世界銀行-重新利用煤礦用地實(shí)現(xiàn)公正過(guò)渡：方法、融資選擇和治理解決方案

PublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorized

RepurposingCoalMining

LandsforaJustTransition:

Methods,Financing Options,and

GovernanceSolutions

THEWORLDBANK

IBRDIDA1WORLDBANKGROUP

Acknowledgements:

RepurposingCoalMiningLandsforaJustTransition:Methods,Financing,andGovernanceSolutionswasdevelopedby

theWorldBank’sExtractivesUnitoftheEnergyandExtractivesGlobalPractice.ThecoreteamincludedRachelPerks

(SeniorMiningSpecialist,IEEXI),WolfhartPohl(LeadEnvironmentalSpecialist,IEEXI),JamesLesser(MineralandInvestmentSeniorConsultant,IEEXI),HarshitAgrawal(SeniorGasSpecialist,IEEXI),KateJinghuaZhou(ResearchAnalyst,IEEXI),and

HelenBaThanhNguyen(ProgramAssistant,IEEXI).

TheteamisgratefulfortheguidanceandsupportreceivedfromDemetriosPapathanasiou(GlobalDirector,IEEXI),

MichaelStanley(LeadOilandGasSpecialist,IEEXI),andthethreepeerreviewerstothispaper:SatheeshKumarSundararajan(LeadInfrastructureFinanceSpecialist,IPGFG),FarahImranaHussain(SeniorFinanceOfficer,TRECI)andPierreAudinet

(LeadEnergySpecialist,IEEGK).

?2023InternationalBankforReconstructionandDevelopment/TheWorldBank

1818HStreetNW

WashingtonDC20433

Telephone:202-473-1000

Internet:

Design:

BitterSweetCreative

RepurposingCoalMining

LandsforaJustTransition:

Methods,Financing

Options,and

GovernanceSolutions

THEWORLDBANK

IBRDIDA1WORLDBANKGROUP

TableofContents

ExecutiveSummary

8

Brownfields:aProblemStatement

9

RepurposingFormerMiningLands:aNewMethodology

10

FinancingandGovernanceOptionsforRepurposingProjects

11

FundingPathsandModels

13

LessonsfromPastCoalMineRepurposingScenarios

15

Conclusion

17

Introduction

19

SectionI

FinancingaJustTransitionforAllinCoalRegions:ScopeandActors

23

WhatisaJustTransitionforAll?

24

HowMuchWillaJustTransitionforAllCost?

27

SectionII

RepurposingofFormerMiningLands:AForward-LookingApproach

ContrastingClassicalRemediation

30

Brownfields:aProblemStatement

31

RepurposingMiningLands:FromDeterminingLandUsetoProjectIdentification

33

LandRepurposing:AnApproach

33

RegulatorySupportforLandRepurposing

38

TheChallengesRelatedtoPolluterPaysPrinciple(PPP)

39

FinancingandGovernanceOptionsforRepurposingProjects

41

FundingPathsandModels

43

TwoSpecificInstruments:IncomeStripandJustTransitionBond

50

JustTransitionBond

51

Governance:ASpecialPurposeEntity

54

RepurposingCoalMiningLandsforaJustTransition:Methods,FinancingOptions,andGovernanceSolutions6

7

SectionIII

TheCaseStudies

57

TheHarworthGroup

59

BackgroundofCoalMineClosureintheUK

59

BackgroundofTheHarworthGroup

60

HarworthGroup’sBusinessModel

60

ApproachandStandardsAppliedtoRepurposingofFormerCoalSites

63

FormerOrgreaveCoalMiningSite

65

Conclusion

67

TheRAGFoundation

68

BackgroundofHardCoalMiningOperationsinGermany

68

BackgroundoftheRAGFoundation

71

RAGFoundation’sBusinessModel

73

ClosureandRepurposingintheRuhrValley

74

Conclusion

75

TheTennesseeValleyAuthority

76

BackgroundofCoalMiningintheAppalachianCoalfield

oftheUnitedStates

76

BackgroundofTVA

77

ApproachandStandardsAppliedtoRepurposingofThermalPowerPlantSites

78

ClosureandRepurposingoftheWidowsCreekFossilPlant

79

Conclusion

80

SectionIV

LessonsfortheFuture

82

Annexes

86

ExecutiveSummary

RepurposingCoalMiningLandsforaJustTransition:Methods,FinancingOptions,andGovernanceSolutions8

