Professor Walter Distaso - Green Infrastructure's Contribution to Economic Growth - Presentation at The Sustainable Green Infrastructure Conference 2014
Professor Walter Distaso - To see the full video of the presentation please go to http://www.GreenSocialEngineering.org/members. Green Infrastructure's Contribution to Economic Growth - Presentation at The Sustainable Green Infrastructure Conference 2014 -
Professor Walter Distaso is Professor of Financial Econometrics Imperial College Business School, working on preventing economic instability and he is using his research on risk management to make climate change predictions more accurate.
Walter joined Imperial College Business School in September 2006. He holds a PhD from the University of York. Previously, he held positions at the University of Exeter and Queen Mary, University of London. He has also been a visiting professor at the IMF.
His research interests are in the area of estimation, specification testing and prediction of financial Volatility in continuous time models; analyzing macroeconomic and financial time series using long memory models; identifying the macroeconomic determinants of stock-market volatility; studying the dependence of multivariate financial time series using copulas; evaluating competing trading strategies; analyzing the features and the effects of market microstructure noise.
Please visit http://www.GreenSocialEngineering.com/members to see the presentation
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Professor Walter Distaso - Green Infrastructure's Contribution to Economic Growth - Presentation at The Sustainable Green Infrastructure Conference 2014
1. GREEN INFRASTRUCTURE’S CONTRIBUTION
TO ECONOMIC GROWTH
2014 Sustainable Green Infrastructure Conference
Walter Distaso
Imperial College Business School
w.distaso@imperial.ac.uk
23 October 2014
3. Motivation
Main Issues
Evidence
Conclusions
Motivation
Investment in Green Infrastructure is in the public debate
Need for a theoretical framework
Displacement vs additionality
Green Infrastructure may promote smooth and robust (resilient)
growth
Local vs national growth
Walter Distaso Green Infrastructure 3 / 9
4. Motivation
Main Issues
Evidence
Conclusions
Motivation
Investment in Green Infrastructure is in the public debate
Need for a theoretical framework
Displacement vs additionality
Green Infrastructure may promote smooth and robust (resilient)
growth
Local vs national growth
Walter Distaso Green Infrastructure 3 / 9
5. Motivation
Main Issues
Evidence
Conclusions
Motivation
Investment in Green Infrastructure is in the public debate
Need for a theoretical framework
Displacement vs additionality
Green Infrastructure may promote smooth and robust (resilient)
growth
Local vs national growth
Walter Distaso Green Infrastructure 3 / 9
6. Motivation
Main Issues
Evidence
Conclusions
Motivation
Investment in Green Infrastructure is in the public debate
Need for a theoretical framework
Displacement vs additionality
Green Infrastructure may promote smooth and robust (resilient)
growth
Local vs national growth
Walter Distaso Green Infrastructure 3 / 9
7. Motivation
Main Issues
Evidence
Conclusions
Motivation
Investment in Green Infrastructure is in the public debate
Need for a theoretical framework
Displacement vs additionality
Green Infrastructure may promote smooth and robust (resilient)
growth
Local vs national growth
Walter Distaso Green Infrastructure 3 / 9
12. Motivation
Main Issues
Evidence
Conclusions
Definition
“a planned approach to the delivery of nature in
the city in order to provide benefits to residents”
(Eftec, 2013)
“a term used to refer to the living network of green
spaces, water and other environmental features in both
urban and rural areas. It is often used in an urban
context to cover benefits provided by trees, parks,
gardens, road verges, allotments, cemeteries,
woodlands, rivers and wetlands” (Defra, 2011)
Walter Distaso Green Infrastructure 5 / 9
13. Motivation
Main Issues
Evidence
Conclusions
Definition
“a planned approach to the delivery of nature in
the city in order to provide benefits to residents”
(Eftec, 2013)
“a term used to refer to the living network of green
spaces, water and other environmental features in both
urban and rural areas. It is often used in an urban
context to cover benefits provided by trees, parks,
gardens, road verges, allotments, cemeteries,
woodlands, rivers and wetlands” (Defra, 2011)
Walter Distaso Green Infrastructure 5 / 9
14. Motivation
Main Issues
Evidence
Conclusions
Definition
“a planned approach to the delivery of nature in
the city in order to provide benefits to residents”
