DEFRA's publication of the high statutory BNG credit prices last week is a timely reminder, and incentive, that these are to be used as a last resort. The mandatory 10% BNG for major developments from November 2023, is to be met, where possible, on-site or via a private off-site market. Proud to see my neighbours, the Iford Biodiversity Project, and the South Downs National Park Authority (SDNPA) taking the lead in this area. They have recently completed a unique s.106 agreement which will see approximately 800h of the Iford Estate being permanently dedicated to nature recovery. This will result in the creation of 3,000 credits which will be the first on the SDNPA's BNG Site Register. I am interested to see how many other rural land owners will choose to harness this opportunity to help nature, whilst also diversifying their holdings and revenue streams.
Statutory biodiversity credits are the last resort option for developers when delivering their biodiversity net gain and will complement off-site net gain in delivering strategic habitat creation across England. Prices are set purposefully above anticipated private market prices for biodiversity units, to avoid undercutting the market.
https://www.gov.uk/government/news/biodiversity-net-gain-moves-a-step-closer-with-more-funding
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