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Introduction toNature Markets Assessing landopportunities Working withother farmers Baselining,planning andmeasuring Workingwith buyers Farm businessplanning Liability & riskmanagement Using repayablefinance Signing legalcontracts Public sectorfunding & policy Tenancy &ownership
  1. Groundwork
  2. Market Engagement
Introduction toNature Markets Assessing landopportunities Working withother farmers Baselining,planning andmeasuring Workingwith buyers Farm businessplanning Liability & riskmanagement Using repayablefinance Signing legalcontracts Public sectorfunding & policy Tenancy &ownership
  1. Groundwork
  2. Market Engagement

 

How would this project fit in with my current farming business model?

 

Nature market projects are often just one part of a farmer’s wider business. Some people compare building nature market projects to developing ‘micro businesses’ for the farm. As such, much of the content you see here will be familiar to you.

However, these projects also have key features that separate them from the businesses that farmers usually engage in. For example, the longer timeframes associated and the current uncertainties relating to how nature market projects (and the deals that result) can be blended with government schemes.

Below is a list of questions that will help you think through how to incorporate these projects into your current farm business plan. This includes considerations on building a cashflow or partial budget, but also the less quantifiable factors, such as the potential drawbacks and opportunities to your wider farm that sales of present.

 

What do I need to know about nature markets to begin with?

 

This section of the Toolkit provides a brief overview of nature markets in England and how they relate to farmers. It is designed to answer some of the early questions that farmers may have around nature markets. All Toolkit content, including this Introductory section, will be updated regularly.

 

What market opportunities are available to me based on my land and goals?

 

This milestone will guide you through an initial assessment of your land as you determine what your broad vision is in relation to nature and help you to identify what opportunities might be available to you to attract private sector finance.

The actions taken at this stage can be taken before you’ve made the firm decision to engage in nature markets. The considerations presented in this milestone will help you determine whether nature market participation makes sense for your goals, the condition of your natural capital and your farming business.

You can also apply many of these considerations to develop a broader vision around your natural capital and other potential funding sources – such as government grant schemes or philanthropic funding.

 

Will I need to partner with other farmers, and if so, how?

 

Once you have a vision for your farm, the environmental enhancements or changes you want to make and a sense of the related income opportunities, you may want to consider joining up with other farmers in your area to implement your outcomes at scale to attract buyers.

Aggregation models, often started among  farmer clusters or as farmer cooperatives, bring together multiple farmers or landowners to collectively participate in nature markets. These models aim to harness the combined efforts and resources of farmers to maximise environmental benefits and economic opportunities. This section will introduce the factors that may influence your decision to join up with other farmers and some of the key considerations to keep in mind when setting up and participating in such a group.

 

How do I measure the environmental outcomes that I can produce in a robust way?

 

At this stage you will have developed an overarching vision for your land and a rough plan for what you want to improve. You will now want to make robust baseline measurements of the condition of your land and develop a detailed plan for interventions and intended outcomes. Plans will also include how you intend to maintain your interventions, measure the impact you are having and verify your outcomes in order to sell them.

 

How should I identify and approach buyers for my outcomes?

 

During your initial project scoping, you may have identified potential buyers of the environmental outcomes you are planning to deliver. Now that you have a project plan and a robust baseline, you will be ready to approach and engage buyers more formally.

Buyers will vary in their expectations and requirements. This milestone will help you prepare for initial conversations with potential buyers to ensure you are empowered to ask the right questions and present a project that will attract a fair price. Your buyers may be within your own supply chain such as retailers and businesses, or organisations who benefit directly from your ecosystem services such as water companies or firms who seek to offset their own environmental impacts.

 

How would this project fit in with my current farming business model?

 

Nature market projects are often just one part of a farmer’s wider business. Some people compare building nature market projects to developing ‘micro businesses’ for the farm. As such, much of the content you see here will be familiar to you.

However, these projects also have key features that separate them from the businesses that farmers usually engage in. For example, the longer timeframes associated and the current uncertainties relating to how nature market projects (and the deals that result) can be blended with government schemes.

Below is a list of questions that will help you think through how to incorporate these projects into your current farm business plan. This includes considerations on building a cashflow or partial budget, but also the less quantifiable factors, such as the potential drawbacks and opportunities to your wider farm that sales of present.

