A Greater Manchester Natural Capital Investment Plan
The need to establish and implement a Natural Capital Investment Plan to mobilise existing and new sources of funding was a priority outcome from the Greater Manchester Mayor’s Green Summit in March 2018.
This priority arises from the current situation in which the management of natural capital draws upon a relatively limited suite of business models and financing strategies, including: public sector grants, public sector service provision, private developer investment and through community-level action. These are both narrow in scope and vulnerable to future changes to the financial and economic landscape.
The challenge of securing varied and sustained investment in natural capital is common to all cities across the UK. The natural capital investment plan developed for Greater Manchester is an innovative approach which can be replicated.
The investment plan looks at the roles for different types of potential investors within the wider picture of the social, economic and governance structure of the city region, and of (local and national) environmental policies and regulations. The plan has three key components:
1. A pipeline of potential project types which need investment;
2. Finance models to facilitate private sector investment and the role of public sector, and
3. Recommendations to put the plan into practice over the next 5 years.
Identifying different finance sources and how they fit within this wider picture can inform how the Combined Authority and other stakeholders can work more efficiently in terms of funding and policy/governance effort. It can also inform the choices between traditional environmental spending and regulation (which remain crucial to sustainable management of natural capital) and innovative financing approaches.
Click on the links below to download a copy of the project executive summary and full report:
One of the first stages in developing the plan was a baseline review which included an initial review of relevant strategies, frameworks, plans, projects and initiatives that are likely to influence delivery of the investment pipeline.
A workshop was held on 1st October which brought together stakeholders to help discuss the elements of the draft plan and factors that will affect its success; develop the business cases for investments in natural capital, identify enabling actions and build capacity. A briefing paper was prepared to inform the workshop which sets out key priorities identified to date and is attached via the link below.
Explore the Greater Manchester Combined Authority Urban Pioneer project here: https://naturegreatermanchester.co.uk/project/urban-pioneer/ and the Natural Course project here http://naturalcourse.co.uk/