Green Finance in Scotland: NatureScot and Esmée Fairbairn Foundation launch Investment Ready Nature Scotland (IRNS) Scheme for nature-positive projects
A new funding opportunity is now available as part of the Investment Ready Nature Scotland (IRNS) Grant Scheme. The aptly named scheme (seeking to start many ‘irons’ in the fire) is looking to help spur on a range of nature-based projects across Scotland to help attract green finance.
Nature-based projects are focused on improving and protecting our natural environment. They are pivotal to addressing the nature and climate emergency. By providing investable ecosystem services which generate revenue, these projects manage a flow of benefits from ecosystems to people. Green finance is the financial capital that supports these nature-based projects.
Source: Unsplash (@sushobhan)
The Green Finance Institute estimates that the finance gap to meet Scotland’s nature related targets over the next 10 years is between £15 billion and £27 billion. Funding opportunities, such as the newly launched IRNS scheme, can help close this gap.
This fund aims to support the developments of nature-based projects in Scotland, helping to attract green finance. It will provide technical assistance grants of between £30,000 and £100,000. IRNS grants will help project developers gain support from specialist and technical advisors to help make their projects investment ready.
The scheme is seeking projects that will look to tackle climate change and restore nature and biodiversity. They also need to be able to develop replicable and scalable business models, where revenue is obtained from natural capital. Additionally, the selected projects will need to follow the Scottish Government’s Interim Principles for Responsible Investment in Natural Capital.
One such example of a nature-based project in Scotland is a rewilding scheme from Trees for Life and can be found on our Nature Finance Impact Hub. With grant funding and crowd sourcing, this project has been able to restore 4000 hectares of mixed habitats and has generated revenue through eco-tourism and the selling of carbon credits to businesses that want to offset emissions.
The application deadline for IRNS Grant Scheme is the 16th of September, with grants being awarded mid to late October. The scheme follows the conclusion of the Natural Environment Investment Readiness Fund (NEIRF), aimed at projects in England. Two rounds of funding have been issued in that scheme, the first in July 2021 and the second in May 2022. In total, £7 million has already been allocated to 70 successful organisations across 77 projects.
Accelar is actively supporting a range of clients to get their nature recovery and green finance projects off the ground. Earlier this year, we contributed to a report published by NatureScot, reviewing case studies for large scale nature restoration. One recommendation indicated the need for more demonstrator projects like those associated with the IRNS or NEIRF grants. We have since developed our Nature Finance Impact Hub, aiming to help increase transparency and data on the impact of nature-positive projects.
Thinking of applying? Then let us know and we can help maximise the potential of your project! Get in touch to speak to one of the team about helping get your project off the ground, or if you have any questions around green finance or nature-based projects.