- Penrith and The Border is set to benefit from a new £10 million investment to attract private investment into projects across England designed to protect the natural environment.
- Through its £10 million fund, the Conservative Government is supporting 27 projects that will enhance nature and have the potential to generate revenue by using natural assets.
- These projects, backed by a grant of up to £100,000 each, will focus on tackling climate change and restoration from woodland and habitat creation to sustainable drainage.
Dr Neil Hudson MP has welcomed that Penrith and The Border is set to benefit from the £10 million Natural Environment Investment Readiness Fund launched by the Conservative Government to boost private investment in schemes that will protect the natural environment.
As part of its commitment to deliver a green recovery, the Conservative Government has introduced this fund to support organisations across England develop projects that will enhance nature and have the potential to generate revenue from the benefits Britain’s natural environment provides.
West Cumbria Rivers Trust is among 27 organisations set to receive a grant of up to £100,000 each through this new fund to help restore kelp forests, create new woodland, deliver natural flood risk management and improve water quality; with West Cumbria Rivers Trust set to receive £100,000. The name of the project that has been awarded is Resilient Glenderamackin: nature-based protection of people, property & wildlife.
This funding will allow organisations to take an innovative approach in capturing the value of carbon, water quality, biodiversity and natural assets such as woodlands and peatlands and demonstrate how they can provide a return on investment.
In generating revenue through the sale of carbon and biodiversity units, natural flood management benefits or reduced water treatment costs, these projects will attract opportunities for private sector investment, alongside existing public sector support.
These projects have the potential to develop new funding models for similar schemes which can be scaled and replicated around the country, building on notable examples including the development of a carbon credit model for saltmarshes across England and woodland creation in North Yorkshire.
Commenting, Dr Hudson said:
“I am very pleased that Cumbria's Glenderamackin Project is to receive funding from the ground-breaking Natural Environment Investment Readiness Fund. By putting our natural environment at the heart of our green recovery, we will use this opportunity to protect our natural assets so we can safeguard the environment for future generations.
“Through attracting private investment into schemes that protect our environment, we can capitalise on the innovation and dynamism of the private sector in tackling the environmental challenges we face from climate change to biodiversity loss.
“In delivering a more sustainable and greener economy, we can also help create good quality green jobs across Penrith and The Border and around the country, as we work towards our commitment of net zero by 2050.”
Commenting, Environment Minister Rebecca Pow said
“To tackle the environmental challenges we face from climate change and biodiversity loss, it is crucial that domestic natural environment projects are able to attract private investment alongside support from the public sector.
“Unleashing innovation and growing new sources of finance, such as through the Natural Environment Investment Readiness Fund, are fundamental for delivering nature recovery and developing nature-based solutions to achieve net zero carbon emissions by 2050”.