UCL Institute of Finance and Technology


EU Horizon 2020 Circular models Leveraging Investments in Cultural heritage adaptive reuse (CLIC)

The CLIC trans-disciplinary research project’s goal is to identify evaluation tools to test and implement “circular” financing and governance models for adaptive reuse of cultural heritage.

Stonehenge - Photo by Jack B on Unsplash

16 May 2019

Cultural heritage is considered a resource for local sustainable development, although there are some contradictions.

Sites recognized as cultural heritage are increasing; the costs for functional maintenance/reuse are growing, while public resources available are becoming scarcer, and private actors are increasingly focused on the short time for payback. The consequence is that there is a growing risk that the decay of heritage increases year by year, because of lack of funding support and viable business models.

This is the context of CLIC trans-disciplinary research project, whose overarching goal is to identify evaluation tools to test, implement, validate and share innovative “circular” financing, business and governance models for systemic adaptive reuse of cultural heritage and landscape, demonstrating the economic, social, environmental convenience, in terms of long lasting economic, cultural and environmental wealth.

Visit the CLIC Project website



  • To synthesize existing knowledge on best practices of cultural heritage adaptive reuse – making it accessible to researchers, policy makers, entrepreneurs and civil society organizations

  • To provide a holistic ex-post evaluation of the economic, social, cultural and environmental impacts of cultural heritage adaptive reuse, stressing the importance of appropriate conservation and maintenance approaches 

  • To provide EU-wide participated policy guidelines, overcoming existing cultural, social, economic, institutional, legal, regulatory and administrative barriers 

  • To develop and test innovative governance models and a set of evidence-based, participative, usable, scalable and replicable decision support evaluation tools to improve policy and management options/choices on cultural heritage systemic adaptive reuse, in the perspective of the circular economy

  • To analyse hybrid financing and business models that promote circularity through shared value creation, and assess their feasibility, bankability and robustness for cultural heritage adaptive reuse

  • To validate the CLIC circular financing, business and governance practical tools in four European cities/territories representative of different geographic, historic, cultural and political contexts

  • To contribute to operationalise the management change of the cultural landscape also by implementing the UNESCO Recommendation on Historic Urban Landscape

  • To re-connect fragmented landscapes

  • To design and implement a stakeholders-oriented Knowledge and Information Hub; making tools and information accessible

  • To contribute to the creation of new jobs and skills in the circular economy through cultural heritage adaptive reuse

  • To contribute to the monitoring and implementation of SDGs and the New Urban Agenda