The Challenge: Unlocking investment at scale
- We’re all reliant on the air, water, soil, plants and living things that make up our natural capital. We need to recognise the value of this natural capital which makes a significant contribution to our economy and our work to restore and improve our natural environment. This is a public and private responsibility.
- Investment in restoring and protecting Scotland’s natural environment is essential if we are to address the nature and climate emergencies at the pace and scale required. We cannot rely on public funding alone. It’s vital that we unlock private investment to help us restore our natural capital and direct it towards nature based solutions. The Scottish Government is committed to ensuring that public and private investment in natural capital is responsible, contributes to a just transition, benefits communities and achieves robust environmental outcomes.
At present, most private investment in Scotland’s natural capital flows through the UK’s Scottish Government endorsed Peatland Code (PC) and Woodland Carbon Code (WCC). These provide sustainable frameworks to land managers seeking to generate and sell carbon credits from woodland creation and peatland restoration projects. Since its launch in 2011, the Woodland Carbon Code has helped to create nearly 36,535 hectares of new woodland across Scotland, with a planned carbon dioxide removal of 14.8 million tonnes. Whereas the Peatland Code’s 313 Scottish projects are predicted to prevent 8.36 million tonnes of CO2e emissions over their lifetimes.
However, there are many habitats in Scotland that currently do not have a market mechanism for attracting high-integrity private investment. Access to a broader range of codes and standards – beyond ecosystem or habitat specific carbon codes – will be important for supporting delivery of the Scottish Biodiversity Strategy’s vision of a nature positive future across all of Scotland’s land, rivers and seas.
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