An online tool to help the UK’s railway industry to measure the social value of investments, infrastructure projects and operations has been launched.
The Rail Social Value Tool (RSVT) will allow the rail industry to forecast, monitor and evaluate the benefits of its activities.
The tool measures impact on welfare and wellbeing of individuals and wider society and the social, economic and fiscal value a project, organisation or initiative generates.
George Davies, RSSB’s Director for Sustainable Development, said: ‘Rail is one of the most sustainable forms of transport. However, until now, we haven’t been able to measure its social value in sufficient detail.
‘We can now assess, and importantly place a financial value on the effect the railway has in a number of areas including the natural environment, communities, people and their health, cultural heritage, housing, inclusivity, and distribution of opportunities.
‘As we transform the Railway and deliver the vision of the Williams-Shapps Plan for Rail, the Rail Social Value Tool will guide decisions on rail development across the country to ensure the best return on those investments for society.’
Covering 500 indicators, across 12 social impacts, the RSVT can measure and monetise a wide range of benefits.
These include changes to air quality, jobs created and the improving of safety.
The tool has been developed in partnership with Network Rail, the Rail Safety Standards Board (RSSB) and social value company Loop.
Liz Holford, Network Rail’s Sustainability Strategy manager (Social Performance), said: ‘The launch of the Rail Social Value Tool is an important milestone which enables our industry to make a step-change in how we understand and manage our impacts on people.
‘We’re already using the tool to forecast and maximise the social value of station redevelopments and infrastructure enhancements as well as current projects and some completed ones, and we’re looking forward to using it further to manage and improve the impact our railway has on society.’
Photo by Andrey Kremkov