New Fund Launched To Tackle Climate Change
Natural England, the Environment Agency and Defra have launched a new Natural Environment Investment Readiness Fund to drive private investment in nature and tackle the challenges presented by climate change, with 27 projects around England awarded up to £100,000 each.
An initial 27 schemes have so far benefited from the fund, with projects including the creation of new woodland, the restoration of kelp forests, improvements to water quality and the delivery of natural flood risk management.
The funding has been awarded to local authorities, businesses and environmental groups to help them develop projects that will enhance and protect nature, but which also involve innovative approaches to revenue generation from the range of benefits provided by nature.
Revenue will be generated through reduced water treatment costs, the sale of carbon and biodiversity units, and natural flood management benefits. As such, the fund will help create a series of projects that the private sector can invest in, as well as developing new funding models that can be replicated elsewhere.
Successful projects include the development of a carbon credit model for salt marshes around the country, the creation of woodland in North Yorkshire, peatland restoration in Greater Manchester and kelp forest restoration off the Sussex coast.
Emma Howard Boyd, chair of the Environment Agency, said: “With the right structure, nature-based projects can be scaled up by private finance, helping to reduce emissions, prepare for climate shocks and create jobs.
“From a new business model for multi-functional forestry in Yorkshire, to an investment fund to transform farmland in Norfolk, these projects will provide evidence of funding models to make industries fit for the future, reach net zero by 2050, and create a nature-positive future.”
Chair of Natural England Tony Juniper made further comments, saying that the fund is essential to address the climate change issues we’re facing, as well as supporting a strong and sustainable economy. “Mobilising private finance can make a huge contribution to this,” he went on to add.
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