Somerset Catchment Market phosphorus mitigation trade unlocks 200 new dwellings

EnTrade has reported success in the first trading round of the Somerset Catchment Market – an environmental market for nature-based solutions. It has matched bids from developers with offers from farmers to deliver wetlands, cover crops and arable reversion projects that will mitigate sufficient phosphorus to unlock 200 new dwellings in Somerset.

The market supplied a total of 11.27kg a year of phosphorus mitigation for an average payment of approximately £50,000 a kilogram. The successful farmers will receive close to £740,000 for the use of their land, project establishment and maintenance over at least the next 80 years. Funding for monitoring and compliance was also provided totalling approximately 7% of the amount paid to the farmers.

Managing director of EnTrade, Guy Thompson, said:“This outcome is the result of more than three years of hard work and collaboration to design a robust market that demonstrates the value of investment in nature.”

A second market round is planned for autumn 2023. Thompson commented: "We need to pay a fair price for nature. We hope that the payments made for integrating nature recovery with agriculture will encourage more farmers to consider making offers in future market rounds”.