 

What kind of risks should I be aware of and how can I manage them?

 

Like with any aspect of a farm business, risk management is critical – especially for nature market projects that can run over several years. As the landholder, you may be leading the development of the project, be part of a wider group of farmers, or be working with a third-party project developer that is taking the majority of the risk.

In any case, it’s advisable to have a clear understanding of the likelihood of the risks involved, what will happen if the risk materialises, what you as the landholder might be liable for, and how the risk is being managed to prevent this liability.

This Milestone sets out the different types of risks that nature market projects (and the deals that result from them) often carry. The last section covers the types of legal entities that farmers might form, as these can help to manage certain risks and benefit the overall operations of the project.

 

Is it possible to use repayable finance upfront to meet any of the costs?

 

Repayable finance from investors – typically debt or equity – is not always necessary in nature markets if upfront costs can be met by the buyer or through grants.

It’s also important to note that, even when repayable finance is needed, farmers do not necessarily have to secure this themselves.

In the UK, there are very few examples of individual farmers taking out loans and no examples of farmers issuing shares to use specifically to finance a nature market project. Typically, the upfront capital required is organised by a third party – for example, a third-party project developer, a broker etc.

However, as nature markets develop further, and in the case of larger farms, there is potential for farmers to secure repayable finance and meet up-front costs, as with other parts of their business.

The below therefore sets out some questions that farmers (and, more likely, third party project developers) could ask themselves to secure repayable finance from lenders and investors, whether that’s taking on finance independently, or as part of a larger group or partnership.

 

What do I need to be aware of when signing contracts?

 

This Milestone is about the legal contracts you will use and sign to officially commit to the project and transition it to a fully fledged deal. As business owners, farmers are familiar with contracts and understand the need to carefully review the details before signing any such agreements.

Any nature market deal is likely to involve legal agreements that will be tailored to each set of circumstances. However, for ease this Milestone sets out what contract set-ups are used in this space, common contract types, and other key considerations to ask yourself at this stage.

Disclaimer: The information in this Milestone does not constitute any form of legal advice but instead serves as practical advice that has been written by speaking with lawyers, farmers and other practitioners. We recommend that appropriate legal advice should be taken from a qualified solicitor before taking or refraining from any action relating to your contracts and projects.

 

Can I participate on tenanted land?

 

The tenancy and ownership structure of land can have significant implications for farmers engaging in nature markets in the UK. The rights of tenants in relation to nature markets is still not entirely clear in the UK and may differ on a case by case basis. Below are some key considerations which can help both tenants and landlords in asking the right questions when considering engaging in nature markets as policy and legal frameworks develop. Further guidance prepared by the Tenant Farmers Association and the Country, Land and Business Association can be found here. 

 

How do public sector funding and policy align with nature markets?

 

In England, the role of public funding and support to farmers is undergoing change on a scale not seen in decades. The government hopes to strengthen the link between environmental and farming practices to meet its climate and nature restoration targets, while maintaining food security and the viability of farm businesses across the country.

This section offers a summary of how government is working with farmers to access nature markets, and provides guidance on:

 

  • How nature markets might work with public subsidy schemes,
  • What development funding is available for farmers to explore their opportunities,
  • What ‘market infrastructure’ the government is supporting – including Standards and Codes.

Groundwork

 

We have separated out these Milestones into ‘Groundwork’ and ‘Market Engagement’ to indicate which Milestones you will want to read as you consider and/or prepare for nature markets (Groundwork) and those you will move through if and when you decide to become a seller of environmental outcomes (Market Engagement).  

We recommend all farmers read through the Groundwork Milestones in addition to the Introduction to Nature Markets in order to understand better whether nature markets are for them, and how they can, at the very least, explore and baseline their farms so they are ready for any opportunities that may arise later.  

Market Engagement

 

We have separated out these Milestones into ‘Groundwork’ and ‘Market Engagement’ to indicate which Milestones you will want to read as you consider and/or prepare for nature markets (Groundwork) and those you will move through if and when you decide to become a seller of environmental outcomes (Market Engagement).  

We recommend all farmers read through the Groundwork Milestones in addition to the Introduction to Nature Markets in order to understand better whether nature markets are for them, and how they can, at the very least, explore and baseline their farms so they are ready for any opportunities that may arise later.  

