The Somerset Catchment Market (SCM) has completed its second round, meeting the nutrient neutrality planning requirements for 122 new dwellings.
The SCM is an environmental services market that aims to accelerate the delivery of nature-based projects such as the creation of new woodlands and wetlands across Somerset, to mitigate nutrients from development.
The second round, which ran from 30 October to 6 November, settled:
• 9.69 Ongoing Phosphorus Mitigation Credits
• 0.92 hectares of new wetlands to deliver this on-going mitigation
• 12.9 hectares of cover crops to provide mitigation until the on-going projects are established and verified.
The SCM said the second round results had taken it to the significant milestone of over £1m secured for new nature projects that will deliver phosphorus mitigation in the Tone and Parrett catchment.
The market is a collaboration between EnTrade, the University of Exeter and Wheatley Young Partners. A third market round will be held in February next year and will include both nutrient mitigation and biodiversity units to meet the new Biodiversity Net Gain requirements.
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