East Devon Clyst Valley Regional Park Canopy Cover

Using funding from the NEIRF (Natural Environment Investment Readiness Fund) East Devon District Council appointed City Science to assess the appetite for Carbon Credits in the Exeter and East Devon region, with the aim of increasing tree canopy cover across the Clyst Valley Regional Park.

Client Brief

East Devon District Council has an ambition to triple the tree canopy cover (from its current rate of 9.3%), through woodland regeneration, tree planting and new forests, in the Clyst Valley Regional Park. This is a core part of delivering carbon offsetting as part of the Council’s vision to achieve net zero carbon emissions across East Devon by 2040. It also supports their wider aspirations for nature recovery and supporting improved wellbeing.

They wanted to establish a long-term funding mechanism enabling private investment to fund the increase in tree canopy cover, forecast to cost around £3 million in Government grants. A key focus of the study is opportunities to convert farmland to woodland by ensuring the long-term funding income is more attractive than alternative land uses.

Our Response

Over a range of more than 30 small, medium and large local businesses, we assessed the current position of local businesses on their Net Zero pathway, the business culture to risk and climate risk, any previous carbon credit purchases and the appetite for local carbon credits including price elasticity. In addition to Carbon Credits, the business assessment will review the appetite and value of other environmental benefits such as biodiversity net gain and air quality.

Outcome

We outlined and evaluated the most effective mechanisms for funding the operating company that would provide a matching platform for this programme and a financial assessment and forecast for the business plan. We assessed the governance for this vehicle, recommending a pathway for delivery, providing the benefits and limitations of all proposed options, including their economic viability.

Thanks to our experienced software development team, the project also supplied a ready-to-market website and communications pack to recruit investors and suppliers.