Lloyds Banking Group has been unveiled as the first backer of the government’s new nature recovery project, funding three projects to the tune of £250,000.
Projects for Nature was launched at Cop28 and is an initiative aimed at connecting businesses and other donors with 25 nature recovery projects across England.
Projects on the platform are screened by Defra, Natural England and the Environment Agency, ensuring funding aligns with national and local environmental priorities.
According to green finance minister Lord Benyon, private finance currently accounts for one sixth of the money going into nature, with public funds covering the rest.
“Under the Green Finance Strategy and Nature Markets framework this government set out the vision for scaling up private investment into nature recovery, and today’s update sets out our aim to make nature markets bigger and better through robust market rules and infrastructure,” he added.
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Andrew Walton, chief sustainability officer at Lloyds Banking Group said: “The UK ranks among the most nature-depleted countries globally, highlighting the pressing need for collective action.
“As the UK’s largest financial services provider, we recognise the crucial role we must play in tackling the loss of nature to ensure a more resilient and thriving natural environment for the future.”
Natural England chief strategy officer Alan Law described Projects for Nature as a “flagship pathway for the private sector to support meaningful nature restoration projects, offering a reliable platform to businesses looking for a way to do their bit for nature”.
The three projects funded by Lloyds are designed to address key national nature recovery priorities:
Weald to Waves: A project to create a 100-mile nature recovery corridor, connecting over 20,000 hectares of habitats along three main rivers in Sussex to the coast; helping to boost biodiversity, reduce flooding, capture carbon and enhance the rural economy.
Resilient Glenderamackin: The catchment-based project in Cumbria aims to deliver nature-based solutions to reduce flood risk, restore nature and mitigate climate change.
Peak District:The National Trust is working with partners and tenant farmers in the High Peak to restore 2.6km of wetland and expand the Peak Regenerative Farmers initiative, which includes events, workshops, training and peer-to-peer support for sustainable businesses.
In November last year, Lloyds committed to reduce its direct carbon emissions by 90% by 2030 compared to a 2018/2019 baseline.
In July last year, banks including Barclays, Lloyds and Natwest joined a nature group created by Green Finance Institute (GFI) to invest into nature recovery.
