The Nutrient Credit Scheme in the Westcountry Region aims to create a market where developers can purchase phosphate nutrient credits created through NbS to offset the building of new properties. These sellable NbS ‘nutrient credits’ also have climate c
The NBS utilised shall have multiple benefits, however their primary goal is to improve water quality, through a reduction in nutrient inputs. With climate change, water temperatures can rise, and flow rates reduce, increasing the likelihood of eutrophication, impacting drinking water and native flora and fauna. By reducing nutrient inputs this lowers the risk of eutrophication.
See more information about this level and the TRL and SRL levels.
The investment readiness of this innovation has been self-declared by the provider and has not been independently verified. For more details, please contact the innovator directly.
Creating nutrient credits in the light of nutrient neutrality, allows developers to purchase offsetting credits, where mitigation is not possible on site and allow for development. By offsetting phosphate using strategically placed NBS, not only is the phosphate mitigated, but there are other multiple benefits and climate adaption features such as increases in biodiversity, slowing the flow, habitat creation, reducing in nitrates and other pollutants and carbon storage.
The Nutrient Credit works by creating the off-setting solution and then by selling the phosphate value and credit created, to cover the investment costs and administration. A key requirement is the initial investment/capitalisation, which in Cornwall has been provided by the local authority/government assistance. There are several key elements in the evolution and creation of nutrient credits and these include:
– Establishing the phosphate £P/kg value in catchment, this needs to consider demand, site offset availability and the cost to house buyers.
– A robust framework or tool to calculate the P/kg offset by the site in question
– Suitable contracts in place for financial exchange but also for long term ownership/maintenance of the site.
Attaining the value of £P/kg is subject to several variabilities and demand going forward. This has taken significant time to develop and where a Local Authority is involved there needs to be clear supporting evidence and clarity of process.
Developing contracts where land maybe managed or certain activities excluded for 80 years which is required through Nutrient Neutrality, is also novel and therefore new contracts such as conservation covenants may need to be developed or used, and therefore a lot of legal advice is required prior to actually using these contracts for ongoing agreements.
At present the nutrient credit system is bankable as there is government legislation in place in the UK that phosphate from development must be mitigated in SAC catchments. Therefore the nutrient credit system works well here in SAC catchments as neutrality is a legal obligation. There is a similar opportunity in the UK with Biodiversity Net Gain, where biodiversity must be off-set where there is development. Therefore governance and legislation are key for this credit system and a proactive approach should be taken by policy makers.
The Nutrient Credit Scheme in the Westcountry Region aims to create a market where developers can purchase phosphate nutrient credits created through NbS to offset the building of new properties. These sellable NbS ‘nutrient credits’ also have climate c
The NBS utilised shall have multiple benefits, however their primary goal is to improve water quality, through a reduction in nutrient inputs. With climate change, water temperatures can rise, and flow rates reduce, increasing the likelihood of eutrophication, impacting drinking water and native flora and fauna. By reducing nutrient inputs this lowers the risk of eutrophication.
The business plan for this innovation has been evaluated by The Funding Company and it is considered to be ready for investment.
The main components of the system have been tested separately, and an initial integration exercise has been conducted.
Creating nutrient credits in the light of nutrient neutrality, allows developers to purchase offsetting credits, where mitigation is not possible on site and allow for development. By offsetting phosphate using strategically placed NBS, not only is the phosphate mitigated, but there are other multiple benefits and climate adaption features such as increases in biodiversity, slowing the flow, habitat creation, reducing in nitrates and other pollutants and carbon storage.
The Nutrient Credit works by creating the off-setting solution and then by selling the phosphate value and credit created, to cover the investment costs and administration. A key requirement is the initial investment/capitalisation, which in Cornwall has been provided by the local authority/government assistance. There are several key elements in the evolution and creation of nutrient credits and these include:
– Establishing the phosphate £P/kg value in catchment, this needs to consider demand, site offset availability and the cost to house buyers.
– A robust framework or tool to calculate the P/kg offset by the site in question
– Suitable contracts in place for financial exchange but also for long term ownership/maintenance of the site.
Attaining the value of £P/kg is subject to several variabilities and demand going forward. This has taken significant time to develop and where a Local Authority is involved there needs to be clear supporting evidence and clarity of process.
Developing contracts where land maybe managed or certain activities excluded for 80 years which is required through Nutrient Neutrality, is also novel and therefore new contracts such as conservation covenants may need to be developed or used, and therefore a lot of legal advice is required prior to actually using these contracts for ongoing agreements.
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