The online toolkit will help quantify the monetary value of protecting, maintaining and creating green spaces. With the aim of boosting green infrastructure investment and innovation, the project will be developed by researchers at the University of Exeter, Vivid Economics and Barton Willmore. The £1M funding has been allocated by Innovate UK.
Therese Karger-Lerchl, who is co-leading the development of the toolkit at Vivid Economics, commented;
“Once we were able to provide credible estimates for valuing London’s parks, we realised the importance of being able to roll out this idea so that all green infrastructure in urban spaces could be accurately valued.”
“This will help those investing in and maintaining green infrastructure to make informed decisions about how they spend their budgets.”
This project builds on the previous research published in October 2017 by Vivid Economics, revealing the enormous economic value of London’s public green spaces. Produced in partnership with the Greater London Authority, National Trust and Heritage Lottery Fund, Vivid Economics’ natural capital accounts report found:
-London’s public green space have a gross asset value in excess of £91 billion, providing services valued at £5 billion per year.
-For each £1 spent by local authorities and their partners on public green space, Londoners enjoy at least £27 in value.
-Londoners avoid £950 million per year in health costs due to public green space.
-The value of recreational activities is estimated to be £926 million per year.
-For the average household in London, the monetary value of being in close proximity to a park or green space is over £900 per year.
-These economic benefits are not spread equally across or within London borough’s.