For businesses
The Environment Act 2021 introduced crucial steps for the protection and restoration of our natural assets.
This includes an obligation on developers to deliver a net gain in biodiversity of 10% on developments. This Biodiversity Net Gain policy is focused on changing the impact of development activity on nature and reversing the decline in UK habitat extent and quality.
A Habitat Bank is a green finance model designed to ensure that the Biodiversity Net Gain required by law for large developments will not only benefit the city and its residents, but also ensure that natural habitats are maintained for many years to come – a minimum of 30 years. These units can be purchased by developers seeking to comply with the mandatory 10% net gain and invest in a green city.
Plymouth City Council is the first local authority in the UK to set up a Habitat Banking vehicle paving the way for how local government can protect and improve natural environments. Ocean City Biodiversity is a Habitat Banking vehicle built around a set of core principles that underline our mission to deliver social and economic as well as environmental benefits.
Ocean City Biodiversity principles
Environmental
- Adhere to the mitigation hierarchy.
- Deliver high-quality habitats.
- Maintain and protect long term.
Social
- Maintain and enhance equitable public access.
- Account for costs of public access and engagement.
- Mitigate socio-economic distortions.
Economic
- Provide cost-effective solutions for developers.
- Offer fair returns to investors.
- Support the local restoration economy.
Foundational principles
- Ensure the additionality is achieved.
- Create proactivity, joined-up approach to offsetting.
- Ensure routine monitoring and measurement using clear and measurable metrics.
- Create a robust governance framework.
- Be transparent and accountable.
To enquire about Biodiversity Net Gain Units, please get in touch via the Contact us page of this website.