The Government has announced £10 million in grant funding to help “green” entrepreneurs attract private sector investment.
Known as the Natural Environment Investment Readiness Fund, the initiative will provide grants of up to £100,000 to non-profit and commercial organisations working to combat climate change, transform and restore natural habitats, or improve water quality.
The Government said the scheme aims to develop green projects “to a point where they can attract private investment”.
Successful applicants could include those that are creating green spaces for the public, innovating carbon sequestration (the process of capturing and storing carbon dioxide), or restoring natural habitats, and, as a result, deliver revenue through eco-tourism or generate carbon units that can be sold to businesses that wish to offset emissions.
Commenting on the scheme, Environment Minister Rebecca Pow said: “Investors are rightly recognising environmental factors as key drivers of value. As we look to build back greener from the pandemic, I would encourage any interested businesses, local authorities, eNGOs or other organisations to bid for a portion of this fund.”
Dr Rhian-Mari Thomas, Chief Executive, Green Finance Institute, added: “There are many important nature-based projects that, with technical assistance and catalytic funding, could meet investor requirements and demand, and secure the private capital to help them achieve their missions. The NEIRF will serve as an essential bridge, as well as providing an example of how to build an investment pipeline for nature.”
The deadline for applications is 26 March 2021. The eligibility criteria can be found here.
For help and advice applying for grant funding or private sector investment, please get in touch with our expert team today.