Source · Select Committees · Environmental Audit Committee
Recommendation 24
24
Acknowledged
Government lacks primary data on private investment for nature recovery targets.
Conclusion
For the Government to determine whether it has delivered on its target to deliver £1 billion of private investment into nature recovery annually by 2030, it must have primary data on relevant financial flows to provide a thorough understanding of investment levels, which it currently lacks. (Conclusion, Paragraph 125)
Government Response Summary
The government acknowledges the need for data by stating it is engaging with external partners and the Office for National Statistics to establish a mechanism for monitoring economy-wide expenditure into nature's recovery. They are also collaborating with The Green Finance Institute's 'Hive' platform to gather data.
Government Response
Acknowledged
HM Government
Acknowledged
Defra is required under the Environment Act 2021 to publish an EIP and to report annually on its progress. This requirement ensures that the government remains accountable for its environmental goals and targets. Defra is currently undertaking a statutory review and revision of EIP23. We are engaging with external partners and the Office for National Statistics to set up a mechanism to monitor and report on economy-wide expenditure into nature’s recovery. Alongside this, we are working with The Green Finance Institute and their ‘Hive’ platform, which hosts data and information of nature project performance, this includes the Natural Environment Investment Readiness Fund Community of Practice case studies, showcasing where action has already been taken to leverage in private finance.