9

Brownfields:aProblemStatement

Tomeettheglobalcommunity’scommitmenttoreducefossilfuelemissions,themost

pressingpriorityisthedisplacementofcoal

fromtheenergysystem.Inconsidering

themagnitudeofaglobalphasedown,

effortshavefocusedonreducingcoal-fired

thermalpowerplants(TPPs)capacityanditsassociatedcoalmines.Inspeakingoftheneedforacoalphasedowntobejust,attentionispaidprimarilytoaddressinglaborimpacts

thatwillarisefrommineclosures.

LearningsfrompastWorldBanksupportto

nationalcoalsectoradjustmentprograms

inthe1990sshowthatwhilstgovernments

addressedthelabortransitionrequirementsthroughcountryspecificsocialprotection

packagesandactivelabormarketpolicies,

lessemphasiswasplacedonresponsibly

remediatingminesandassociatedassets.Theimpactsoftheoversightdecadeslateraretheabundanceofabandonedorun-remediated

coalminingsitesinmanyformercoal

producingareasacrosstheworld.Theselandsactasadeterrencetoregionaldevelopment

andeconomicdiversificationforformercoalminingcommunities.

Thoughaglobalestimateofbrownfield

legaciesfrompastcoalmineclosuresis

unknown,limiteddatainsomeregions

providesomecontextualisationtothe

problem’sscale.ConsiderthatEuropeand

CentralAsiaaloneretainaconservatively

estimated130,000haofformercoalmining

brownfields.Inmanycases,thesebrownfieldsposeon-goingrisksanddevelopmentbarrierstomunicipalitiesandcommunities—whetherthroughaciddrainage,othertoxicleakages,self-ignitionofremainingcoalseams,or

methaneleakages.Fromapurepublichealth

perspective,localandregionalgovernmentsarekeenlyinterestedinremediatingthese

areas.Yet,brownfieldremediationisbyfar

themostdifficultinterventiontoallocateor

raisepublicfinancingforgiventhedebate

aboutwhoisresponsibleforsuchcleanup

decadeslater.Theperceivedrisksrelatedto

geotechnicalandenvironmentallegacies,

legalliabilities,andregulatoryuncertainty

createapowerfuldisincentivetoprivate

initiativesforrepurposingandinvestment.

Inpractice,theseperceivedrisksprevent

innovativeapproachesemployedbypublicandprivateinvestmentstousingmininglands

andotherphysicalassetsforaJustTransitionforAll.

Inadditiontoregulatoryandenabling

constraintsisthequestionoffinancing

availabilityfortheselargemineremediationandrepurposingworks.Theidealscenario

infundinglandrepurposingisforfundsto

beaccumulatedovertimebygovernments,

utilities,andminingcompaniesinadvanceofclosures.Thissecuresthenecessaryresourcestorepurposeasiteintoaproductiveasset

thatcanprovideimmediatejobsandrevenuesforlocalgovernment.Wheresuchfinancial

assuranceorguaranteemechanismshave

notbeenreplenishedorareinsufficient,

earlyidentificationofthefutureproductivityoftheassetbecomescritical.Itallowsfor

fundinginstrumentstobecreatedthatcan

generaterevenuestreamstodaytofinancetheremediationandshort-termsocialcostsofaJustTransitionforAlltomorrow.However,inotherinstancesnationalfundsdedicatedtominecleanupandremediationmayfacerestrictionsin

eligibilitycriteriaforsuitableprojects.

Thepresentpaperseekstoproblem-solvethedilemmafacingmunicipalitiesandcoalregionswhenitcomestorepurposingcoalmininglandsforfutureuse.

RepurposingFormerMiningLands:

aNewMethodology

Previouscoaltransitionprocesseswere

heavilyweightedtowardssocialprotectionmeasuresgiventhe(rightful)concern

formanaginglaborimpacts.Decades

later,animportantlessonlearntisthatif

leftunaddressed,coalmininglandsand

associatedassetscanbecomeacostlyand

inter-generationalenvironmentalliabilityforformercoalminingcommunities.Forthese

reasons,today’sapproachtoaJustTransitionforAll,asledbytheWorldBank,places

thequestionofformercoalminingland

repurposingattheheartofthetransition.

Experienceshowsthatifdevelopedeffectively,repurposedmininglandsandotherassetscanquitequickly,andsustainably,contributein

theimmediatetoagenerousreductioninthesocialcostsoftransitionthroughemploymentwhileinthemedium-tolong-termprovide

literallythephysicalgroundsfornew

economicdiversificationandinvestmenttotakeroot.

ALandRepurposingMethodology(LRM)isanobjectivetoolusedforthedeterminationofpost-mininglandusescenarios.The

methodology,asdevelopedbytheWorld

Bank,stimulatesthinkingandplanning

muchbeyondjustachievingenvironmentally

stable,safepost-miningandpost-

industriallandscapes,andcomplyingwithenvironmentalpermits;itaimstoreturn

formerminingorindustriallandsintoa

conditionthatallowsforawidescopeof

subsequent,diverse,andsustainableland

uses.Thisisofcriticalpriorityineconomictransitionscenarioswherelandmaybeoneoftheprimaryandmostimportantassetsavailablefordevelopment;andwhereitalso

canplayanimportantroleascollateralforraisingfinancing.

Themethodologydevelopedisbasedonfivethemeswithrespectiveparametergroups:

morphology,hydrography,geotechnical

risks,socio-economicfactors,andlandvalue(bothpositiveasaddedvalueandnegative

asremediationcost);furtherparameters,

forexamplepermittingrequirementsor

restrictionscanbeaddedasrequiredby

thevariousstakeholders.Themethodology

informsonwhichtypesofpost-transitionusemakesensetoplanforonagivenparcelof

landbasedonitscurrentconditionbutdoesnotprescribeaspecificinvestmentscenario.LRMisanespeciallyusefultooltoapplypriorto,orinconjunctionwith,aneworupdatedspatialplanasitcontributesanobjective

assessmentoffuturelanduses.

Landrepurposingfollowsalogicalprocessforassessmentandplanningthathasthefollowingsteps:

Step

Description

01Stocktaking

andSite

Inventory

02Clarification

oftheLegal,

Regulatory,

andPermittingSituation

03Site

Investigation

andMonitoring

Includingcurrentandhistoricallanduse,landformsandtopography,

operationalrecords,geotechnicalandhydrographicmonitoringdata,geochemicaldataonsoils,surfacewaterandgroundwaters;

Dialoguewithkeystakeholders

(includingowner,operator,regulator,communitiesandregions,business

associations,academia,civilsociety)onpotentialfutureuseofpost-

transitionlandsandassetsaswell

astherequirementsfortechnical

andeconomicfeasibilitystudies,

environmentalandsocialassessments,repurposingplansandpermits;

Developmentofsupplemental

siteinvestigationandmonitoring

programs,asrequired;thisstepmaybeminimalorentirelyabsentfor

initialscreeningassessments;

RepurposingCoalMiningLandsforaJustTransition:Methods,FinancingOptions,andGovernanceSolutions10

11

05RepurposingStrategies

04Land

ClassificationMethodology

Establishmentandapplicationofalandclassificationmethodology;categorizationofdiscreteland

parcelsregardingtheirpost-transitionutilizationpotential;

Useoftheoutcomesofsteps1-4

fortheformulationofrepurposingstrategiesandascontributionsforotherspatialplanninginstruments,forexamplespecificspatialplans

forpost-transitionallandsandtheirfunctionallylinkedsurroundings.

