BCP Council could be set to join other leading councils by adopting a new ‘green finance’ model which will ensure that investment in biodiversity is made in the local area, rather than elsewhere in the UK.
The council’s ‘Financing Nature’ report outlines a sustainable strategy for financing investment in green spaces in the BCP area, using the new Biodiversity Net Gain (BNG) government planning policy which became compulsory in February.
The strategy, which was recently approved by Cabinet, would position BCP Council as one of the first local authorities in the UK to put the innovative practice into action.
New national policy requires all developers to ensure that new developments have a measurably positive impact (‘net gain’) on biodiversity, compared to what was there before, with developers needing to deliver a BNG of ten per cent.
If developers can’t deliver this ten per cent on site, they can purchase units in a mechanism known as a Habitat Banking Vehicle (HBV), which go towards funding the restoration of specific habitats in designated UK areas or to support the survival of native species.
Over the next year, the council is working to set up an HBV to be used on multiple sites within BCP – meaning the money from local developers to fund biodiversity improvements will stay within the local BCP area rather than elsewhere in the UK.
Councillor Andy Hadley, Portfolio Holder for Climate Response, Environment and Energy, said: “The BCP area has one of the most diverse and rich natural environments in the UK and we in the council are absolutely committed to protecting and enhancing it.
“The new BNG planning policy presents us with a significant opportunity to improve our key green spaces for the benefit of our residents – we want to ensure that if developments are happening in BCP, the money to offset them is also being spent on boosting biodiversity locally.
“By developing this sustainable financing model, we not only advance our environment goals, but also strengthen BCP Council’s role in environmental leadership.”
The council policy, which is supported by Natural England and the National Trust, aims to launch following approval by full council in spring 2025, through BCP Council’s Local Plan.