(Eftec, 2013)
“a term used to refer to the living network of green
spaces, water and other environmental features in both
urban and rural areas. It is often used in an urban
context to cover benefits provided by trees, parks,
gardens, road verges, allotments, cemeteries,
woodlands, rivers and wetlands” (Defra, 2011)
Walter Distaso Green Infrastructure 5 / 9
15. Motivation
Main Issues
Evidence
Conclusions
Definition
“a planned approach to the delivery of nature in
the city in order to provide benefits to residents”
(Eftec, 2013)
“a term used to refer to the living network of green
spaces, water and other environmental features in both
urban and rural areas. It is often used in an urban
context to cover benefits provided by trees, parks,
gardens, road verges, allotments, cemeteries,
woodlands, rivers and wetlands” (Defra, 2011)
Walter Distaso Green Infrastructure 5 / 9
22. Motivation
Main Issues
Evidence
Conclusions
Summary
Green Infrastructure’s contribution to economic growth: a review Final Report
Case studies
Glasgow Green
Renewal
Birmingham
Canalside
Philadelphia Land
Care
Stream Restoration,
Seoul
Highline Linear
Park, NYC
Change Park Improvement Canal and canal-side
improvement
Greening of vacant
residential lots
Restoration of stream
with footpath, man-
made wetland and
forest
New elevated urban
public park
Investment £15.5 million Not quantified Small – not
quantified
Not quantified $153 million
Anticipated
outcome
• Job creation;
• tax revenue;
• land values;
• Visitor spending.
• Job creation;
• Land values;
• Visitor spending.
• Property value
increase.
• Businesses
relocate to area;
• Tourism spend;
• Health benefits.
• Businesses
relocate to area;
• Jobs created;
• Health benefits.
Outcome • 47% increase in
Council Tax
receipts;
• 28% increase in the
number of
employees in area;
• 230 jobs
supported;
• 15% increase in
rateable value
from business.
• 30 FTE jobs
created plus 77-96
jobs supported
through visitor
expenditure;
• 25.7 – 57.1 million
property value
uplift.
• Significant
increase in
property value in
some areas.
• Number of
workers increased
by 0.8% against a
decrease of 2.6%
in other areas of
central Seoul;
• £1.3 million
contributed to
economy by
foreign tourists.
• 103% increase in
property values
near the park
between 2003 –
2011;
• 4 million visitors.
Other causal factors
considered?
Impact of wider
regeneration of the
East End of Glasgow
not considered.
Impact of the wider
regeneration of the
area, the state of
property market and
some additional
public funding all
relevant and not
considered.
Other causes of
changes to property
prices were
considered and the
model controlled for
these.
Before and after
comparison does not
allow for
displacement or
other factors.
Before and after
comparison does not
allow for
displacement or
other factors, such as
macro-economic
conditions.
Walter Distaso Green Infrastructure 8 / 9
23. Motivation
Main Issues
Evidence
Conclusions
Main Conclusions
Clear link between local economy and investment in Green
Infrastructure
Difficult to estimate contribution to national growth
But
More work needed to assess and monetize some benefits
Role of growth smoother important and often neglected
Walter Distaso Green Infrastructure 9 / 9
24. Motivation
Main Issues
Evidence
Conclusions
Main Conclusions
Clear link between local economy and investment in Green
Infrastructure
Difficult to estimate contribution to national growth
But
More work needed to assess and monetize some benefits
Role of growth smoother important and often neglected
Walter Distaso Green Infrastructure 9 / 9
25. Motivation
Main Issues
Evidence
Conclusions
Main Conclusions
Clear link between local economy and investment in Green
Infrastructure
Difficult to estimate contribution to national growth
But
More work needed to assess and monetize some benefits
Role of growth smoother important and often neglected
Walter Distaso Green Infrastructure 9 / 9
26. Motivation
Main Issues
Evidence
Conclusions
Main Conclusions
Clear link between local economy and investment in Green
Infrastructure
Difficult to estimate contribution to national growth
But
More work needed to assess and monetize some benefits
Role of growth smoother important and often neglected
Walter Distaso Green Infrastructure 9 / 9
27. Motivation
Main Issues
Evidence
Conclusions
Main Conclusions
Clear link between local economy and investment in Green
Infrastructure
Difficult to estimate contribution to national growth
But
More work needed to assess and monetize some benefits
Role of growth smoother important and often neglected
Walter Distaso Green Infrastructure 9 / 9