Facility for Investment Ready Nature in Scotland (FIRNS)
Facility for Investment Ready Nature in Scotland (FIRNS)
Summary
The Facility for Investment Ready Nature Scotland (FIRNS) is a development fund aimed at projects that seek to use private finance to deliver both nature restoration and social benefits – aligned to the Scottish Government’s Interim Principles for Responsible Investment in Natural Capital. It is run in collaboration between NatureScot – with funding from Scottish Government – and the National Lottery Heritage Fund.
There are two types of grants within the FIRNS:
- Development Phase grants assist project developers in the early stages of their project development. They are likely to fall within Milestones 1 to 3 of the GFI’s Investment Readiness Toolkit.
- Market and Investment Readiness grants are given to help projects advance their business and financial models to a level of maturity that is ready to meet demand from responsible buyers and investors. These projects are likely to fall within Milestones 4 – 8 of the GFI’s Investment Readiness Toolkit.
To date, the FIRNS has ran three rounds and has given almost £6.5m in funding to 44 projects across Scotland.
Round Overview
Round One funding was granted in September 2023 – 27 projects received over £3.6m. Recipients included:
-
Kaly Group and The James Hutton Institute – Enabling Markets for Marine Natural Capital
-
UKCEH – Advancing the UK Saltmarsh Code in Scotland
-
Deciding Matters – Community Benefits Standard for the UK Nature Investment Market, developed in Scotland
- Tweed Forum – Financing Natural Flood Management for communities and wildlife of the Eddleston Water.
-
Scottish Forestry and IUCN UK Peatland Programme – Biodiversity crediting for woodlands, peatlands and other ecosystems
-
Palladium International – Loch Lomond and The Trossachs National Park Nature Finance Platform
Round Two funding was granted in May 2024 – eight projects were granted just over £1m. Recipients included:
- Fisheries Management Scotland – Developing a portfolio of river restoration investment packages for the Source to Sea Fund
- Soil Association – Improved governance mechanisms for whole-farm and farm cluster natural capital project implementation
- Galloway Fisheries Trust – Annan Riparian Restoration Network
- Dumfries and Galloway Council – Solway Coast and Marine Project
- Edinburgh City Council – Edinburgh New Gardens – Urban Nature Restoration Investment Scheme
Round Three funding was granted in July 2025 – 11 projects were granted £1.87m in funding. Recipients include:
- Achnacarry Estate – Arkaig Natural Capital: Regenerative Investment in West Lochaber.
- SCOTLAND: The Big Picture – Connecting Investment, Nature and Communities
- Fife Coast and Countryside Trust – Dreel Burn Investment Readiness Partnership delivery phase
- 3Keel Group Limited – Expanding Landscape Enterprise Networks (LENs) in Scotland: Scaling up business-led investment in nature-based solutions
- Project L and Community Enterprise Ltd – Testing the Framework for the Emerging Ecosystem Restoration Code to Enhance the Ecological Condition of the Pentland Hills
- Fisheries Management Scotland – Preparing for the launch of a Scottish Rivers Fund
FIRNS Event Recordings
From February to May 2023, the GFI ran a series of webinars in partnership with NatureScot, the National Lottery Heritage Fund, and Scottish Nature Finance Pioneers. These webinars were designed to inform prospective FIRNS applicants about the details of the FIRNS, and provide resources to help applicants structure their plans to develop their projects. These webinars were structured using the Investment Readiness Toolkit, which breaks down project development into eight key milestones.
