Online launch event: Facility for Investment Ready Nature in Scotland (FIRNS)
28th February 11am – 12.30am, Online
Delivered by NatureScot in partnership with the National Lottery Heritage Fund (NLHF), the Facility for Investment Ready Nature in Scotland (FIRNS) will support projects that shape and grow the use of private investment and market-based mechanisms to finance the restoration of Scotland’s nature.
Organisations and partnerships will be able to access up to £240,000 for projects that establish conditions for the restoration of nature and growth of natural capital using environmental markets and/or private investment. Successful projects will also explore and demonstrate the means to co-create projects and to share benefits with community interests, contributing to a just transition.
FIRNS will follow in the steps of the Investment Ready Nature in Scotland (IRNS) grant scheme launched in August 2022 to address two of the four major barriers to scaling investment in UK nature identified by the Financing Nature Recovery UK Initiative:
- Limited sources of revenue – Nature is systemically undervalued, and many ecosystem services are public goods, meaning there is no incentive to pay.
- Limited pipeline and scale – Limited capacity in the supply chain mean that projects cannot be aggregated to a scale that would attract investment.
In addition to grant support, a “gateway phase” of activities will engage with project developers, helping them develop an understanding of emerging environmental markets and how to attract investment.
This launch event is open to all groups and organisations (private, public and community based) that are interested in developing eligible projects. These could aim to utilise private finance to restore nature or develop new market infrastructure such as codes, standards and aggregating mechanisms. It will provide the opportunity to learn more about FIRNS, including key information such as the application process and project objectives, as well as give participants the opportunity to ask any questions they may have.
This will be the first of a series of stakeholder engagement events to support both applicants and others interested in emerging environmental markets and private investment in Scotland’s nature.
Hosted by the Scottish Nature Finance Pioneers