A British financial services group has teamed up with the government-launched Projects for Nature, planning to fund projects on nature recovery and becoming the first founding business partner of the initiative, the company announced Tuesday.
Lloyds Banking Group announced an over €290,000 (£250,000) donation split between three of the Projects for Nature’s 25 selected restoration programmes in England, designed to address national nature priorities, such as flood management, wildlife corridors, and regenerative agriculture.
Projects for Nature is a platform unveiled by the Secretary of State for the Department for Environment, Food, and Rural Affairs (Defra) during the 2023 UN climate summit in Dubai in an effort to attract private investments for bridging the financial gap for nature-related outcomes in England, which is estimated at £56 billion over 2021-31 by the Green Finance Institute.
The government’s ambitions for protecting biodiversity include other initiatives such as the Natural Environment Investment Readiness Fund (NEIRF) and the Biodiversity Net Gain scheme.
The projects listed on the Projects for Nature’s platform, which focused on “either creating, restoring, protecting, or improving” habitats and biodiversity, have been screened by Defra, Natural England, and the Environment Agency, and initially funded by the government.
“It has been hugely encouraging to see that businesses, their employees, and customers are increasingly interested in taking action to address their impacts on nature while actively looking for ways to aid its recovery,” said Justin Francis, chair of Projects for Nature.
“Our monitoring framework can help businesses evidence their contributions towards their nature targets from the Science Based Targets Network, and form part of their reporting under the Taskforce on Nature-related Financial Disclosure (TNFD) framework.”
The UK is one of the world’s most nature-depleted countries. According to the 2023 State of Nature Report, a 203-page document produced by more than 60 organisations, biodiversity and wildlife in the country continue to decline, with a 19% decrease in the number of monitored animals and plant species over the last five decades. In a bid to reduce the threats, the report urged more investments, and a shift to nature-friendly farming and fishing models.
“As the UK’s largest financial services provider, we recognise the crucial role we must play in tackling the loss of nature to ensure a more resilient and thriving natural environment for the future,” Andrew Walton, chief sustainability officer at Lloyds Banking Group, said.
“Becoming a founding partner of Projects for Nature will enable us to make a tangible difference in combating nature loss in communities across England, exploring innovative approaches to protect and restore our natural ecosystems.”
THE PROJECTS
The Weald to Waves initiative is among the projects the Lloyds Banking Group will finance under the partnership. The land-manager led project, run in collaboration with the Knepp Wildland Foundation, aims to establish a 100-mile corridor connecting over 20,000 hectares of habitats from the High Weald forests through Knepp Wildland and the South Downs National Park.
The UK financial group will also support the Rivers Trust (RT), West Cumbria Rivers Trust, and Nature Finance in their Resilient Glenderamackin project, designed to deliver nature-based solutions in West Cumbria to reduce flood risk while improving water quality, enhancing biodiversity, and storing carbon.
Part of the over €290,000 funding will go towards The National Trust programme to improve soil health and water quality across a 123-ha site in the Peak District. The grant will support the restoration of 2.6 kilometres of wetland between the Mam Tor and the Kinder Scout.
By Giada Ferraglioni – giada@carbon-pulse.com
*** Click here to sign up to our twice-weekly biodiversity newsletter ***
