The Enhancing Water Infrastructure Provision with Climate Change Uncertainty project investigated the use of alternative economic models for evaluating large public infrastructure investment projects (e.g. a desalination plant) when there is risk and uncertainty, and assesses appropriate policy options for water utilities, regulators and other government agencies. This brief presents a portion of the research relating to project evaluation. Insights can improve decisions relating to investment in water-supply infrastructure by accounting explicitly for climate variability and for prospective climate change. These insights can be applied to other capital-intensive long-term investment projects undertaken by government