Acloud-basedGISapplication–landutilizationrepurposingapplication(LURA)incorporates

allabovestepsandtheiranalytical

processing.Anadditionaladvantageisthat

itcanbeaccessedbymultiplestakeholders,

facilitatinginformationsharingandtechnicaldiscussionsutilizingthesameunderlying

informationandcriteria,thusremovinga

significantpartofsubjectivityandsupportingconsensus-buildingandjointdecision-

making.Thesoftwareofthisappfollowstheabove-describedmethodologicalapproachviaasimplemathematicalalgorithm,whichprocessesuser-inputindicesandproducesamapvisualizingrecommendedoptimizedpost-transitionlanduses.

FinancingandGovernanceOptions

forRepurposingProjects

Oncelanduseshavebeendetermined,

regionalspatialplanningcompleted,and

polluterpaysprinciple(PPP)issuesresolved,governmentscanmoreeffectivelyengage

withstakeholdersinspecificproject

development.Itisatthisstagethatsecuringfinancingintensifiesandthat,giventhe

complexitiesofrepurposingactivities,newstructuresmaybeputinplacetomanage

specificrepurposingprojectsthroughtotheenddevelopment.

Byfocusingquiteupstreamonthe

repurposingofformermininglands,

governmentsandprivatesectorpartners

cancreateoptimalrevenuestreamsandjob

creation,therebyminimisingsocialsupportrequirements,retainingproductivity,creating

thefoundationsforamorediversified

economyinthefuture,andpossiblyeven

preservinglocalpride.Asalreadyproposed,landandassetrepurposingopportunities,madepossiblewithearly-stagepublic

sectorfundingandparticipation,canmoreeffectivelycrowd-intheprivatesector

formedium-tolong-termeconomic

development.Itiscertainthatthestatehasasignificantroletoplayinaligningbottom-uplocalsolutionsinlinewithtop-downregionaldevelopmentstrategiesinadditiontoseekingnecessaryfundingandtechnicalassistance

toreachcommunitytransitiongoals.

Figure01providesanillustrativeconceptualmodelfordevelopmentofrepurposing

projects,demonstratingtherangeofactivitiesandactorsinvolvedinrepurposing.

CumulativeCapital

Expenditure

CostAccuracyRange

IndicativeProjectDevelopmentforRepurposingofMines

PublicCommercial

Pre-feasibility

Feasibility

Repurposing

Risk

Identi?cation

SpatialPlanning/Approvals

MarketSounding

Pre-

construction

Construction

Commissioning

PublicProject

Financing/Coal

Company’sFunds/

IFIFinancing

Grants–

Public,IFI,or

Donors

FundingSources

PublicSector

Leadershipwith

PrivateSectorInputs

PublicSector

Leadership

ResponsibleParty

Figure01

Conceptualmodelfordevelopmentofrepurposingprojects

FinancialAppetite

ProjectPhases

ProjectActivities

100%

50%

35%

8-10%

10%

2-3%

3-4

8-10

1-2yrs

yrs

yrs

Time

ConcessionalFinancing/PublicPrivate

Partnerships/GreenBonds/CommercialBanks

PublicPrivatePartnerships

Source:WorldBankown.

RepurposingCoalMiningLandsforaJustTransition:Methods,FinancingOptions,andGovernanceSolutions12

13

FundingPathsandModels

Asolutiontothechallengeofremediating,orpreventing,brownfieldsistoworkupstreamtowardstheirrepurposing.Theprinciple

behindcrowdingintheprivatesectoristo

usetheproductivityofassetsthemselves

tofinancethetransition.Oneofthemost

efficientwaystolevertheprivatesectoris

tousethecurrentrevenuestreamstobuildaportfolioofotherrevenuestreamsthat

canfundthetransition.Inafewcases,the

governmentwillhavefundsforremediationandrepurposingiflinkedtootherstrategicareas—forinstanceaspartofanational

strategyforpower.Fortheappropriatesites,morelikelyisthattheprivatesectorwillstepinafterremediationandassumethecostandriskofrepurposingthesite.