 

This milestone contains three subsets of considerations or ‘themes’ that farmers may want to explore at this stage. Click on each of these themes to the right in order to read more.

You can also read case studies of projects that have successfully completed this milestone of development and view a summary of the common activities undertaken at this stage below.

Case Studies

Checklist

Next Milestone
Creating a partial budget / cashflow

Creating a partial budget / cashflow

 

Farmers are familiar with partial budgets and cashflows – no business can survive without them. It is always recommended to forecast how the sale of your ecosystem services will stack up financially over the lifetime of the delivery, and then stress-test this forecast for potential changes that might happen over the years.

The below sets out the costs and incomes that farmers can face in nature markets.

Note: this section has been written to try and capture as many types of costs and incomes that farmers might face. However, depending on how you are accessing nature markets and who else is involved, your own cashflow can change significantly.

For example, if you are working with a habitat bank company to sell Biodiversity Net Gain units onwards, then it is common for them to take on the ecological works of creating / restoring the habitat – though this can limit your income choices. On the other hand, if you are forming a seller cooperative with your neighbouring farmers, you’ll likely face administrative and legal fees of setting up a new legal entity (see Milestone 6), but have more control in setting the terms of your income.

You may choose to engage with a financial advisor that has experience in building financial models for nature-based projects. Examples of such advisors are included in the case studies of this Milestone, but you may be able to find recommendations from lawyers, accountants, ecologists and other farmers that are exploring their nature market opportunities.

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Capturing Costs

For simplicity, the types of costs that you might face over the lifetime of the delivery of your project can be split into three separate stages:

 

  • Development costs – before the project gets to a point where it can generate any revenue or attract grants, development costs feed into the design and planning of the project itself.
  • Implementation costs – once legal agreements have been signed and a trade or deal is officially confirmed, implementation costs are derived from paying for the interventions or activities required, e.g. habitat establishment.
  • Ongoing costs – after the habitat is established, there are costs involved that manage the project – such as maintaining the habitat, ongoing legal costs, or community engagement.

 

Below is a table to demonstrate these costs in further detail.

 

While costs do not always fit neatly into these different stages, you can ask the below questions to help explore your own cost base:

 

Development costs

  • What sort of ‘project development’ costs have I paid to date?
  • How am I valuing my own time spent exploring this project?
  • What other costs do I have to pay before the official agreement  with the buyer is signed?
  • What service providers need to be paid, regardless of whether the agreement goes ahead or not?

 

Implementation costs

  • What administrative or registration fees do I need to pay once the agreement is signed?
  • Am I funding any of the ecological works to restore / create the habitat itself?
  • Am I paying any success payments to service providers who helped to develop the project, now that the agreement with the buyer is signed?
  • How is my income from this project being taxed?

 

Ongoing costs

  • Am I liable for any costs if the habitat fails or needs maintenance?
  • What are the costs of monitoring or reporting on how the habitat is performing?
  • What foregone income am I / could I be giving up for committing my land for the duration of the project?
  • How should I factor in inflation – what is an appropriate inflation rate across the delivery?

 

Capturing Income

As with costs, income should be mapped across the lifetime of the project (including the timeframe of the underlying legal agreement). Below is a diagram that depicts how income for a nature market deal typically comes from:

  • Income from buyers – payments from the beneficiaries for the measurable, robust delivery of the ecosystem service. This can include payments for BNG units, carbon units, or potentially rental payments (where a buyer or third party leases the land to produce ecosystem services). Sometimes buyers are willing to make payments early to meet certain development costs.
  • Environmental grants – usually provided by government and philanthropic sources to support environmental outcomes, such as the Environmental Land Management schemes. This can also include Corporate Social Responsibility (CSR) funding from businesses.
  • Development grants – like with environmental grants, some government and philanthropic sources offer funds to specifically cover development costs. You can read more about development grants here.

 

 

Note: for simplicity, this Toolkit does not consider the use of funds from the farmers themselves, a third-party project developer, or an investor (see Milestone 7) as income, due to the fact that these must all be repaid in some capacity. These can however be considered as potential sources of funding.

