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Nuclear power is a growth industry despite the unresolved problem of waste management. This paper considers the case of Turkey which has a fast growing economy, and where the government has given permission to a Russian company to build a large plant in Mersin, Southern Turkey. Nuclear projects have unique features such as expensive set-up costs, long and expensive decommissioning processes (much longer than construction periods) and the issue of safe disposal of large quantities of highly radioactive wastes, some of which will remain active for many thousands of years, that may create environmental problems especially for future generations. The main focus in this paper is on the role of discounting in economic appraisal of nuclear projects in Turkey and elsewhere. Here we use three discounting methods in economic appraisal of the Turkish plant; standard discounting, the UK government’s method of declining discount rate and the intergenerational discounting method. The first two tend to yield somewhat favourable results under the assumption of no interruption in supply due to technical reasons or a major accident. The intergenerational discounting method, on the other hand, which treats all generational cohorts involved equitably, does not yield results as favourable as the other criteria. [ABSTRACT FROM AUTHOR]

Abstract: Discounting has been a long-established intertemporal efficiency tool in cost-benefit analysis which focuses on project selection at communal level with a view to maximising the social welfare. However, with the relentless growth in environmental stress that, in good parts, stems from investment projects the established criterion in discounting appears to be inadequate especially when environmental issues are taken into consideration. This paper looks at how dual focus on efficiency and sustainability can be achieved by using dual discounting, i.e. discounting environmental benefits separately and differently from other costs and benefits and applies this alternative criterion to an afforestation scheme in the United Kingdom which contains carbon sequestration in addition to timber benefits. [Copyright &y& Elsevier]

Abstract: In forestry Northern Ireland is one of the most impoverished parts of the European Union as well as the United Kingdom. During the last 10–15 years as afforestation projects gathered speed in many parts of the British Isles there has been no notable change in Ulster. One main contributor to this problem was the political uncertainty and violence which has now largely been remedied since the establishment of the devolved government in 2007. In addition to the recently established political stability there is an equally welcoming factor which is likely to impact positively upon the fortune of forestry sector in the province; that is carbon trading rights under the Kyoto Protocol. The use of new forests as credit towards reducing carbon dioxide emission is an important part of the Kyoto deal and quantities of sequestrated carbon can now be used to offset against emissions elsewhere and in this way they become real benefits like timber values. Therefore, the amount of carbon dioxide removed from the atmosphere by way of afforestation projects should be assessed in economic evaluation of forestry investment proposals. The main purpose of this paper is to carry out a cost–benefit analysis for an afforestation project in Northern Ireland with a view to finding out what difference carbon sequestration will make to the economic rate of return. [Copyright &y& Elsevier]