Square Mile green spaces worth billions in health and recreational benefits
The latest report unveils that the array of parks, gardens, churchyards, and plazas overseen by the City of London Corporation within the Square Mile contribute £126.8 million annually in societal benefits, with a cumulative value of £3.6 billion over 50 years. The City Corporation manages over 180 green spaces within the Square Mile, attracting more than 21 million visitors each year, forming part of an extensive network encompassing 11,000 acres of vital open spaces across London and southeast England.
Conducted by Natural Capital Solutions, the report assessed the value of public benefits derived from the City Corporation’s open spaces, examining factors such as recreation, health, wellbeing, and air quality. The “City Gardens” collectively emerged as having the highest recreational and health benefits among the entire City Corporation-owned open spaces portfolio. The report indicates a benefit-to-cost ratio of 87.7, implying that every £1 spent on maintenance yields £87.70 in public benefits.
These green spaces serve as essential wildlife habitats in a bustling urban setting, offering refuge to birds, butterflies, and various other biodiversity. Moreover, they provide areas for relaxation and recreation, allowing the public to connect with the natural environment. Among them are 10 Sites of Importance for Nature Conservation in the City and three sites designated on the Historic England Register of Parks and Gardens of Specific Historic Interest in England.
Caroline Haines, Chair of the City of London Corporation’s Natural Environment Board, emphasized the significance of these pocket parks and green spaces, highlighting their transformative role from sites damaged during historical events like the Great Fire of London and World War II. The report also underscores ongoing investments in spaces like Finsbury Circus and Jubilee Gardens to enhance biodiversity and resilience to climate change impacts.
The broader network of open spaces managed by the City Corporation, including 180 smaller sites in the City of London, is estimated to contribute £282.6 million in annual societal benefits and £8.1 billion over 50 years. Despite an annual expenditure of £38 million on maintenance, many of these sites operate as charitable trusts, running at minimal or no cost to the communities they serve. These open spaces house vital wildlife habitats, Sites of Special Scientific Interest, Special Areas of Conservation, and National Nature Reserves, playing a crucial role in capturing carbon, hosting millions of visitors, and earning accolades for their exceptional management. They align with the City Corporation’s Climate Action Strategy, aiming for net-zero carbon emissions in its operations by 2027 and supporting the entire Square Mile in achieving net-zero by 2040.