In 2020 planning permission was granted for a new university, ARU Peterborough, which will be based on Bishops Road, a five-minute walk from the City Centre. It will be an employment focused university run by Anglia Ruskin University with four faculties: Business, Innovation and Entrepreneurship; Creative and Digital Arts and Sciences; Agriculture, Environment and Sustainability; Health and Education. The new university is expected to take its first cohort of approximately 2,000 students by 2022, rising to 12,500 by 2028. ARU Peterborough is not expected to receive its degree awarding powers before 2030 when a review will take place to determine its future as part of Anglia Ruskin University or whether it should become its own entity. Economy Regeneration According to the City Council, Peterborough has a history of successful economic growth and continues to act as an attractor for investment and an engine of growth. Its ambition is to achieve sustainable growth that can be maintained without creating significant economic problems. Figures plotting growth from 1995 to 2004, revealed that Peterborough had become the most successful economy among unitary authorities in the East of England. They also revealed that the city's economy had grown faster than the regional average and any other economy in the region. It has a strong economy in the environmental goods and services sector and has the largest cluster of environmental businesses in the UK. In 1994, Peterborough designated itself one of four environment cities in the UK and began working to become the country's acknowledged environment capital. Peterborough Environment City Trust (PECT), an independent charity, was set up at the same time to work towards this goal, delivering projects promoting healthier and sustainable living in the city. Until 2017, PECT organised a yearly 'Green Festival' centered around Cathedral Square, Peterborough, which also benefited local artists and arts organisations through attracting Arts Council funding grants aided by arts facilitator organisation Metal. During the summer of 2018 the last Green Festival was held at Nene Park, in 2019 Peterborough's community environmental projects attracted ministerial attention from the environment secretary Michael Gove. During the COVID-19 pandemic of 2020-21 Peterborough's culture and leisure umbrella charity, Vivacity ceased operating. This led to a restructuring of many of the arts organisations; they are now found under the heading City Culture Peterborough. The council and regional development agency have taken advice on regeneration issues from a number of internationally recognised experts, including