ESG in place: making change.
For Cura’s inaugural place roundtable, we were joined by thoughtful experts across the industry - architects, developers, ESG leads and cultural specialists to share ideas on how to instigate change within the built environment that will lead to sustainable, thriving, resilient and healthier places.
The lively conversation focused on the evolution of placemaking towards regenerative practices, emphasising the integration of ESG goals at project level - which is at the heart of Cura’s ethos.
We discussed the challenges in translating ESG strategies into tangible outcomes, highlighting issues such as lack of training, policy inconsistencies, and financial constraints.
Unanimously, participants stressed the importance of community engagement, embedding culture, and long-term stewardship. Specific examples included the need for:
Better education
Within the development company and between landowners, governments and communities. How can we equip the creative eco system, for example architects, to have a value based conversion with their clients?
Policy updates
How we define success. In the eye of the landowner, this often limits to job creation during construction. And while these are crucial to local economy and skill development - not everyone want to works on a building site! Time to get creative and set out new criteria for place success and unlock opportunities for people beyond construction phases.
Funding models to support sustainable and inclusive development
In the quest for revenue generation, there is often a common belief that sustainability costs more - but does it? More work and education is needed to be able to link sustainability to financial benefits.
The conversation also touched on the broader definition of social value to include natural elements, advocating for a human-nature coexistence approach (one of Cura’s key principles for a successful place).
So, how do we take ESG out of the boardroom and into projects on the ground?
The starting point is perhaps a collective effort to put meaning, authenticity, hyperlocalism and culture at the heart of regeneration.
Starting by trusting people to tell us what they need from a place and engage in the design process. Who are the local heroes and how can we empower them to co-create?
And once we start forging relationships with local communities during planning and construction, let’s not skip over a positive handover with the property management team for occupation; bearing in mind the construction phase is only about 20% of the duration of a development’s lifecycle. This can result in a gap in story continuity, or even, over-engaging the very same communities and weakening trust.
We discussed the importance of embedding culture and creativity into every day life to make better spaces, which means supporting initiatives at local level through talent development.
We raised some powerful questions on “ownership of the long term”? Who does it fall to - local authorities, landlords, residents?
Which led us to discuss the often-misunderstood G in ESG (Governance). Lagging in the move from the boardroom to the place, an ideal for the G, would be for placemaking projects to be not only ethically governed, but ‘governed’ by the people that use them. Both in policy and practice.
Which led to a discussion about “commoning” - with people, agencies and institutions organised about a common purpose; creating a healthy eco-system.
As often seen within Community Land Trusts, “commoning" involves people working together to positively change their environment, and in doing so, taking opportunities to improve their own lives within an open and mutually-supportive community.
That said, the Environmental aspect of ESG was not left out and the insightful suggestion was made to broaden the definition of social value to include nature. The parallel was drawn from indigenous communities’ relationship with the earth which echoes Cura’s place framework focusing, in part, on the coexistence of humans and nature, in harmony.
Looking ahead
How much is expected from developers and landlords to help solve big societal topics? And whilst we can influence change at place level, it needs to be top to bottom at a regional or national scale to truly make a difference… Or does it?
So what’s next?
How can we explore ways to better educate and empower project teams to implement ESG-driven placemaking strategies?
How can financial modelling and underwriting can be adjusted to account for the long-term value of sustainable and regenerative placemaking?
We need to identify examples of successful placemaking projects that have demonstrated tangible social and environmental benefits, and share these as case studies.
Should there be a review of national and local policies relating to ESG and placemaking, and advocate for updates to better support innovative, community-focused development models.
Let’s explore opportunities to collaborate with community-led developers and understand how their alternative success metrics and funding structures can enable more regenerative placemaking.
Cura’s inaugural Roundtable was held at the Global Street Art Gallery, November 2024.