Abstract: The Not-In-My-Backyard (NIMBY) effect, as a typical governance challenge in environmentally sensitive infrastructure projects, fundamentally stems from the structural imbalance between technological rationality and socio-ethical values. From the perspective of socio-ethical governance, this study takes the Hangzhou Jiufeng Waste-to-Energy Project as a case to systematically analyze the internal mechanisms and practical pathways of its transformation from the "NIMBY effect" to a "Neighborhood-Benefit Project," based on field investigations. By adopting a "macro-engineering" philosophy to reconstruct governance paradigms, the Jiufeng Project repositions waste incineration as an organic integration of technological and social engineering, establishing a NIMBY governance mechanism through dual dimensions of technological innovation and social reform. Through tripartite synergies of technological advancement, economic compensation, and social collaboration, the project expands its value space to achieve symbiotic enhancement of environmental and social benefits. A dynamic coordination mechanism is developed via stakeholder analysis to formulate rational risk-sharing and benefit-distribution schemes, thereby promoting sustainable interest balance. Additionally, by standardizing the behaviors of government, enterprises, and the public, the project establishes an iterative socio-ethical governance framework. The governance experience of the Jiufeng Project in transitioning from a "NIMBY effect" to a "Neighborhood-Benefit Project" provides a practical model for resolving similar governance dilemmas in comparable infrastructure projects.