Sustainable Asset Valuation of Parques del Río Norte in Medellín, Colombia
Known as the "City of Eternal Spring" due to its temperate climate, the City of Medellín has been looking for solutions to help restore its green space. Climate change and rapid urbanization has resulted in a negatively impacted ecosystem. The expansion of the Parques del Río Norte is a project that aims to restore green urban green space alongside the river in order to address and mitigate these issues.
This report is an economic valuation of the expansion of the Parques del Río Norte in Medellín, Colombia. The project, spearheaded by the Secretariat of Physical Infrastructure (SIF) of Medellín and the C40 Cities Finance Facility (CFF), seeks to mitigate issues such as river erosion, water pollution, flooding, and urban heat islands.
Through an integrated cost-benefit analysis, it was found that over 30 years, the park would generate significant benefits for Medellín, with a return of USD 1.67 for every dollar invested. These benefits include reduced flood risk, improved environmental quality, economic gains from increased retail revenue and property values, and enhanced human health and well-being from increased physical activity and better air quality.
The report highlights key recommendations, including investing in nature-based infrastructure (NBI) along the river to mitigate flood damages, ensuring continuous maintenance of the park for optimal benefits, and implementing further measures to protect the city from climate change impacts, as well as utilizing Medellín as a scalable example for combatting urban challenges through NBI.
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