In January 2023, the World Economic Forum and Avison Young launched the Davos Baukultur Alliance to promote sustainable, inclusive, and vibrant communities. The Alliance aims to address critical societal risks such as the cost-of-living crisis, climate-related pressures, and social cohesion erosion. To achieve these goals, the World Economic Forum and Avison Young collaborated to develop the Social Value Playbook, which offers six principles to guide stakeholders in creating social value in urban development.
The Social Value Playbook aims to address the systemic challenges in social value creation within large-scale urban development projects. It outlines six key principles:
Foster Local Ecosystems to Drive Urban Development
Balance Certainty and Flexibility
Build Social Value Outcomes into Project Design
Prioritize Social Value When Selecting Partners and Responding to Requests for Proposals (RFPs)
Monitor and Manage Alignment with Social Outcome Objectives
Embed Social Value in Ongoing Stewardship
Social value in urban development is highly specific to the place and people involved. It focuses on improving quality of life through a balance of social, economic, and environmental needs. Social value is defined as the cumulative benefit of all social impacts from the built environment, measured through financial and non-financial metrics. Projects can impact people differently, such as improving social networks, providing green spaces, or creating employment opportunities. Project teams must first define what social value means for their specific project.
Foster Local Ecosystems to Drive Urban Development
Balance Certainty and Flexibility
Build Social Value Outcomes into Project Design
Prioritize Social Value When Selecting Partners and Responding to Requests for Proposals (RFPs)
Monitor and Manage Alignment with Social Outcome Objectives
Embed Social Value in Ongoing Stewardship
The Social Value Playbook aims to help the public and private sectors collaboratively achieve social impact goals in urban development and regeneration projects.