Applying a Sustainable Asset Valuation (SAVi) to the Contournement De Rabat, Morocco

The case study applies the Sustainable Asset Valuation (SAVi) tool to the 41.1 km Contournement de Rabat toll road in Morocco to evaluate how operational risks and externalities impact its financial performance. The analysis compares a 'Business as Usual' (BAU) scenario against five risk-based scenarios, including reduced maintenance, increased road works, traffic surges, and climate-related damage. The findings demonstrate that while conventional cost-benefit analysis (CBA) may show a profit, an integrated CBA including externalities—such as the cost of accidents and the social cost of carbon—often results in a net loss, indicating the project may not be a sound investment for debt or equity investors when these factors are internalized.

• The application of SAVi to the Contournement de Rabat project allowed Autoroute du Maroc (ADM) to value operational risks and externalities in financial terms for the first time. The assessment focused on four specific externalities: the social cost of carbon, the economic valuation of accidents, the value of time saved (economic productivity), and the discretionary spending of labour income within the domestic economy.
• Integrated Cost Benefit Analysis (CBA) that includes externalities reveals a significantly different financial outcome than conventional CBA. In the 'Business as Usual' (Scenario 1) case, the conventional CBA shows a positive result of 52.7 million EUR, but the integrated CBA results in a net loss of -0.2 million EUR.
• Reduced maintenance expenditure has a direct negative impact on safety costs. A decrease in maintenance spending from 73.64 million EUR to 65.34 million EUR (Scenario 2) is projected to increase the cost of accidents from 212 million EUR to 236 million EUR.
• Climate change poses a financial risk to the project through both increased capital expenditure and decreased revenue. Scenario 6, which simulates 2 km of road damage every 10 years, results in an additional operational CAPEX of 7.3 million EUR for reconstruction and a decrease in traffic due to disruptions.
• Increased heavy vehicle traffic (Scenario 5) generates higher revenues, increasing from 456.10 million EUR to 464.89 million EUR, but this gain is insufficient to offset the associated costs when externalities are included, resulting in a net loss of 16.3 million EUR in the integrated CBA.

APA

Bassi, A. M., Casier, L., Pallaske, G., Perera, O., & Uzsoki, D. (n.d.). Applying a Sustainable Asset Valuation (SAVi) to the Contournement De Rabat, Morocco. International Institute for Sustainable Development. https://www.iisd.org/system/files/publications/savi-contournement-morocco-brochure-en.pdf

Chicago

Bassi, Andrea M., Liesbeth Casier, Georg Pallaske, Oshani Perera, and David Uzsoki. Applying a Sustainable Asset Valuation (SAVi) to the Contournement De Rabat, Morocco. International Institute for Sustainable Development, n.d. https://www.iisd.org/system/files/publications/savi-contournement-morocco-brochure-en.pdf.

Wikipedia

{{cite report |last1=Bassi |first1=Andrea M. |last2=Casier |first2=Liesbeth |last3=Pallaske |first3=Georg |last4=Perera |first4=Oshani |last5=Uzsoki |first5=David |title=Applying a Sustainable Asset Valuation (SAVi) to the Contournement De Rabat, Morocco |publisher=International Institute for Sustainable Development |url=https://www.iisd.org/system/files/publications/savi-contournement-morocco-brochure-en.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{bassindapplying, author = {Bassi, Andrea M. and Casier, Liesbeth and Pallaske, Georg and Perera, Oshani and Uzsoki, David}, title = {{Applying a Sustainable Asset Valuation (SAVi) to the Contournement De Rabat, Morocco}}, institution = {International Institute for Sustainable Development}, url = {https://www.iisd.org/system/files/publications/savi-contournement-morocco-brochure-en.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }