Global Gateways champions the use of triple bottom line thinking to measure the impacts of synergies from East to West. This means tracking social and environmental impacts as well as economic. This perspective emerges from work by Elkington (1999) and, Sen, Stiglitz and Fitoussi (Mismeasuring our Lives, 2010) (update references) offering insights that help develop understanding and focus priorities for action. We are looing for a wider scope to the framework for debate.
Here is some of the thinking emerging from the debate: (strictly work-in-progress)
Economic impacts: The nature of trade corridors is to balance near term realities and the need for long term investments. Add in the electoral cycle and the alchemy of making things happen is complex. Global Gateways seeks to break from silo thinking on particular locations to explore the impact of “joining the dots” across places, projects and priorities.
Environmental impacts: Increasingly, collateral impacts of investments and projects on the wider environment have to be considered. For example, the Mini Stern Report on the Humber. Global Gateways seeks to encourage digging deeper – the Mini Stern pilot over at Hull Freedom Centre and the drive to work the synergies of a Green Blue agenda; of water as well as energy. (make this statement more global)
Social impacts: SROI (Social Return on Investment) is a principles-based method for measuring extra-financial value (i.e., environmental and social value not currently reflected in conventional financial accounts) relative to resources invested. It can be used by any entity to evaluate impact on stakeholders, identify ways to improve performance, and enhance the performance of investments.
While in financial management the term ROI refers to a single ratio, SROI analysis refers not to one single ratio but more to a way of reporting on value creation. It bases the assessment of value in part on the perception and experience of stakeholders, finds indicators of what has changed and tells the story of this change and, where possible, uses monetary values for these indicators. It is an emerging management discipline: a skill set for the measurement and communication of non-financial value.