Urban waterfront regeneration has become a key arena for experimenting with new models of metropolitan planning and governance. In the Lisbon Metropolitan Area (LMA), the transformation of the Tagus Estuary waterfront exposes the contradictions of fragmented institutional structures and market-oriented urban policies. This article critically examines how planning instruments and regeneration projects across the LMA reproduce fragmented governance, institutional capture, and symbolic gentrification under the rhetoric of sustainability and innovation. This research addresses the persistent problem of fragmented metropolitan governance and the disconnection between sustainability discourse and actual planning practice along the Tagus Estuary. Despite multiple planning instruments and regeneration initiatives, the absence of effective coordination among governance tiers has hindered the pursuit of cohesive, equitable, and climate-resilient development. Findings demonstrate that these structural weaknesses, compounded by the instrumental use of sustainability narratives, reinforce territorial inequalities and limit the capacity for adaptation. The article argues for reorienting metropolitan waterfront governance towards collaborative, ecologically grounded, and socially just regeneration practices capable of reconciling spatial justice with climate resilience.
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