How to effectively use an EIA tool in a real estate project

Written by Posted On Sunday, 13 August 2017 06:15
How to effectively use an EIA tool in a real estate project Image Credit:Massachusetts Institute of Technology

What options or alternatives to a proposed real estate project should an EIA cover?

The ultimate goal for using the environmental impact assessment (EIA) tool, is to make sure that environmental impact assessment for the proposed project is carried out in conjunction with technical advisers, assessors and representatives of all stakeholders in a problem solving process, where stakeholders interest are fairly considered in a manner that will have an impact on the final decision. There are many alternatives to a proposed real estate project. These include a no build option, changing the location of the proposed project, altering the design of the project, changing the size or even the technology to be used. Factors such as availability of data and the cost of modeling impact indicators for the proposed project will be pivotal in the scoping process. The scoping process will examine the time frame for the project, the geographical boundaries and the impact indicators to be studied will be adequately considered such that the public interest will be fairly represented in a way that self interest of the stakeholders will not take precedence over the broader public interest.

What time frame and geographic boundaries should covered in an EIA?

As a prudent measure, a real estate developer should not be subjective in setting the time frame and the geographical boundaries for the environmental impact assessment. The real estate developer is only previewed to the minimum legal requirements for the impact indicators for the project which mainly focuses on the quality of air and water. With regards to the time frame and the geographical boundaries for the environmental impact assessment, the real estate developer explore beyond the minimum legal requirement it is previewed to, so that the scope of the environmental impact assessment will reflects the interest of all the relevant stakeholders.

What types of environmental impacts should be included?

The selection of environmental impacts partly depends on the availability of data and the cost of modeling these environmental impacts. There are multiples of environmental impacts that can be examined. It will be extremely difficult to examine all of these impacts. In considering the impact the proposed project will have on the quality of air and water, there are several dimensions of environmental impacts. The choice of which environmental impacts to be included, will be made by scientific and engineering experts in conjunction with stakeholders who have a concern reflected in that decision about what indicators of environmental impacts to use.

How can the public be included in the scoping process of the EIA?

It is no doubt that the public and the decision making agencies will have competing objectives but the inclusion of the public has the tendency of improving the outcome of the scoping process. As a way of reaching out to the general public a survey should be conducted to seek the opinion of members of the public who will for one reason or the other not be able to make it to the regular meetings of the relevant stakeholders. While technical experts will give forecasts, allot weights, scale and amalgamate the environmental impacts, the public will provide relevant information. Based on such premises an informed decision will be made. By enhancing the public’s trust in the scoping process, the occurrence of future conflicts will be mitigated.

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Alexander Ayertey Odonkor

Alexander Ayertey Odonkor is a chartered economist and a chartered financial analyst with expertise in real estate finance and investment . Alexander completed a professional education in electronic trading in financial markets from the New York Institute of Finance. He holds a postgraduate certificate in real estate development from the Massachusetts Institute of Technology. He is a fellow of the Global Academy of Finance and Management. He has a stellar international experience in financial programming and policies from the International Monetary Fund.

www.alexanderayerteyodonkor.com

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