Executive summary

This the final report of the independent economic assessment (IEA) of the Water for Growth (W4G) project. It summarises the work undertaken to measure and value the impact of the W4G project, accounting for the ecological, economic, and social uplifts arising from: (a) improved fish passage in the River Camel and Fowey; and (b) benefits to anglers from modernisation of the payment mechanism for accessing fishing beats. The evaluation questions answered are:

1. What has been achieved?

2. How has this been achieved?

3. What is the value for money of the W4G project?

The results and findings from this assessment support WRT’s reporting to the ERDF.

The IEA examines the costs for and benefits from the outcomes achieved by the W4G project during the implementation period from 2016 to 20221 and future impacts for an additional eight years. Benefits and costs have been assessed at the local level (impacts within Cornwall), based on the impact of the W4G project compared to a counterfactual scenario (i.e., without intervention), in which some of the improvements from W4G are delivered but they are not as well-coordinated, occur at a slower rate, and across a smaller scale.

The assessment found that the benefits provided by the W4G project outweigh the costs of implementation and ongoing maintenance. The benefit-cost ratio is estimated to be approximately 7.7. In other words, for every £1 spent by the project, around £8 in benefits has been generated. To a large extent the benefit is driven by increased natural capital value in the River Fowey and Camel catchments from improved fish passage and enhanced river habitats. The economic impacts of the project have been found to be marginal, through expenditure by anglers.

Key recommendations and learnings for future evaluations of similar projects focus on improved data gathering and monitoring during the project period, as well as collecting information that supports the development of a counterfactual scenario for the analysis. Provision of a monitoring and evaluation plan earlier in the project cycle will allow for better link-up to the IEA (which is usually ex-post analysis). In doing so, data needs for the assessment are clearly defined and will ensure that appropriate baseline (i.e., pre-intervention) information is collected along with data on the achievement of project outcomes throughout the project implementation period.

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Water for Growth Independent Economic Assessment