Source · Select Committees · Environmental Audit Committee
Recommendation 32
32
Accepted
Define government expectations and set measurable targets for nature recovery through nature markets.
Recommendation
The Government should clearly define its expectation for the level of nature recovery in England which is likely to be achieved through the operation of nature markets, and should set out the criteria against which progress will be evaluated. In doing so, the Government should set, and publish, a target for the growth of the UK’s natural capital as well as establishing milestones in pursuit of that target. (Recommendation, Paragraph 167) 60
Government Response Summary
The government highlights existing initiatives and market growth, stating that Environment Act Targets are already set to improve natural capital and interim targets are in the Environmental Improvement Plan, implying these address the committee's call for targets and criteria.
Government Response
Accepted
HM Government
Accepted
The Woodland Carbon Code has supported the development of over 38,000 hectares of validated projects in the UK, projected to sequester 13 million tonnes of carbon. Similarly, the Peatland Code has supported over 13,000 hectares of validated project plans, projected to deliver an estimated 3 million tonnes of carbon emission reductions. In the first year since becoming mandatory, while the vast majority of BNG is delivered on the development site, the offsite market continues to grow. There are, at the time of writing, 84 ‘gain sites’ (habitat banks) on the national register containing over 2,600 hectares on newly created or enhanced habitat. These markets are expected to continue growing over the coming years, supported by Government’s work on high-integrity market infrastructure and business transparency. Government is also working to increase demand for nature markets and recently published a call for evidence (mentioned in recommendation 7 & 11) on expanding the role of the private sector in nature recovery to support this policy development. The Environment Act Targets have been set to improve the extent and condition of England’s natural capital. These targets are set in law, and interim targets are set out in the EIP.