Ribble Valley project
Environment Bank has been working with Ribble Valley Borough Council to introduce a system of biodiversity accounting, with conservation credit sales funding restoration of a local man-made reservoir.
This reservoir, Primrose Lodge, was built for manufacturing processing and the generation of power for factories at Clitheroe’s Primrose work but is now neglected due to lack of funding. The Council has consulted with Lancashire Wildlife Trust who have advised how the site could be transformed into a nature reserve and managed in the long term by a suitable conservation based organisation. Restoration and management of the site will begin once full funding is available via conservation credit sales.
The first sale of conservation credits from Primrose Lodge was secured in Jan 2015, brokered by Environment Bank. Credit sales from Primrose Lodge to Ribble Valley developers only apply where there is a residual remaining compensation requirement after impacts have been appropriately avoided, minimised and mitigated at the site of the permitted development. Developers simply pay for the credits they need once they receive planning permission, at a set price per credit, based on the total funding required for the restoration of Primrose Lodge.
The first sale of 1.59 credits out of a total 15.9 credits available demonstrated how the streamlined approach can prevent costly delays for developers and planning authorities – at the end of January 2015 the developer signed a purchase contract, received an invoice, paid for the credits and received a credit certificate to discharge the relevant planning condition, all within 4 working days.