Page 31 - URA Annual Report 2020-21

Sustainability Study
To ensure the urban renewal process is forward looking and to create sustainable and positive impact for the community as stipulated in the Urban Renewal Strategy (URS), the URA commenced a strategic sustainability study in 2017. The objective is to establish a systematic framework comprising a set of indicators for measuring and tracking the impact of the URA’s projects within the community.
The framework (as shown below) was formulated in 2019/20 to measure the performance of urban renewal in five domains, namely Economy, Environment, Society, Process and People, with some preliminary key performance indicators (KPIs) proposed for testing. The baseline and hypothetical testings were completed to evaluate the constraints and opportunities of applying the framework. In 2020/21, the URA completed the whole study and obtained accreditation from Social Value International for the sustainability framework for the ‘4Rs1’ in November 2020. As a pilot initiative for internal evaluation, early application of some recommended KPIs is being explored to measure the performance of recent urban renewal projects.
The Sustainability Framework for Measuring Urban Renewal Performance
ECONOMY
ENVIRONMENT
SOCIETY
PROCESS
PEOPLE
Economic vibrancy
Environmental quality
Rational and scientific approach
Resilience & risk reduction
Building & housing quailty
1 ‘4Rs’ stands for Redevelopment, Rehabilitation, pReservation and Revitalisation.
Economic vitality and financial inclusion
Information and communication technology facilities & application
Living environment and everyday life
Resource efficiency
Community vitality
Land use
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Resilience and mitigation measures
Mobility
Community and participatory approach
Cultural vibrancy
Operating Review Corporate Sustainability Management Discussion and Analysis Projects at a Glance Corporate Governance