Four projects which will protect and restore valuable habitats have been selected to receive funding in a pilot scheme to encourage sustainable private sector investment in our natural environment.
Having been sourced and evaluated by Triodos Bank UK the projects will receive grant funding from Defra, the EA and EFF to support their development, complete business plans to attract private sector investment, and deliver long-term environmental benefits and sustainable financial returns.
The four projects receiving funding are:
- Devon Wildlife Trust’s restoration of the Caen wetlands
- The Rivers Trust’s work on natural flood management in the Wyre catchment in Lancashire
- NFU’s work to reduce nitrate pollution in Poole Harbour
- Moors for the Future Partnership’s restoration and conservation of peatlands in the Pennines
Environment Minister Rebecca Pow says: “The UK is taking a leading global role in tackling climate change and biodiversity loss, but given the scale of the challenge ahead it is crucial that environmental projects have the tools they need to attract private sector investment alongside our government support.
“Ensuring we have a green recovery from coronavirus will be especially important at this time, and this collaboration provides vital financial expertise and support to create funding models which can be used by other projects up and down the country.”
The government’s 25 Year Environment Plan made clear that while the public sector will continue to be an important source of funding for the natural environment; it is critical that this is alongside more private sector investment to protect and enhance our environment.
That is why the government committed £10m in the Budget to support natural environment projects to attract private sector investment through the Natural Environment Impact Fund, from 2021.
The government and the Environment Agency are also working to ensure that the UK’s recovery from coronavirus is clean and resilient, tackling climate change and boosting nature.
In order to help project developers up and down the country attract investment, the lessons learned from these projects will also be made freely available.