Visionary Nature-Based Solutions Evaluated through Social Return on Investment: The Case Study of an Italian Urban Green Space

Abstract

Cities are facing challenges in adaptation to, and mitigation of climate change. Urban Green Spaces (UGS) have a pivotal role in this transformative process and are almost always coupled with digital tools. The deployment of digital solutions, encompassing Information and Communication Technology (ICT) and the Internet of Things (IoT), seeks to increase awareness of UGS benefits across a wider range of users. This study is part of a Horizon 2020 project that aims to measure the social impact of Visionary Solutions (VS), i.e., combined Nature Based Solutions (NBSs) and Digital Solutions (DSs), in UGSs located in seven European cities. The project proposes a novel application of the Social Return on Investment (SROI) methodology to forecast the impact of VS implementation in the case of an Italian demonstration. The three main objectives are: (i) establishing a causal chain for transformation through the Theory of Change (ToC) tool; (ii) quantifying the expected change by developing two monetary alternatives; and (iii) comparing these alternatives to assess which is more influential in stakeholders’ decision-making. The authors reviewed a range of financial proxies of social outcomes from other SROI case studies. The result of the Italian demonstration is that, for each euro invested in project solutions, two euros of social return are generated. The analysis reveals these monetized intangible outcomes.