Source · Select Committees · Environmental Audit Committee
Recommendation 25
25
Acknowledged
Provide report on current and projected private investment in nature recovery within 12 months.
Recommendation
The Government should urgently address the gaps in its data and understanding around the level of investment into nature recovery projects. We recommend that within 12 months of the date of publication of this report the Government provide a report to the House on current and projected levels of private investment into nature recovery in England and performance against the targets set by Ministers in the 2021 Spending Review. (Recommendation, Paragraph 126) Market structure and mechanisms
Government Response Summary
The government acknowledges the need to address data gaps by engaging with external partners and the Office for National Statistics to establish a mechanism for monitoring economy-wide expenditure into nature's recovery. They also reference working with The Green Finance Institute, but do not explicitly commit to providing the recommended report to the House within 12 months.
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.