the missed benefit (cost of the real estate and the half-received incomes); - Expenses for indemnification to inhabitants of inconveniences in connection with the compelled resettlement in case of object placing in territory of their residing; - Expenses for indemnification to inhabitants of the losses caused by depreciation of the real estate in a zone of influence of placed object, other inconveniences arising in connection with placing of object; - Expenses for removal of failures and their consequences (petroleum flood, poison gas emission etc.); - Expenses for planting of vegetation and care of it; - Expenses for restoration or reproduction of biological resources; The missed benefit and other losses: - Losses from decrease in recreational capacity and recreational potential of territory; - Decrease in productivity of agricultural crops, efficiency of woods and other bioresources; - Loss of a regional product from disease and death rate increase.
Possible approaches to an estimation of various components ecological ущерба16: The-damage of a life and to health can be evaluated under the expenses connected with illness, including costs for treatment and the lost incomes, under not made regional gross product; - The damage from degradation of environment, loss, an exhaustion of natural resources and decrease in their efficiency can be evaluated at cost of the lost or damaged natural resources, cost of loss executed by them ekosistemnyh services (nature protection and recreational functions), cost of expenses on liquidation of negative consequences, realisation of regenerative actions and rekultivatsionnyh works; - The damage to property can be evaluated on its market value in case of complete loss or on its decrease as a result of project effect, to losses from non receipt of tax incomes and other potential incomes of property; - The damage from loss of aesthetic properties of landscapes can be evaluated on a real estate reduction in market value. From items of an ecological component we mean inclusion of size of a damage by an estimation of efficiency of the investment project in account of indicators of its efficiency, that is speech in this case goes about account ekologizirovannyh indicators of efficiency of the project for its ekologo-economic estimation. Problems of an estimation of ekologo-economic efficiency of projects является17: • Reception of quantitative criteria for decision-making on an admissibility or inadmissibility of realisation of the project; • Maintenance of a choice of a variant of proposed economic activities with the least ecological and social costs; • Reception of quantitative criteria of an estimation of efficiency of the clearing equipment offered by the project and proposed nature protection actions; • Choice of norm of return comprehensible to company at project realisation. One of main principles of an estimation of ekologo-economic efficiency of projects, in our opinion, is inclusion of ecological results and expenses in the cash flows considered at the analysis of the project. According to traditional economic analysis of "expense-benefit" the project is considered effective and suitable for realisation if benefits () exceed expenses (3), that is the parity is executed: В-3> 0. The ekologo-economic efficiency estimation means, that ecological components should be entered into the given analysis (Ve and Ze), that is the initial inequality turns to expression: (In + Ve) - (3 + Ze)> 0. Other main principle of ekologo-economic efficiency of projects is the account of the factor of time through use of rates of discounting as one of tools for reflexion of long-term ecological consequences of realisation of the project. This question is disputable and is hotly discussed in the modern literature devoted to an estimation of ekologo-economic efficiency of investment projects. By the author in various sources it is revealed three approaches to the decision of the given question. 1. Not to apply a discounting method by consideration of ecological consequences of realisation of the project because as a result of discounting damage size every year decreases, while ecological consequences have more long period of existence in comparison with life cycle of the project and can be felt and in the long-term future, and in some cases - even to increase in due course 1 ABOUT Owing to sinergeticheskih effects. In our opinion, the given approach is not reasonable as it is impossible to ignore influence on size of a damage of the inflationary processes considered at the assertion of specifications of a payment for emissions/dumps. 2. To apply lower rates of discount. Such rates are called as public norms of time preference and are used Abramjan SI., Luchsheva V.V., Ryumin E.V.ekologo of investment projects//Economy prirodopolzovanija.-2002.-X92.-c. 17-28. For an estimation of the state ecological programs. Comprehensible under ecological projects rates in 2-4 %, and sometimes and ниже19 are considered. According to the author, this approach is justified only for projects of nature protection appointment and does not approach for industrial projects in which frameworks realisation of nature protection actions is provided, in connection with unreasonable understating of the rate of discount for indicators operational, investment and financing activities. 3. Instead of the discounting rate to use the rate narashchenija costs final ecological результата20. The offered methodological approach to an estimation of ekologo-economic efficiency of investment projects is based on the account of potential cost (value) of all resources of environment from the point of view of their finiteness and deficiency. In our opinion, in case of consideration of industrial projects, in which frameworks realisation of nature protection actions is provided (as in 3 head of the given dissertational research), for indicators of nature protection activity application of the general with other kinds of activity of factor of discounting with introduction of the adjusting factor characterising strengthening of ecological consequences in time (account of the given factor is made with application of statistical methods of the analysis) is expedient. The estimation of ekologo-economic efficiency of investment projects consists of several stages. 