804A: How can financial tools be used to centre equity and improve biodiversity in urban parkland acquisition?

September 22, 2022

1:15PM - 1:45PM

Parks have been getting more attention during the COVID-19 pandemic as many sought refuge in green spaces during lockdowns and restrictions. Section 42 of the Planning Act stipulates that developers must either convey parkland or provide cash-in-lieu (CIL) for their projects. In the City of Toronto, CIL generated from S. 42 is apportioned into reserve funds, however its spending is inhibited by complex rules. Toronto’s Parkland Strategy, which applies an equity lens, estimates that by 2033 there will be less than 12 m² of parkland per person in Toronto compared with 28 m² in 2016. Meanwhile, the financial sector is interested in investing in nature. This is also happening at a time of increasingly frequent severe weather events and natural disasters.

How can municipalities accelerate spending reserve funds on parkland acquisition that centre equity and improve biodiversity? How can new financial tools be used towards this purpose and help make municipal parks dollars go further? How can partnerships be established with Indigenous communities to help build the case for parkland acquisition?

This session will describe financial tools that can be used for parkland acquisition like green bonds, resilience bonds, environmental impact bonds, stormwater charges and parametric insurance. These tools can be structured in ways that address social equity through the choice of where parkland is acquired. They also have the potential to help in parkland acquisition that provide natural corridors to improve biodiversity. Find out how planners can establish multi-sector partnerships, reduce barriers to spending existing reserve funds, and use these financial tools for increasing parkland acquisition.

Speakers