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...About IRNS... NatureScot and the Esmée Fairbairn Foundation are launching a grant scheme in early August that will help organisations and partnerships develop projects in Scotland that use private investment and market-based mechanisms to help finance the restoration of the natural environment in Scotland. We hope to be able to announce another key funder’s involvement before the launch date.
IRNS (pronounced as Irons) addresses two of the four major barriers to scaling investment in UK nature identified by the Financing Nature Recovery UK initiative:
Limited sources of revenue – Nature is systemically undervalued, and many ecosystem services are public goods, meaning there is no incentive to pay.
Limited pipeline and scale – Limited capacity in the supply chain means that projects cannot be aggregated to a scale that would attract investment.
Contribute to restoring nature, mitigating and adapting to climate change through nature-based solutions and improve opportunities for people to access and enjoy nature.
Develop replicable and scalable business models that derive revenue from natural capital and biodiversity and could be used to attract and repay investment.
Details IRNS will provide technical assistance grants to help project developers:
get support from professional advisors to develop their project, address barriers to investment and present an attractive case for potential investors
build capability to attract financial investment into natural environment projects
The competitive scheme will be open to charities and other constituted non-profit organisations across Scotland. For-profit companies and unincorporated associations are encouraged to be part of partnerships but will not be able to receive the grant.
Grants will be between £30,000 and £75,000 (to be confirmed) and up to 100% of eligible costs, which can include internal organisational capacity, specialist consultancy and technical advice.
Applications will be accepted from 9 August to 16 September 2022. Applicants will be notified of the funding decision by 21 October. Projects will be expected to provide a progress update by 1 March 2023 and projects must be complete by 29 March 2024 at the latest (all dates are subject to confirmation).
This webinar on the morning of 9 August will provide more information and there will be opportunities to ask questions of the fund organisers over the course of the application window.
Prospective applicants should contact
Patrick
Patrick.Jean-Martel@nature.scot for further details of application requirements, in advance of the formal launch.
Riverwoods Investment Readiness Pioneers
Projects that are interested in developing innovative approaches to attracting private investment into natural capital and biodiversity projects, but are not ready to apply for IRNS, perhaps because they have not yet engaged key partners or identified potential sources of revenue from ecosystem services, are encouraged to see whether their ideas might be eligible for support through the Riverwoods Investment Readiness Pioneers programme that is being led by Scottish Wildlife Trust.
Patrick