United Utilities was the only water company to secure funding from a new government fund to drive private investment in nature and to tackle climate change.
Twenty-seven organisations across England were awarded up to £100,000 each under the new £10m Natural Environment Investment Readiness Fund. The funding will be used to develop the projects to the point that they can provide a return on investment by capturing the value of carbon, water quality, biodiversity and other benefits provided by natural assets such as woodlands, peatlands, catchments and landscapes.
United Utilities secured £66,500 to establish an Environmental Impact Bond for phosphorus removal from the Irwell catchment, which will be delivered through nature based solutions and up to ten sustainable drainage systems to industrial estates. Defra said: “The project is expected to have relevance across the water sector.”
Other projects to receive funding included to develop a carbon credit model for saltmarshes across England; kelp forest restoration off the Sussex coast; woodland creation in North Yorkshire; and peatland restoration in Greater Manchester. In developing revenue streams, the Fund aims to create a pipeline of projects for the private sector to invest in, and develop new funding models that can be scaled and replicated elsewhere.
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