Penrith and the Border is to benefit from a £10m fund to protect the natural environment.
Dr Neil Hudson, Penrith and the Border MP, welcomed the news that his constituency is set to benefit from the £10 million Natural Environment Investment Readiness Fund launched by the Government to boost private investment in schemes that will protect the natural environment.
The 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 and 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.ADVERTISEMENT
Dr Hudson said: “I am very pleased that Cumbria’s Glenderamackin Project is to receive funding from the groundbreaking 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.”