Why Co-Benefits Matter
Local authorities across the UK face the challenge of delivering ambitious decarbonisation targets with limited budgets. The good news is that such interventions offer more than just carbon savings. They unlock “co-benefits” – such as cleaner air, reduced flood risk, healthier communities and stronger local economies. By recognising and capturing these wider impacts, councils can make a stronger financial case for climate action and attract funding from new sources.
But is “Outcomes” a Better Framing than “Co-Benefits”?
The term “co-benefits” tends to highlight only the positive side-effects of decarbonisation, such as cleaner air or health improvements. By contrast, we at City Science prefer the term “outcomes” to emphasise that impacts should be assessed in their entirety and measured alongside carbon impacts rather than secondary to them.
In practice, interventions can also create unintended negative consequences. For example, cleaner vehicles may encourage people to drive more because they perceive their journey as less harmful, which in turn can increase congestion and undermine some of the expected benefits. Similarly, green infrastructure can improve local amenity and property values but also risk displacing lower-income households through rising rents.
Research such as the CO-BENS project shows that the wider impacts of climate action are highly sensitive to design and context, which raises the risk that some “co-benefits” may be unevenly distributed or even have unintended adverse effects. Using the broader term “outcomes” is therefore more accurate: it captures not only the positive outcomes but also the potential trade-offs and negative consequences, ensuring that policies are assessed more holistically and with greater attention to equity and risk.
What Does Valuing Outcomes Mean?
Valuing outcomes is about putting a monetary figure on outcomes such as improved health, safer streets or reduced noise levels. This allows councils to present a more complete picture of project benefits in business cases.
However, measuring and attributing outcomes accurately, especially when several factors influence them can be a challenge. But with emerging datasets, standardised methods, and valuation tools, local authorities now have the means to quantify outcomes with greater confidence.
Going Beyond Valuation: Monetising Outcomes
Monetisation takes the next step: turning outcomes into financial flows. It is not just about showing the value created but about finding buyers willing to pay.
Real-word examples are already here: The “Connecting the Culm” project where Devon County Council secured investment from Network Rail by demonstrating the potential economic advantages it offers. Specifically, the implementation of nature-based solutions within the area reduces the frequency and duration of flooding-related closures on the Great Western Railway line. This was estimated to generate an average annual benefit of £96,000 for Network Rail through savings in delay-related costs and compensation payments.
Examples such as this prove that when outcomes are measured robustly, they can open the door to new investments and partnerships to fund the upfront or ongoing costs of delivering these benefits.
Resources to Get You Started
For councils exploring this space, resources such as the UK Co-Benefit Atlas and UK100’s recent report provide practical starting points.
Keep an eye out for City Science and Bankers without Boundaries’ upcoming insight on outcomes commissioned by Innovate UK. The insight will give guidance on both valuation and monetisation, supported by UK and international case studies.
How City Science Can Support You
At City Science, we have developed a tool that provides local authorities with a quick, high-level indication of outcomes. For example, it can show how an active travel scheme translates into pounds saved through cleaner air and reduced health impacts. This gives councils an accessible way to evidence the wider value of their projects.
But we don’t stop there. We can also build bespoke models tailored to individual councils or projects, enabling a more detailed evaluation of outcomes that reflect local contexts and priorities.
Beyond valuation, we can support councils in exploring monetisation pathways – for example by identifying potentially suitable investors or advising on innovative finance mechanisms such as social impact bonds.
Take Action Today
Decarbonisation projects don’t just cut emissions, they delivery measurable financial and social returns. By valuing and monetising outcomes, councils can unlock new revenue streams and build healthier, more resilient communities.
If you’re ready to explore how to value or monetise outcomes in your projects, contact us at info@cityscience.com today for a demo or a conversation with our team.