Measuring impacts to guide urban regeneration

(Il Sole 24 Ore Radiocor) – It is all very well to talk about ESG. But without measurement and evaluation criteria, it is difficult to properly assess environmental and social policies. That is why measurement is the real challenge. With this in mind, Bocconi University’s SUR Lab, in collaboration with UN-Habitat, launched the Sustainable Urban Regeneration Atlas (SUR Atlas – https://suratlas.unibocconi.eu/) in 2024, an open-access repository of international projects that maps, classifies and documents significant examples of urban regeneration around the world using a standardised project model that ensures consistency and comparability between case studies.

The Atlas currently contains more than 60 case studies from 29 countries and enables users to explore projects interactively via an integrated map and advanced filtering tools, whilst supporting a structured analysis of case studies that systematically examines governance arrangements, funding mechanisms, project impact and technical solutions. Around 72 per cent of the projects involve the regeneration of derelict or underused areas, 61 per cent incorporate nature-based solutions and 44 per cent report having achieved environmental certifications such as LEED or BREEAM. Finally, around 38 per cent of the cases include design strategies for traffic-restricted or car-free areas.

It thus emerges that “positive environmental effects are observed in around 90 per cent of projects, whilst social benefits (around 86 per cent) and economic benefits (around 83 per cent) are less common, albeit still at high percentages,” explains Tania Molteni, a researcher at SUR Lab. “More specific findings relating to climate adaptation and resilience are reported in around 64 per cent of cases, whilst improvements in biodiversity and ecosystem services are present in around 58 per cent.”

The process is complex, because assessing regeneration projects from an ESG perspective requires taking a number of factors into account: the need to adopt an integrated, value-chain approach; the importance of local planning in guiding regeneration projects; consistency between interventions (at micro, macro and urban levels); the need to identify new models of collaboration between public and private bodies and amongst private entities; coordination between policies at different levels; and the need to update policies and the regulatory framework in line with sustainability objectives. “All these elements can be incorporated into the assessment to analyse the multiple dimensions of a project in a comprehensive and integrated manner,” says the Bocconi researcher.

On the other hand, the effects are viewed differently depending on one’s perspective. The various stakeholders involved in the urban regeneration supply chain – developers, builders, financial institutions, operators and others – perceive different types of benefits and value from these projects. “Private stakeholders are interested in investments aligned with ESG criteria to enhance their reputation, increase profits and comply with regulations. To this end, they need an approach that enables them to assess urban regeneration projects to demonstrate their social benefits, in order to engage with policy-makers and regulatory bodies,” explains Tania Molteni. Public bodies, on the other hand, are interested in urban regeneration projects that meet ESG criteria and contribute to the achievement of public objectives. Decision-makers at local authority level need tools to assess the public interest in regeneration projects and to establish agreements and partnerships with private operators.”