Following the Nov. 12 launch of Australia’s first Economic Framework for Green Infrastructure at Victoria University, it will be easier for local governments to understand the economic value of urban greening. The framework is designed to help local governments make better future investment decisions by enabling them to develop a business case for urban greening.
In this case, green infrastructure refers to such natural features as wetlands, green ways, rooftop gardens, and parks. “We know that green is fundamentally good for our cities, but we have to make the business case stack up,” said Councilor Arron Wood, chair of the City of Melbourne’s Environment Portfolio.
The cities of Melbourne, Banyule, Kingston, and Moonee Valley as well as Victoria University in partnership with the Victorian State Government developed the framework. These cities see urban greenery as critical infrastructure that supports the livability of cities and the health and wellbeing of communities.
The framework identifies the key steps needed to value green infrastructure. It outlines a full life cycle management process to assist day-to-day decision making and provides an explanation of the economic methods and approaches to assist practitioners in valuing green infrastructure.
The Victorian State Government provided $250,000 for the development of the economic framework. Read more.