In the context of the Torino Social Impact platform, the initiative is intended to trigger a virtuous and innovative cycle to drive the development of social entrepreneurship.
The Compagnia di San Paolo Foundation, the City of Turin and the Turin Chamber of Commerce yesterday signed the Memorandum of Understanding for measuring the social impact of real estate enhancement and urban redevelopment, which is expected to last until 31 December 2024, in the context of the Torino Social Impact platform.
The Memorandum of Understanding governs the collaboration between the signatories with the aim of defining, through dedicated technical forums, potentially open to experts in the subjects of interest, including Universities, guided by the Impact Measurement Skill Centre, a system for determining the social impact of using (by lease or sale) a public property or transforming areas or buildings, which translates the impact into economic metrics that can influence the monetary value assigned to the asset or the quantification of costs and offsets of urban transformations and the subsequent monetisation.
The tool that will make this type of assessment possible will be the Social Impact Measurement Skill Centre, which will be created at the Cottino Campus under an agreement between the Chamber of Commerce and the Foundation itself.
For the Compagnia di San Paolo Foundation urban and local regeneration is a key way to promote social inclusion and local development.
As stated the 2021-2024 multi-year programme, the Compagnia di San Paolo Foundation wants to experiment with initiatives that have increasingly greater social, economic and environmental effects on the local area.
In this respect, with the Protocol signed today, expertise is made available to the public and a more strategic relationship is established between the Foundation and local public administration bodies to carry out rigorous impact assessments, and encourage the use of vacant properties and high social value investments.
Read the press release in full here.