However,thelandisnotalwaysfitfor

repurposing,makingithardtogenerate

anykindofcontributiontoaJustTransitionfromthelandorstrandedassetstherein.

Additionally,notallgovernmentshavethe

capacitytotakeonmoredebt.Wherethe

governmentisnotprovidingcapital,Just

Transitionrelatedactivitiescanbefinancedbytheprivatesectorandcommercialbanks.AprojectentityorSpecialPurposeEntity(SPE)signsauseofproceedssocialloanwhere

proceedswouldfinancespecificprojects

(economicactivitiesorsocialinterventions)

relatedtoJustTransition.OrtheprojectentityorSPEcouldsignasustainabilitylinkedloanwithacommercialbank.Theprojectcould

usetheloanproceedsforgeneralpurposesandagreetomakeprogressinspecificJustTransitionrelatedperformanceindicators.Thecommercialbankcouldfinancethe

abovelendingportfoliobyissuingasocialorsustainablebond.

Reducingtheburdenonthepublicpurse

hingesaroundtheabilitynotonlytoreplaceformermeansofproductionbutalsotoput

themintoprivatehandstocrowdinrequiredinvestment.Toengagetheprivatesector,onewouldeitherhavetochangethemandateof

theprivatesector(aprocesswhichhasalreadybeguntoincludeclimatechange,sustainableinvesting,andpenaltiesfornoncompliance

suchasnotfulfillingcommitmentsto

PrinciplesforResponsibleInvestment(PRI)

orsustainabilitycriteria)orcreateconditionsintowhichtheprivatesectorchoosestoinvesteitherby:

i.Investingpublicfundscatalyticallyintoupstreamdiagnosticandanalyticalworkthathelpstoidentifyandcharacterize

potentialrisksassociatedwithminingbrownfields,thusde-stigmatizingthemandcreatingconfidence;or

ii.Fertilisingcoalregionswithattractive

investmentpotential.Furthermore,

mainstreamcompaniesandlocalinvestorsneedimprovedreportingstandardsto

incentivisefinancialcompaniestosupportJustTransition,andCorporateGovernancecodesmustbestrengthenedtolook

atJustTransitionaswellasclimate.Taxlegislationcanfurtherincentiviseproducersandtheprivatesectorto

contributetoJustTransitionprojects.

Thiskindofregenerationormodernisation

attemptstotransitionacommunityor

region’seconomicdependenceassmoothlyaspossible.Assuch,earlyidentificationoffutureusescanmaximisetheperiodofconsensus

buildingandallowappropriateregulations

andresourcestobeinplace,therebyproperlypreparingsitesforreuse,suchashighimpactinfrastructureprojects.Furthermore,becausethenatureofrepurposinginfluencesthe

degreeofremediationrequiredandthecostsinvolved,theenvironmentallegacyshould

onlybeaddressedonceclarityemergesoverthedirectionofrehabilitation(forexample,

regulatoryrequirementsforachemicalsplantdifferfromthoseforatouristsite).AnSPE

thatretainspublicsectorinterestbecomes

increasinglynecessarytoexecuteatop-downstrategy,seekexternalfunding,andconductbottom-upstakeholderengagement.

Fundingitselfcancomefrompublicor

privatesources.Publicsourcesoffundingcanbemanifold,includinggovernment

revenues,municipalcreditlines,grants,

leviesonminingcompanies,orsubsidies

withheld.Furthercontributionscanbe

madeviamultilateraldevelopmentbanks(MDBs),globalequity,long-termloansandguarantees,developedcountryanddonorgrants,commercialbanksandfinancing

intermediarieswithDevelopmentFinanceInstitution(DFI)concessionalfinance,

philanthropicorcorporategrants,even

informallendingorfinancewithoutcollateral,andofcourse,governmentcontributions

throughthefiscus.