19 Methodical recommendations about realisation of an ekologo-economic estimation of efficiency of projects of proposed economic activities. The centre of an ecological policy of Russia. 2004. 20 Davidov R. T, Asambaev V. L. Rational use and preservation prirod! Ju-resource potential of the country//the Digest the Finance. ~ 2002. № 5 (89). electronic variant. At the first stage the estimation of the damage, put to environment as a result of project realisation, prior to the beginning of realisation of nature protection actions and a residual damage after realisation of nature protection actions, and also the prevented damage is carried out. For account of size of a damage the author uses own technique based on the tax, processing and the analysis of practical data. The second evaluation stage of ekologo-economic efficiency of the project represents account ekologizirovannyh indicators of efficiency of the project: - The pure discounted income corrected on size residual after realisation of nature protection actions of a damage; - The index of yield representing an indicator of efficiency (return) of capital investments under the project (including and the sum of nature protection capital investments), corrected on size residual after realisation of nature protection actions of a damage; - Internal norm of the yield reduced as a result of updating of accounts on size residual after realisation of nature protection actions of a damage; - The payback time increased as a result of updating of accounts on size residual after realisation of nature protection actions of a damage. The closing stage of an estimation of ekologo-economic efficiency is account of an indicator of efficiency of nature protection investments. The given indicator settles up as the relation of ecological effect (prevented as a result of realisation of nature protection actions of a damage) to the sum of the nature protection capital investments which have been carried out within the limits of the investment project. The considered stages represent consecutive steps of the technique of a complex estimation of ekologo-economic efficiency of the investment project developed by the author. The essence of the given technique consists in the following: Before to evaluate efficiency of the nature protection expenses which have been carried out within the limits of the investment project, it is necessary to compare the sum of nature protection capital investments with size of the damage, put to environment, by account ekologizirovannyh indicators of its efficiency. For example, if discounted residual after realisation of nature protection action the damage exceeds the pure discounted income of the project (that is the pure discounted income corrected on size residual after realisation of nature protection actions of a damage, is size negative), it speaks about inappropriate size of a damage to the sum of the nature protection capital investments which have been carried out within the limits of the investment project. And if it so it is necessary to ascertain negative efficiency of realisation of these investments. Abramjan SI., Luchsheva B.B., Ryumin E.B. Ekologo-economic efficiency of investment projects//Economy prirodopolzovanija. - 2002. № 2.-with. 17-28. Kvasov I.A., Bondarev of projects//Economic analysis: the theory and praktika.-2004. - №11 (2б). ~s. 48-53. Rudneva L.N., I.S.account's smiths economic usherba to environment at the stage of a substantiation of expediency of the investment project//Taxes. Investments. The capital. — 2003. - № 5-6. - 2004. - № 1. — an electronic variant. Preinvestment ecological researches. Afonin I.A:, Kotenev B.H., Mashanova G. A, Terehov A.G. - M: Ladoga-100,2002. - 203 with. Divovich M. S. Working out of methods and models for an ekologo-economic estimation of effect of industrial-economic objects on environment. Kand. dis. - M. 1999. Methodical recommendations about realisation of an ekologo-economic estimation of efficiency of projects of proposed economic activities. The centre of an ecological policy of Russia. 2004. The methodical allowance by an ecological estimation of investment projects. Management of environment. Component RPOI. M. NUMTS of Goskomecology of Russia, 2000. In studied the author методиках21 at realisation of an estimation of ekologo-economic efficiency of projects applies standard principles and the procedures of economic analysis reflected in Methodical recommendations according to efficiency of investment projects. The author considers Methodical recommendations as the intermediate stage of a complex estimation of ekologo-economic efficiency of the investment project (paragraphs 1.3, 2.3).
<< | >>
A source: Markosova Elena Arshavirovna. Perfection of a technique of an estimation of ekologo-economic efficiency of the industrial investment project. 2006

More on topic 1.2. An ecological component of an estimation of efficiency of the project, its role and a place in investment designing:

  1. the Estimation of ecological efficiency of realisation of project HDT.
  2. 1.1. Obshchemetodologichesky questions of an estimation of efficiency of the investment project
  3. 1.3. System engineering of indicators of a complex estimation of ekologo-economic efficiency of the investment project
  4. 2.3. A technique of a complex estimation of ekologo-economic efficiency of the industrial investment project
  5. 1. Theoretical bases of an estimation of ekologo-economic efficiency of the investment project
  6. Markosova Elena Arshavirovna Dissertatsija. . Perfection of a technique of an estimation of ekologo-economic efficiency of the industrial investment project, by 2006
  7. 3. The complex estimation of ekologo-economic efficiency of the industrial investment project on Open Society "Slavneft-Jaroslavnefteprodukt" example
  8. 3.2 Account ekologizirovannyh indicators of efficiency of the investment project
  9. 2.1. The Project financing, its essence and a role in investment process
  10. 2.2. Perfection of system of the indicators characterising efficiency of nature protection actions, carried out within the limits of the investment project