A GROUP of innovative nature restoration programmes have received substantial funding through a joint grant initiative.
Seven private investment projects have been awarded grants of over £500k from the Investment Ready Nature in Scotland (IRNS) funding.
These natural capital programmes are spread nationwide, with their main drive being to preserve the environment.
Individual focus points vary from urban flood management in Glasgow to improving water quality in Loch Lomond.
The grants of £580,166 are hoped to encourage efforts to improve human-nature interaction whilst mitigating climate change.
The grant scheme is a joint initative from NatureScot, Esmée Fairbairn Foundation and National Lottery Heritage Fund.
When discussing the programmes, Esmée Fairbairn Foundation’s Simon Wightman, said, “They will also increase our understanding of the type of support needed and the policy and regulatory framework necessary to develop and grow the environmental finance market.”
Funding strives to inspire organisations to provide long-term financial help to preserve the country’s nature.
Caroline Clark, Director for Scotland, The National Lottery Heritage Fund said: “This funding programme will kickstart a significant step forwards in equipping the natural heritage sector with the skills to bring in commercial investment to meet the climate change challenge.”
The Green Finance Institute estimated over £15m of majorly private funds is required in the next decade to fulfil restoration objectives.
Minister for Environment, Biodiversity and Land Reform, Mairi McAllan said: “The right kind of investment in our land and seas is urgently required.
“We need to make Scotland the best place to invest in natural capital to deliver our social, environmental and economic policy objectives.
“This important initiative will stimulate responsible investment into nature – helping to secure the future of our environment, communities and economy.”
“The Scottish Government is investing £500m over the course of this parliament into our natural economy – but the Green Finance Institute estimates that Scotland’s nature finance gap is around £20bn over this decade,” McAllan added.
NatureScot’s Director of Green Economy, Robbie Kernahan, said: “Restoring 30% of Scotland’s nature by 2030 is an ambitious target and the IRNS grants are part of the large-scale action needed to get us there.
“Continuing that collaborative approach will ensure the knowledge and experience gained by these seven projects will benefit the organisations delivering them and the wider sector across the UK and beyond.”
All ventures are set to finish by late March 2024.
