Thanks to natural capital investment of up to £25 million from a collective of private finance partners, the Peak District and South Pennine moors will benefit significantly from a five-year peatland restoration plan.
Severn Trent, United Utilities and Yorkshire Water are part of the partnership investing millions in peatland restoration, with the aim of improving water quality, increasing wildfire resilience and reducing risk of flooding in towns and highway infrastructure in areas of Derbyshire, West and South Yorkshire. This comes alongside additional investment from other partners including National Highways, National Trust and RSPB. Locations for the work include moorlands near to Sheffield, Buxton, Glossop and Halifax.
Since the Industrial Revolution, the moorlands of the Peak District and South Pennines have suffered from the legacy of centuries of pollution from the coal-fired factories that once surrounded them. These important landscapes are gradually being restored, thanks to Moors for the Future Partnership working to reverse this damage. Restoration works have achieved great improvements in the last 23 years, and there is still work to be done to ensure these habitats are resilient to drought and severe heavy downpours of rain. After 23 years, and with over 250 square kilometres of blanket bog restored and £50m raised to date, the Partnership is now set to deliver the highest five-year level of investment yet into the region’s peatlands. This latest project is called Moor Resilience 2030.
The £25 million green finance investment is part of an even wider programme which will ensure a boost for crucial ecosystem services provided by peatlands, such as water storage, increased water quality and biodiversity. This investment is significant in that it is not grant- or government-funded, rather it is linked to the water companies’ upcoming Asset Management Plan (AMP), known in the water industry as AMP8. This five-year period, set by Ofwat, mandates performance targets and investment in capital assets, including natural assets such as peatlands. As part of their responsibilities, Severn Trent, United Utilities and Yorkshire Water have invested significant sums in Moors for the Future Partnership’s work in recognition of the multiple benefits it can bring for the companies and their customers.
The combined investment provides a welcome uplift to the rural economy through employment of contractors and services. The prospect of long-term financing brings a possibility of rural business growth and positive economic prospects for landowners and farmers.