1. Product G4 and future plans Matthew Page Institute for Transport Studies M.Page@its.leeds.ac.uk

2. Product G4 “A review of the ways of overcoming the inconsistencies between targets and appraisal” Partly looking at the political and practical issues around appraisal Looking at the possible conflicts between appraisal/VfM and policy making and how these might be resolved

3. Looking for examples Where LAs have had problems: A proposal with a good “policy fit” has not scored well under appraisal/VfM How to resolve this What about achieving LTP targets? Are there inconsistencies with appraisal criteria? Integrated Transport Block v Majors? Is this a growing problem? Many of the environmental impacts are becoming more important Policy concerns v. the “values” used in appraisal?

4. A national example? UK Government Target: 60% reduction in emissions of CO 2 by 2050 “Values” of carbon for use in appraisal published – based upon marginal damage estimates

5. Table 2: Social cost (£) per tonne of carbon in 2002 prices Year2000200220062010202020402060 Central Estimate 72.4574.5278.6682.8093.15113.85134.55 Upper bound 144.90146.97151.11155.25165.60186.30207.00 Lower bound 36.2338.3042.4446.5856.9277.6298.32

6. One litre of petrol produces about 0.63kg carbon when burnt The “value” of this carbon is about 5p (2006, central estimate) Duty on a litre of petrol is 47p out of a price of 94p (April 2006)

7. The big question Will including the “value” of carbon achieve our target? Difficult to say If not: Is the target wrong? Is the “value” wrong? What do we do about it?

8. Future Plans Draft product Case study testing Workshop presentation Completion G2 Small schemes JulySeptemberNovember?December G3 Distributional isssues JuneNovemberNovember?December G4 Targets and appraisal AugustN/ANovember?December

9. Final remarks Should we hold another G workshop in November? Don’t forget Project F workshop – Enhanced Analytical Tools – July 4 th Leeds All presentations available from the website: www.distillate.ac.uk