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Chris Sherrington
Chris is an environmental economist who joined Eunomia in January 2009, following completion of PhD research into socio-economic constraints on the development of renewable energy in the UK. Outputs included a published paper critically reviewing UK Government Bioenergy Policy, and reporting research that challenged Government assumptions relating to future uptake of energy crops. This was subsequently referenced in a supporting study to the UK Government's Gallagher Review of the indirect effects of biofuels production.
Chris’s current work is largely focused on the economics of waste management, from both the private and societal perspectives. The former involves undertaking market assessments from the position of a private firm, applying the actual costs and revenues facing operators in the marketplace, using a weighted average cost of capital and accounting for all taxes and subsidies of relevance. This requires consideration of the implications of funding structures for the cost of capital, an understanding of the way in which banks value financial incentives for renewable energy from waste, how the policy risk associated with changing waste legislation is perceived by financial institutions, and likewise how the nature of contracts can affect the ‘bankability’ of specific projects.
By contrast, the latter approach involves cost-benefit analysis in line with UK Treasury guidance on the appraisal of projects and policies, using a social discount rate, and ignoring taxes and subsidies. This approach also brings in non-market valuation of pollution externalities, including application of the latest DECC/Defra guidance on valuation of carbon emissions.
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