ECONOMIC PROSPERITY 3.4 Economic Prosperity 34 DERRY CITY AND STRABANE DISTRICT COUNCIL
Economic Prosperity 3.4 3.4 Economic Prosperity The natural environment is fundamental to economic growth. Over recent years, the District has benefited from significant investment in physical regeneration, which has led to economic, environmental and social transformation, for example, through the construction of the Peace Bridge, UK City of Culture 2013 and riverfront greenways. By maintaining a healthy environment, a range of benefits are provided: • The aesthetic quality is improved, acting as a catalyst for economic growth, attracting inward investment, businesses and generating employment; • The need for healthcare is reduced; • There is increased tourism potential including the creation of standout and unique selling points; • Improving mitigation and adaptation to climate change; and Improved • Land and property value is increased. Designed, planned and managed GI can offer multifunctional approaches to achieving economic prosperity and address practical challenges. in GI makes economic sense, as a green space can provide multiple benefits. It provides an integrated way to manage our natural capital. It is as vital and necessary as grey infrastructure, which is generally single purpose (man-made constructed infrastructure). Historically, GI was considered in isolation, rather than an integral part of the urban infrastructure, which the district prosperity and viability depends upon. Therefore, the potential benefits of GI have not been fully realised or valued. We need to rethink our relationship with GI, by planning, designing, managing and funding the District’s GI, similar to other grey infrastructure. Protecting, enhancing and providing GI should be considered in all development decisions. It should be considered at project conception, to strategically identify opportunities to provide, increase and protect GI. The private sector has an important role to play in investing in GI. It provides an opportunity to maximise the range of environmental, social and economic functions of a development site. Also, GI provides a range of provisioning services, for example, pollination, food and fuel products for businesses. Economics for the Environment Consultancy and Centre for Regional Economic and Social Research (2013) investigated that GI, whilst not necessarily a driver of economic growth, can act as a catalyst for economic growth, by attracting inward investment and generating employment. The Office for National Statistics (2018a) and University of Washington (2018) reported that proximity to green space has been shown by a number of studies to positively affect the value of house prices, showing that households value a range of amenities provided by parks. Council’s Strategic Growth <strong>Plan</strong>’s (Derry City and Strabane District Council, 2017) three pillars of economic, social and environmental reflect the UN Sustainable Development Goals (UN, <strong>2019</strong>). The Strategic Growth <strong>Plan</strong>’s (Derry City and Strabane District Council, 2017), Environment and Regeneration Pillar outlines a number of key actions that are linked to the GI <strong>Plan</strong> in relation to regeneration and tourism. The City Deal for the City and District can help to deliver on the key catalyst projects outlined in Derry City and Strabane District Council’s Strategic Growth <strong>Plan</strong> (2017) and GI <strong>Plan</strong>. Fundamentally, GI has multiple benefits that makes cities better places to visit, live and work. The natural environment provides a strong tourism asset. The investment DRAFT GREEN INFRASTRUCTURE PLAN <strong>2019</strong> - <strong>2032</strong> // PART ONE 35