In a LinkedIn post, real estate expert and consultant Michael Nirmal De Silva outlines four key tips for building smarter and sustainable cities.
The first of these is innovation, which he argues should be at the heart of any overall urbanization planning and management process. For these to be truly sustainable, such new models and ideas need to put the community front and centre. “A great idea alone should not be the basis for implementation if it does not benefit the wider community,” writes De Silva.
Second, De Silva calls for greater investments in technology to improve efficiency. For instance, Barcelona uses smart LED streetlights that operate on motion detection, allowing the city to achieve energy savings of around 30 to 40 per cent. To help reduce costs, urban authorities should work with partners to replicate technology and not merely build new technology.
Third, De Silva calls for continuous engagement with the community and stakeholders. “The notion of ‘by the citizens – for the citizens’ is paramount to effectively manage urbanization,” writes De Silva, adding that community involvement ensures greater commitment and support. He mentions Jakarta, Indonesia, which uses crowdsourcing to generate ideas and devise strategies when implementing smart city initiatives.
Finally, De Silva calls for new ways to finance or fund initiatives, such as green financing, social/development impact bonds, impact investments, and public private partnerships. In his opinion, providing incentives to social entrepreneurs and impact investors to find solutions to better manage urbanization “will not only ensure innovative ideas but will also ensure faster implementation”.
