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A Blended Finance Framework for Heritage-Led Urban Regeneration

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  • Bonnie Burnham

    (Cultural Heritage Finance Alliance, New York, NY 10023, USA)

Abstract

The inclusion of heritage conservation in the United Nations Sustainable Development Goals for 2030, target 11.4, stimulated a broad dialogue among heritage conservation practitioners intent on framing a meaningful role for heritage assets in historic built environments as contributors to sustainable development. Heritage-led regeneration positively impacts many aspects of society, community life, and the public realm, and can also play an important role in reaching zero-carbon environmental conservation goals by slowing the extraction of natural resources for construction, reducing the quantity of building materials sent to landfills, and using traditional technologies and knowledge to reduce operational energy use. Heritage regeneration can also be a strong contributor to economic growth, as restored and reused properties create wealth, serve as community social magnets, and attract prestige and visitors. However, there is little progress towards positioning heritage conservation as a focal point for multilateral public-private co-financing projects and partnerships. In 2021, the Cultural Heritage Finance Alliance (CHiFA) published research about successful models of urban heritage regeneration that engage public-private cooperation. CHiFA now presents a process, developed as part of a study commissioned by the Inter-American Development Bank (IDB), for advancing projects that maximize investment in heritage-led urban regeneration, matching financing strategies with local opportunities, legal frameworks, enabling tools, and the requirements of prospective investors. The result is a marketplace and ecosystem that support civic and community interests through long-term, multi-party collaboration using blended capital investment in heritage as a sustainable development strategy.

Suggested Citation

  • Bonnie Burnham, 2022. "A Blended Finance Framework for Heritage-Led Urban Regeneration," Land, MDPI, vol. 11(8), pages 1-16, July.
    • Handle: RePEc:gam:jlands:v:11:y:2022:i:8:p:1154-:d:871983
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    References listed on IDEAS

    as
    1. Guido Licciardi & Rana Amirtahmasebi, 2012. "The Economics of Uniqueness : Investing in Historic City Cores and Cultural Heritage Assets for Sustainable Development," World Bank Publications - Books, The World Bank Group, number 12286.
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    Cited by:

    1. Yeboah, Samuel & Boateng Prempeh, Kwadwo, 2023. "Greening the Future: Mobilizing Environmental Finance for Sustainable Development in Developing Countries," MPRA Paper 118281, University Library of Munich, Germany, revised 11 Aug 2023.

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