Professor Walter Distaso - Green Infrastructure's Contribution to Economic Growth - Presentation at The Sustainable Green Infrastructure Conference 2014
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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
- 2. Motivation Main Issues Evidence Conclusions Outline Motivation Main Issues Evidence Conclusions Walter Distaso Green Infrastructure 2 / 9
- 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
- 8. Motivation Main Issues Evidence Conclusions Issues Multidimensional problem Difficult to estimate a counterfactual Definition not entirely precise Does it have to be confined to cities? Walter Distaso Green Infrastructure 4 / 9
- 9. Motivation Main Issues Evidence Conclusions Issues Multidimensional problem Difficult to estimate a counterfactual Definition not entirely precise Does it have to be confined to cities? Walter Distaso Green Infrastructure 4 / 9
- 10. Motivation Main Issues Evidence Conclusions Issues Multidimensional problem Difficult to estimate a counterfactual Definition not entirely precise Does it have to be confined to cities? Walter Distaso Green Infrastructure 4 / 9
- 11. Motivation Main Issues Evidence Conclusions Issues Multidimensional problem Difficult to estimate a counterfactual Definition not entirely precise Does it have to be confined to cities? Walter Distaso Green Infrastructure 4 / 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
- 16. Motivation Main Issues Evidence Conclusions Logic chainGreen Infrastructure’s contribution to economic growth: a review Final Report eftec 7 July 2013 Walter Distaso Green Infrastructure 6 / 9
- 17. Motivation Main Issues Evidence Conclusions Case Studies Glasgow Green renewal Birmingham Canalside Philadelphia Land Care Stream restoration, Seoul Highline Linear Park, New York Walter Distaso Green Infrastructure 7 / 9
- 18. Motivation Main Issues Evidence Conclusions Case Studies Glasgow Green renewal Birmingham Canalside Philadelphia Land Care Stream restoration, Seoul Highline Linear Park, New York Walter Distaso Green Infrastructure 7 / 9
- 19. Motivation Main Issues Evidence Conclusions Case Studies Glasgow Green renewal Birmingham Canalside Philadelphia Land Care Stream restoration, Seoul Highline Linear Park, New York Walter Distaso Green Infrastructure 7 / 9
- 20. Motivation Main Issues Evidence Conclusions Case Studies Glasgow Green renewal Birmingham Canalside Philadelphia Land Care Stream restoration, Seoul Highline Linear Park, New York Walter Distaso Green Infrastructure 7 / 9
- 21. Motivation Main Issues Evidence Conclusions Case Studies Glasgow Green renewal Birmingham Canalside Philadelphia Land Care Stream restoration, Seoul Highline Linear Park, New York Walter Distaso Green Infrastructure 7 / 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