**Priscilla Wainaina \* , Peter A. Minang, Eunice Gituku and Lalisa Duguma**

World Agroforestry Centre, UN Avenue, Gigiri, Nairobi 00100, Kenya; p.minang@cgiar.org (P.A.M.); E.Gituku@cgiar.org (E.G.); l.duguma@cgiar.org (L.D.)

**\*** Correspondence: P.Wainaina@cgiar.org; Tel.: +254-20-722-4182

Received: 29 October 2020; Accepted: 18 November 2020; Published: 19 November 2020

**Abstract:** With the increase in demand for landscape restoration and the limited resources available, there is need for economic analysis of landscape restoration to help prioritize investment of the resources. Cost-benefit analysis (CBA) is a commonly applied tool in the economic analysis of landscape restoration, yet its application seems limited and varied. We undertake a review of CBA applications to understand the breadth, depth, and gaps. Of the 2056 studies identified in literature search, only 31 met our predefined criteria. Three studies offered a global perspective, while more than half were conducted in Africa. Only six countries benefit from at least 2 CBA studies, including Brazil, Ethiopia, Kenya, Vietnam, South Africa, and Tanzania. About 60% focus on agroforestry, afforestation, reforestation, and assisted natural regeneration practices. Only 16% covered all cost categories, with opportunity costs being the least covered. Eighty-four percent apply direct use values, while only 16% captured the non-use values. Similarly, lack of reliable data due to predictions and assumptions involved in data generation influenced CBA results. The limited number of eligible studies and the weaknesses identified hereinabove suggest strong need for improvements in both the quantity and quality of CBA to better inform planning, policies, and investments in landscape restoration.

**Keywords:** cost-benefit analysis; landscape restoration; global; stocktake
