Green Finance for Islington Pocket Park Framework
Stub Roads – potential for green space
We have identified 1000 (approximately 18 hectares) existing stub road and dead end sites, (including existing cul-de-sacs, roads which have historically been cut off and areas between housing and highways assets, which may individually have up to 8 parking spaces each.) Assuming that 30% of these will be more readily achievable to convert this equates to 6 hectares of new green public realm. Islington is the second most densely populated borough in the UK with only 80ha of fragmented parks and open space. A key attribute of the concept in creating a pipeline of pocket parks by converting dead ends is in not having to divert traffic and simplify the process for delivery of green spaces on the Highway. The NEIRF funding will enable us to undertake a feasibility of the boroughwide potential for pocket parks and ecosystem services, including environmental, economic and social benefits. These will be assessed, verified and quantified for bundling. These pocket park outcomes will be assessed on both an individual and borough wide scale, in relation to prioritising delivery, for example area of high flood risk, local green deficit or community need. We aim to deliver pocket park schemes whilst the NEIRF project is developed to ensure proof of concept, whilst we develop the new green finance model.
The Landscape Institute is a partner. At the NEIRF development stage they will mainly play a role to promote the project outcomes and potential.
A before (Google maps) and after (indicative) pocket park example. (Montage/Peacock St, Southwark/Google Maps)
Project Aim
To evaluate and develop the case for investment into financing pocket parks inclusive of SUDS, trees, biodiversity integrated into the public realm, initially through the use of an innovative Urban Greening finance token.
Project partners
Funding model
This project will demonstrate multiple ecosystem services within the pocket park framework, including mitigating effects of climate change, social prescribing, SUDs and much more besides.
This project started from an awareness of how pocket parks and the role that urban greening could have at a borough wide scale and not just within immediate vicinity. Already embedded as a concept was the need to keep small scale and roll out on mass, to create the most impactful and significant change possible.
In addition to there being multiple benefits, we can also see this being attractive to multiple investors, yet the journey will start local, most likely with the Business Improvement Districts and scaling up from there. Once the benefits of our projects have been verified and established, and the greening finance model in place, we will start the process for scaling up investment and delivery, with potential to sell on and invested back in to deliver more projects.
Future Investment Potential
Creation of up to 6ha of new greenspace in Islington focusing on:
Thriving plants and wildlife.
Protection from and mitigation of environmental hazards.
Mitigation of and adaptation to climate change.
‘S’ in ESG.
Out of date? Contact us at info@ecosystemsknowledge.net