iv.Foundations:UtilitycompanyputsassetsintoSPEwithgovernmenttoformawellinvestedfoundationtofundliabilitiesoftheJustTransition(seeRAGcasestudyinthefollowingsection)

v.SocialBonds:Wherelandisunfitfor

repurposing,remediationandsocial

costscannotbefinancedbyfuture

productivity—socialbondscanbeissuedbycommercialbanks

vi.Non-GovernmentFinance:Debt

constrainedgovernmentscanformanSPEastheprojectentitytoissueJustTransitionBonds,privatesectorworkswithSPEtorepurposesite

Figure02summarisesthepossibilities

forinstrumentsandtypesoffinancingforrepurposing.

Therearethereforeseveralfunding

pathsdependingonasite’spotentialand

availabilityofcapital.

i.GovernmentFinance:Government

remediatesandrepurposes

ii.PrivateFinance:Privatesectorremediates

andrepurposes

iii.Hybrid:Governmentremediates

(potentiallyissuingaJustTransitionBond

withcommercialbanks),privatesector

repurposes(forexampleanIncomeStrip

withGovasanchortenant)

RepurposingCoalMiningLandsforaJustTransition:Methods,FinancingOptions,andGovernanceSolutions14

15

Figure02

repurposingphases

Land

RepurposingPhaseIII

Repurposing

(RegionalTransitionPhase)

?Activities:Designofpost-mining

landscapeandutilizationoptions;

designandcontractingofcivilworks;construction;commissioning;

operationofnewinvestments

?FinancingCategory:Bonds

+Instruments:Climate/GreenBonds,JustTransitionBond,SingleAssetRe?nancing,SocialBonds,SovereignJustTransitionBond,SustainabilityBondorSustainabilityLinkedBond(SLB),UseofProceedsSocialBond

?FinancingCategory:Equity

+Instruments:IncomeStrip,JointVenture,LandValueCapture,

Ratepayer-backedSecuritization,Auction,AssetPortfolio

Securitization,Co-InvestmentPlatforms/Funds,CurrencyHedging,EquityFunds

?Activities:Licensesandapprovals;marketsounding;initialrisk

management;stakeholder

engagement;landsandassetsrepurposingassessment–

characterizationofcommercialdevelopmentpotential

?FinancingCategory:Debt

+Instruments:DevelopmentPolicyLoan,MunicipalCreditLines,

ProjectPreparationFacilities

?FinancingCategory:Concessions

+Instruments:BlendedFinance,

CarbonFinance(resultsbased),

ChallengeFunds,Concessional

Finance,DebtSubordination,

FinanceAssurances,Guarantees

&Insurance,LoanSyndication,

MatchedFunding,ProjectBondCreditEnhancement,ViabilityGapFunding

?Activities:Spatialplanningand

zoning;diagnosticsandassessments;initialriskcharacterization;permitsandapprovals

?FinancingCategory:Grant

+Instruments:TechnicalAssistance,Subsidies,SubsidiesWithheld,

CarbonFinance,CarbonCredits,CovidStimulusMeasures,ESG

SocialCreditMetrics,GovernmentEnvironmentalFunds

RepurposingPhaseII

Feasibility

(ClosurePhase)

RepurposingPhaseI

Pre-Feasibility(Pre-Closure)

Source:WorldBankown.

LessonsfromPastCoalMine

RepurposingScenarios

Hasrepurposingofformercoalminesites

beensuccessfulinthepast?Whatlessons

canwedrawforthefuture?ThepaperdrawsfromthreeJustTransitionscenarios(the

UnitedKingdom,Germany,andtheUnitedStates)wherereclamationandrepurposingofformercoalmininglandswasthecentreoffocus.Thefirstcase,HarworthGroup

PLC,isoneoftheleadinglandandpropertyregenerationcompaniesintheUK,owning

andmanagingapproximately14,000acresonaround100sitesintheNorthofEnglandandtheMidlands.Despitethelackoftheplanningadvantagesandbittercommunityhistory

asresultofabsentpre-closureplanning,

stakeholderengagement,andsocialjustice,

Harworthbecamethestandard,asthey

developedaprocessthatcouldbeapplied

againandagainthatwastrustedtodeliver

onavision,forcommunities,forauthorities,andforshareholders.ThesecondcaseisRAGFoundation,anentitythatexiststomeettheperpetualliabilitiesleftbehindbytheGermanminingsector,andtoensurethesocially

acceptableendtoGermanhardcoalmining.

