Details of Award
NERC Reference : NE/X016242/1
Nature-positive investment opportunities through solar parks
Grant Award
- Principal Investigator:
- Professor P White, University of York, Environment
- Co-Investigator:
- Dr P Hudson, University of York, Environment
- Co-Investigator:
- Dr A Armstrong, Lancaster University, Lancaster Environment Centre
- Co-Investigator:
- Dr J You, University of York, The York Management School
- Grant held at:
- University of York, Environment
- Science Area:
- Terrestrial
- Overall Classification:
- Unknown
- ENRIs:
- Biodiversity
- Environmental Risks and Hazards
- Global Change
- Natural Resource Management
- Pollution and Waste
- Science Topics:
- Economic effects of environmental policies
- Environmental public goods
- Environmental valuations
- Green banking
- Pricing of environmental resources
- Renewable energy
- Environmental economics
- Solar Technology
- Environmental Planning
- Biodiversity
- Conservation
- Ecosystem management
- Ecosystem services
- Terrestrial ecosystems
- Vegetation change
- Ecosystem Scale Processes
- Abstract:
- If we are to achieve net zero and nature recovery, while maintaining a thriving economy, we need to ensure that future social and economic developments bring positive outcomes for nature. This requires identifying new opportunities and incentives for investment in natural capital and ecosystem services. It also requires developing new ways in which these investments can be monitored and evaluated, so that they can be incorporated into business decision-making. There are a range of opportunities for encouraging investment in nature-positive actions, including markets associated with carbon and biodiversity credits. However, progress in establishing these markets is limited by a number of factors. There is limited understanding of key dependencies of business on natural capital and ecosystem services. There is also a lack of knowledge on how businesses can generate significant nature-positive impacts from their activities. Importantly, there needs to be more work on how nature-positive impacts can be translated into financial outcomes and investment opportunities, and how the various dependencies, risks and opportunities can be measured and integrated into business decision-making. In this project, we will use the solar park industry as a case study to identify nature-positive investment opportunities and appropriate metrics to enable their monitoring and reporting, at all stages of the solar park value chain. The solar park sector is highly motivated to promote nature-positive operations and investments, and the UK government anticipates a five-fold expansion in solar deployment by 2035. The solar park industry is in a prime position to identify and develop innovative practices that will close the gap between the financial system and the natural environment, enabling better alignment of financial decision-making with biodiversity and natural capital. Our project team comprises academic leads from the University of York and Lancaster University, and a business lead from NextEnergy Capital. The academic and business leads will work together to establish a core project team including commercial partners that represent the different stages of the solar park value chain, encompassing renewable energy, natural capital asset management, institutional and retail investors, investment banking, law, land management, ecology and communications. The project will benefit from substantial match funding support from NextEnergy Capital, including the involvement of a multinational communications consultancy to deliver engagement activities and publicity materials. Key outputs from the project will include: (1) a short-list, with underpinning documentation, of 'decision-grade' nature-positive metrics for potential use in business decision-making; (2) a summary of current nature-positive investment in the solar value chain, detailing urgent need and future potential; and (3) a road map and associated policy brief looking towards integration of nature-positive metrics including recommendations for reporting. The project will contribute to a step change in awareness of the potential for nature-positive investments in the solar park industry through an impact and engagement programme involving press releases, promotion through existing networks and social media, a webinar hosted by a professional body, and two articles for professional bodies. These activities will promote the establishment of a nature-positive solar park investment community, with implications for the wider natural capital investment community.
- NERC Reference:
- NE/X016242/1
- Grant Stage:
- Completed
- Scheme:
- NC&C NR1
- Grant Status:
- Closed
- Programme:
- Nature Positive
This grant award has a total value of £150,265
FDAB - Financial Details (Award breakdown by headings)
| DI - Other Costs | Indirect - Indirect Costs | DA - Investigators | DA - Estate Costs | DI - Staff | DI - T&S | DA - Other Directly Allocated |
|---|---|---|---|---|---|---|
| £2,945 | £58,211 | £25,069 | £15,243 | £45,523 | £2,081 | £1,195 |
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