Following testing from early adopters within the GB rail industry, we are thrilled to announce the launch of our bespoke social value tool to help the industry measure the social value of its investments, infrastructure projects and day-to-day operations.
A first for the rail industry, the Rail Social Value Tool (RSVT) has been developed in partnership with the Rail Safety and Standards Board (RSSB), with co-funding provided by Network Rail.
The social value tool allows the rail industry, for the first time, to forecast and report on the social value of its activities. This is about measuring the impact on the welfare and wellbeing of both individuals and wider society, the net positive or negative social, economic, and environmental value that a project, organisation or specific initiative generates.
With 500 indicators, the tool can measure a wide range of benefits, including:
- Sustained direct and indirect employment;
- The economic and social benefits of increased connectivity and strengthened communities;
- Societal impacts, including improvement in local air quality;
- Adapting to climate change, and how doing so helps to protect livelihoods
- Reductions in traffic congestion;
- Improved global competitiveness for British companies;
- Increased biodiversity by protecting and boosting plant and animal life
The tool has been undergoing testing since November 2021 by early adopters including train operators, Network Rail, and companies in its supply chain. After keeping on track, the RSVT has now officially launched to the wider industry.
RSSB will continue to develop the RSVT, to ensure it meets the needs of the changing railway and to explore its use in other transport sectors, or industries.
Gerard Toplass, group chief executive, Loop said: “We are proud to have worked with RSSB and the wider rail sector to deliver the Rail Social Value Tool. Together we have developed hundreds of measures (KPIs) across 12 social value impact areas that cover people, sustainability, and economic activity.
“It is a first for the industry, and our software team worked in true collaboration with RSSB to develop a simple and accessible tool that can be used throughout the supply chain and is aligned to the sector’s needs and objectives.
“Over the next five years we look forward to further developing the tool and helping the rail sector continue to deliver measured social value.”
George Davies, RSSB’s director for sustainable development, said: “It’s fantastic to see the Rail Social Value Tool launch. It’s a first for the rail industry, and I would like to thank everyone involved in its development.
“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.”
If you have any questions, please contact us.