Tidal Thames Natural Habitat Bank and Market
The project will create a habitat bank in four pilot boroughs within the PLA’s intertidal landholding with a particular focus on intertidal and riverine habitats which have a restricted national supply. It will enable developers seeking planning consent following the introduction of Biodiversity Net Gain requirements in 2023 to offset impacts locally, delivering net gain and enhancing the habitats of the River Thames corridor.
The market for BNG is expected to achieve values of £135 million with a scarcity of supply in urban areas and intertidal habitats. The tidal Thames habitat bank created through this scheme will be in a unique position to fill this gap as a provider of river and intertidal units that cannot be replicated locally. An operational scheme would have potential to achieve values in the tens of millions given the level of development and lack of alternative providers.
Activities funded through the scheme include the establishing the biodiversity baseline of pilot areas with eligible habitat, river, and intertidal units; development of costed biodiversity enhancement plans that would deliver measurable net gain in each BU type, and engagement with stakeholders including the pilot local planning authorities, statutory authorities and developers to understand implementation issues and arrive at appropriate approaches.
The project is scalable with the intention that it will cover all LPAs within the tidal River Thames. It will be applicable to other urban centres with constraints in offset supply. It will progress, test, and develop approaches for river and intertidal units that will contribute to the national BNG agenda.
Project Aim
The creation of a habitat bank in four pilot local planning authorities with a particular focus on intertidal and riverine habitats, which have a restricted national supply and will enable developers to offset impacts locally, delivering net gain and enhancing the habitats of the River Thames corridor.
Project partners
Funding model
Revenue will be generated by the selling of habitat, river and inter-tidal units to developers submitting planning applications along the riparian areas of the tidal Thames Catchment, within 10m of the river, or from units within the PLA’s adjacent landownership. The primary market for these benefits is the private development sector, access to the market will be facilitated through collaborative working with local planning authorities.
It is envisaged that a prospectus will be produced and provided to riparian local planning authorities and developers highlighting the requirement to consider riverine net gain and whilst setting out identified offsetting options within the pilot areas that will deliver measurable and specific gains. Revenue to deliver the interventions will be secured through the use of existing planning mechanisms, including S.106 obligations or future mechanisms as may be developed as the BNG requirement is rolled out nationally.
Future Investment Potential
The biodiversity enhancement projects developed in the pilot areas for this project and delivered through the operational scheme will improve the condition of the Tidal Thames in relevant areas. The project will result in the enhancement of riverine and intertidal habitats thereby addressing the 25YYEP goal of Thriving Plants and Wildlife by reversing the loss of marine biodiversity and by restoring intertidal habitats. It will also contribute towards the target of restoring 500,000ha of habitat that provides extensive benefits including climate change resilience and flood risk management and although not wholly marine it will help to ensure that intertidal habitats are productive and support healthy, sustainable ecosystems.
The project will also contribute towards the goals of enhancing beauty, heritage, and engagement with the natural environment by improving the quality of the river corridor and natural spaces close to where people live and work, particularly in urban areas, encouraging more people to spend time in them to benefit their health and wellbeing.
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