The Resilient Futures Investment Roundtable brings together members that represent a diverse cross-section of the Australian economy to share knowledge and expertise across sectors. Members are seeking a pathway to establish shared understanding of best practice resilience valuation for informed and effective decision-making about when, where and how to invest in resilience.
To enable this, members are exploring resilience valuation approaches that recognise the systemic and cascading nature of climate and disaster risk, and consider the broad economic, social and environmental costs and benefits of resilience building projects.
We have been working collaboratively to refining our shared understanding of challenges that organisations face when trying to undertake a robust approach to resilience valuation. Research Statements are published regularly to share key findings from research, collaboration and practice at different stages of our exploration of the resilience valuation landscape:
We defined a robust approach as one that adopts a systemic, multi-hazard and whole-of-life perspective considering interdependencies and externalities. A robust approach is also functional and reliable.
We completed a scan of the wide array of available tools and methodologies, which demonstrated the difficult that organisations face to simply identify what tools are available, and which tool is best in their unique context. This identified a need to build capability to simply navigate the resilience valuation landscape and choose the right tool.
Undertaking an analysis of available tools to identify those that align with our shared understanding of a robust resilience valuation approach. This process identified two currently available tools, CSIRO’s Enabling Resilience Investment (ERI) and Sustainable Asset Valuation (SAVi) that have the potential to enable a systemic consideration of the broad costs and benefits of resilience
Statement 4 - Capability building to underpin systemic resilience investment
Our work so far has identified a need to build capability across all sectors and organisations to improve how decisions are made about when, where and how to invest in resilience. We know that there are limited funds available for adaptation and resilience, and it is critical that funding is allocated in a way that generates the greatest and broadest benefits for communities and businesses.
To meet this need, we are now developing guidance materials to support organisations to understand and navigate the landscape of resilience valuation. Resources will be supported by practice cases that outline how different organisations are using systemic resilience valuation tools and approaches