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I'm going to start by telling you about the Yellow Plaque scheme, which has been running in Sydney for over forty years.

Does it mean "happening"?

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  • Please include the reference from which the text has been taken. Where did you find it?
    – RubioRic
    Jan 8, 2019 at 7:50

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According to the Oxford Dictionary

run

  1. Continue or be valid or operative for a particular period of time.

So it means that the Yellow Plaque scheme started forty years ago and it has been operating since then to this day. It's not just that it's happening right now. As pointed by Rajat, it also have a sense of continuation in time.

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The word "running" here implies to something that has been in continuation.

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