The Longford Estate project will provide much-needed phosphate credits, allowing the construction of thousands of new homes from Salisbury to Christchurch.
A moratorium on housing developments in the catchment area was previously in place due to the Government’s target to reduce damaging nutrients in watercourses by 15 per cent by 2028.
The project is seen as a blueprint for future Environmental Farmers Group (EFG) nutrient neutrality and Biodiversity Net Gain (BNG) projects across England.
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The group supports biodiversity and species recovery by 2030, clean water and carbon net zero by 2040.
The EFG works with developers and natural capital investors to deliver environmental improvements across the UK.
Natural Capital Advisory commercial officer Tom Vacher said: “We are delighted to announce that the Longford Estate Project has now been approved by Natural England and signed off by the Local Planning Authority (LPA), enabling phosphate credits can be sold and allocated across the river catchment.”
The project aims to reduce the amount of phosphate entering the Hampshire Avon river catchment, a Special Area of Conservation and one of the UK’s few chalk stream river systems.
The project will be part of a wider Catchment Conservation Plan to improve river health, boost wildlife recovery and reduce greenhouse gas emissions across the region.
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The EFG is developing similar catchment plans across England to generate nutrient neutrality credits and BNG units.
The environmental auditing and monitoring of EFG projects is carried out by Natural Capital Advisory (NCA).
Funding will be a combination of public money and private finance from sponsorship, green investments and offset markets.
NCA chief executive Christopher Sparrow said: “In an often confusing and uncertain emerging market, which requires long-term commitments, landowners and investors can be reassured that NCA has the right professional experience to deliver the highest quality advice and ongoing monitoring service.
“Our partnership with EFG will appeal to investors who want to see tangible guaranteed environmental outcomes and contribute to the restoration of some of our most iconic landscapes, places they can visit to see the improvements for themselves.”
The EFG offers a high level of assurance to investors through professional support, environmental auditing and commercial expertise provided by NCA and its partnership with the UK’s leading ecological research charity, the Game & Wildlife Conservation Trust.