Measuring what matters
Updating the Treasury’s “Green Book” for the Climate Emergency
The Green Book, produced by the UK Treasury, sets out how to assess public sector projects or policy interventions. It is primarily based on cost-effectiveness or cost-benefit analysis, in which all costs and benefits of a project, including greenhouse gas emissions, are converted into financial values. This hides the impact of projects and policies on greenhouse gases, amalgamating them with other impacts. Instead, they should be assessed and presented to the decisionmaker separately to other costs and benefits and set in the context of a reasonable ‘budget’ for greenhouse gas emissions for the relevant geographic area and sector.