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Success Factors and Challenges: Implications of Real Options Valuation of Constructed Wetlands as Nature-Based Solutions for Wastewater Treatment

Author

Listed:
  • Casper Boongaling Agaton

    (Department of Community and Environmental Resource Planning, College of Human Ecology, University of the Philippines Los Baños, Los Baños 4031, Philippines)

  • Patricia Marie Caparas Guila

    (Department of Community and Environmental Resource Planning, College of Human Ecology, University of the Philippines Los Baños, Los Baños 4031, Philippines)

Abstract

Constructed wetlands (CWs) are engineered water treatment systems that mimic the features and functions of natural wetlands. As a nature-based solution (NBS) for wastewater treatment, CWs are sustainable and cost-effective while providing various ecosystem services. However, their widespread application faces several uncertainties, particularly in developing countries. This study aims to analyze the success factors and challenges in implementing CW projects. Using the case of successful CWs in Bayawan City in the Philippines, this study surveyed 270 household heads from the community benefiting from the CWs and interviewed various CW stakeholders, including the project planner, management, community leader, social workers, and CW workers. The results showed that 89% of the respondents were aware of the existence of CWs in the community and 73% believed in their long-term sustainability. Among the identified factors for the successful implementation of the CW project were government support (43%), good governance (32%), and public support (14%). On the other hand, the implementation was challenged by improper maintenance (63%), overcrowding in the community (11%), foul smells (4%), funding (4%), and climate-related uncertainties, including natural calamities (4%), flooding (7%), earthquakes (4%), and sea level rise (11%). The implications of these success factors and challenges were discussed in the application of real options valuation to CW projects by incorporating the identified uncertainties into flexible decision making in the scaling up and widespread implementation of a more sustainable NBS to water resources management.

Suggested Citation

  • Casper Boongaling Agaton & Patricia Marie Caparas Guila, 2024. "Success Factors and Challenges: Implications of Real Options Valuation of Constructed Wetlands as Nature-Based Solutions for Wastewater Treatment," Resources, MDPI, vol. 13(1), pages 1-14, January.
    • Handle: RePEc:gam:jresou:v:13:y:2024:i:1:p:11-:d:1318986
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    References listed on IDEAS

    as
    1. Anna Carolina Martins & Marcelo de Carvalho Pereira & Roberto Pasqualino, 2023. "Renewable Electricity Transition: A Case for Evaluating Infrastructure Investments through Real Options Analysis in Brazil," Sustainability, MDPI, vol. 15(13), pages 1-24, July.
    2. Ilyes Dammak & Mariem Fersi & Ridha Hachicha & Slim Abdelkafi, 2023. "Current Insights into Growing Microalgae for Municipal Wastewater Treatment and Biomass Generation," Resources, MDPI, vol. 12(10), pages 1-28, October.
    3. Han, Ning & Wang, Shuo & Rana, Ashvinder K. & Asif, Saira & Klemeš, Jiří Jaromír & Bokhari, Awais & Long, Jinlin & Thakur, Vijay Kumar & Zhao, Xiaolin, 2022. "Rational design of boron nitride with different dimensionalities for sustainable applications," Renewable and Sustainable Energy Reviews, Elsevier, vol. 170(C).
    4. Qüinny Soares Rocha & Rafaele Almeida Munis & Richardson Barbosa Gomes da Silva & Elí Wilfredo Zavaleta Aguilar & Danilo Simões, 2023. "Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis," Sustainability, MDPI, vol. 15(5), pages 1-11, February.
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