City investment model is ‘broken’ warns council chief

The chief executive of Coventry City Council has called for ‘radical thinking and a coalition of partners’ to reimagine the role of cities.

Speaking at an event organised by E.ON, Martin Reeves said the current investment model into cities was ‘broken’ and needs rethinking.

‘It is based on a very narrow set of parameters economically without a real understanding of how you invest for wider value capture,’ said Mr Reeves.

‘If Covid-19 has shown us one thing, it is that the power of big government often becomes fragile under a crisis – which is a worrying thought as the climate crisis continues to accelerate. However, with clarity, radical thinking and a coalition of partners who have something to gain – we can reimagine cities and create a positive future for all.’

According to new research commissioned by E.ON, the vast majority (92%_ of leaders saying they have made sweeping changes in response to Covid-19.

That involves planning for long-term flexible remote working (44%), downsizing office space (37%) and becoming more digital (44%) in the next 12 months – all of which have the potential to radically alter the make-up of cities across the UK.

Also speaking at the event was Ricky Burdett, professor of urban studies at London School of Economics and Director of LSE Cities, who said: ‘You can’t dissociate where you run your business or how you run it from where people live and where they enjoy themselves. As such, what the current pandemic has shown is that there is a clear link between the physical organisation of the city and the way we live, work and the ways we can improve our wellbeing, safety and the future of our planet.’

And E.ON’s head of city energy transformation, Philip Wallace added: ‘Housing, air quality, carbon reduction and inequality: to solve these issues we need to look at them holistically – for example, the question should not be how can we transition to renewable energy, but rather how can we do so in a way that doesn’t exclude those in fuel poverty.

‘This will come about from long-term, local partnerships between businesses and city leaders that have the community at the heart. If we get that right, then cities will prove to be the key to recovering from Covid-19 and combatting the climate crisis.’

Photo Credit – 12019 (Pixabay)