The project is among 27 schemes nationwide to benefit from the pioneering new fund to drive private investment in nature and tackle climate change, Defra, the Environment Agency and Natural England announced today.
The partnership includes four Wildlife Trusts – Berks Bucks and Oxon, Warwickshire, Cheshire and Surrey - and the environmental impact investment advisors Finance Earth. This scheme will help to compensate for the damage caused to natural habitats by large-scale developments and help accelerate nature’s recovery.
The funding will enable the partnership to create three pilot habitat bank sites in Oxfordshire, Warwickshire, and Cheshire over the next year.
Dr Prue Addison, Conservation Strategy Director at BBOWT said:
“Habitat Banking is designed to address developers’ need to deliver biodiversity net gain (BNG), which will soon be made law through the Environment Bill. The scheme enables habitats to be created or restored before any biodiversity loss is caused by developments, rather than afterwards, which is much better news for wildlife.
“This is a game changer as it means that habitat banks can be planned strategically to support large-scale habitat creation projects that benefit nature and people, creating a pipeline of biodiversity credits for the development sector."