ThesuccessofRAGFoundationwasmade

possiblethroughhighlevelsofengagement

oflocalandregionalgovernmentswiththe

privatesector.ThethirdcaseistheTennesseeValleyAuthority(TVA),afederally-owned

electricutilitycorporationintheUnited

States,whichisthelargestpublicpower

companyinthecountry.Whenitcomesto

reclamationofformercoalminingland,TVAalwaystriestoreplaceasitewithaproductiveasset.Sixlessonsaresummarizedfromthesethreecasestudies.

Lesson1:

Engagecommunitymembersearly-on

andconsistently.Aswiththeentiretransition,communitybuy-intorepurposingprojectsisessential.Theprocesscanbemanagedjointlybylocalgovernmentandthecompanyor

utility,orindependently.Createaninventoryofnaturalcapital,skills,heritage,andaspatialanalysisofresourcesandopportunities,

fromlandremediationtoassetrepurposing

andusethistoengagethecommunityto

generateideasforthemselves.Integrate

nationalorregionaldevelopmentstrategies

toincreaseefficiency,stimulatejobs,and

savecosts.Thisrequiresin-depthknowledgeofinternationalideasaroundthefutureof

labour,mobility,digitisation,renewable

energy,intercontinentalenergystrategy,

integrationofnationalstrategicplans,and

islikelytobebeyondthescopeofmunicipal

government.AnSPEtostraddlethesevariousbroadandcomplexconsiderations,andcrowd-inprivatesectorfinance,willalsoensure

closurestandardsaremetfirst.

Lesson2:

Potentialrepurposingprojectidentificationshouldreflectrealisticlandusepotential.

Asseenthroughoutthecasestudies

anddiscussedintheopeningsections,

understandinglandusepotentialiscriticalto

identifyingthemostviableprojectsonapieceofrepurposedland.Allcasestudiesspoketotheneedforeffectivemasterplanningand

otherformsofspatialplanningwhichcan

knittogetherwhatmightotherwiseevolve

intosiloedinvestmentprojectsonashared

pieceofland.Oncethelandwhichcanbe

repurposedisidentified,theprivatesector

canbeengagedtocarryoutmarketsoundingstounderstandthedegreeandtimingof

theirparticipationthroughoutremediation,

re-permitting,andrepurposing.Themain

risksandliabilitiesoftheprojectshould

alsobeidentifiedandbroadlyquantified

atthisstage.Inthecasewhereinterest

inthelandislimited,andtotalacreageis

toolargeandcostlytoremediate,legacy

materialliabilitiescanbeplacedwiththe

governmentinperpetuityinacarvedout

smallacreagewhileremediationtakesplaceontherestoftheland.TheLURAtoolkit

presentsashortlistofpotentialusesalong

withthedegreeofremediationrequired

andthecost,andsoanegotiationbetween

government,MDBs,andtheprivatesector

cansettlethedistributionofcost-sharing.

Acompetitiveprocesscanhelpminimise

theupfrontpublicsectorcontributionto

remediationcosts.Aframeworkformanagingtheunexpectedresultsofmininginyears

tocomemustbeinplace,indemnifying

investorsagainstdisruptiveevents,suchas

catastrophicsubsidenceorchemicalpollution.Furthermore,investorswillrequireadegreeofconfidencethat,aswithminingandotherlong-termprojects,multi-generational

governmentswillnotchangetheparametersofanyagreementstruck.International

BankforReconstructionandDevelopment

(IBRD)andInternationalDevelopm