Review finds progress slow on developing policy for nature markets
There has been limited progress in translating strategic goals and policy ambition into specific actions to facilitate development of nature markets, according to the first annual review of progress made against the Financing Nature Recovery (FNR) roadmap and recommendations published in June 2022.
That was among the conclusions from the Broadway Initiative, which last week published The state of UK nature markets 2023, to check in on progress 12 months on from FNR, which itself identified the actions needed to support the development of nature markets following the publication of the Government’s Nature Markets Framework.
The Broadway Initiative noted that recent policy uncertainty over nutrient neutrality had exacerbated the problems, although there had been three positive developments: the British Standards Institution’s Nature Investments Standards Programme; the Nature Markets Framework for England; and the Scottish Government’s Interim Principles for Responsible Investment in Natural Capital.
The report identified four priorities for action:
create and deliver an implementation plan for a robust governance and institutional architecture for nature markets;
quantify and stimulate private and public sector demand for purchased nature services;
build capacity among local authorities, regulators and land managers of all types, to deliver nature-based projects that can attract private income and investment; and
ensure the continued evolution of the stacking principle as a means of future-proofing the supply of land delivering multiple nature benefits.
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