Below are some questions that farmers can ask around their income sources:

 

Income from buyers

  • What is the major source of income from buyer(s) that I am reliant on?
  • Can I get advanced payment from my buyer(s) to meet certain costs?
  • Can I bundle other ecosystem services to increase the price paid?
  • Can I stack this income with other buyer payments – such as BNG and nutrient neutrality?
  • What are the timings of my payments, and how will that affect my farm’s accounting?
  • What tax treatments will I receive on any income from my buyer(s)?
  • Do I have a ‘selling strategy’ that allows me to be flexible, such as selling units in the future?
  • How can I factor inflation into any future payments from buyers?
  • Is there any political or regulatory risk that might jeopardise my income from buyers?

 

Environmental Grants

  • What is the grant(s) paying for, and how much flexibility is there in spending decisions?
  • Am I confident that I can ‘blend’ this with my income from buyers – such as meeting additionality requirements of both sources?
  • What is the timing of the grant(s) – for example do they meet costs already incurred?
  • What reporting requirements come with the grant(s)?
  • Do I need to work with other service providers – such as charities – to access the grant(s)?
  • What tax treatments will I receive on the grant(s)?
  • Can I access further grants based on the social impact of the project?

 

Stress Testing the Cashflow

As you build an understanding of what costs and income that the deal involves, you can stress test your cashflow to see how financially stable it is and how your expected profit might change.

In any cashflow forecasting, you will make several assumptions about how the figures will result in reality. Stress testing involves taking the key assumptions that you think are most likely to change and/or will have the biggest impact on your cashflow. This process is sometimes called sensitivity analysis, or scenario modelling.

For example, you might ask yourself: What if:

  • the initial works on the habitat are delayed by a year?
  • the market price falls when I plan to sell?
  • I cannot secure a certain environmental grant?
  • the habitat fails in Year Five?
  • the inflation rate goes up?

 

Depending on who you are working with, you might not be exposed to any of these risks. However, if you are taking on certain liabilities in the project, it is important to how this will translate to a financial risk for you and your farm business.

As a result, you might consider:

  • building in a cost contingency as a percentage of all your costs
  • taking out insurance or an indemnity
  • building in a cash buffer, or reserving extra land for the deal (a land buffer)
  • using upfront investment – such as debt or equity – to close any shortfalls in cashflow. (see Milestone 7).

 

Risks to the wider farm

Risks to the wider farm

 

Farmers are understandably concerned about the potential drawbacks that nature market deals can have on their wider farm businesses. As nature markets are a nascent space, many of these impacts are still being defined and quantified.

Below is a list of potential ramifications relating to how nature market projects affect other parts of farmers’ businesses – such as land values, succession rights, tax planning, and food production.

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How will this project impact my farm’s wider tax position?

The fear of adverse tax charges is a well-cited reason for farmers’ reluctance in nature markets.

As well as considering how the deal itself will be taxed – namely through income received – farmers must also bear in mind that some nature market agreements can affect other tax considerations on the farm, namely the use of Agricultural Property Relief (APR) and Business Property Relief (BPR).

For example, if a farmer leases land to a private company that builds a wetland and sells nutrient neutrality credits to a developer, then this would exclude agricultural use of the land and remove the eligibility of APR. Additionally the loss of APR would be compounded by the fact that BPR cannot be claimed, as the lease is an investment and not trading activity.

Conversely, farmers can claim Business Property Relief (BPR) when committing land to nature market projects using the Woodland Carbon Code (WCC) and the Peatland Code). This was announced in April 2023.

Farmers looking for clarity on their own circumstances should seek legal and tax advice.

Michelmores: Natural capital assets: taxation drives landowners’ choices provides more detail on this issue.

Note: from March – July 2023, HM Treasury and HMRC ran a consultation on the ‘Taxation of environmental land management and ecosystem service markets’. Changes to the rules of APR and BPR, along with other tax treatments, are in scope.

 

Could I be excluded from other agri-environment schemes across my farm?

Though the government has expressed its broad support for nature markets and their alignment with agri-environment schemes (see Public Sector Funding and Policy), it is currently unclear how most schemes, such as the Environmental Land Management schemes (ELMs), can be ‘blended’ with nature market deals.

The Landscape Recovery pilots – one of the new ELMs – are seeking to clarify the roles of ELMs with private finance, and the current government advice is that farmers will be supported to develop credible proposals for attracting private finance. For example, they will be able to use the Landscape Recovery grant to help them develop land management plans and create business models.

 

Could I need what I’m selling for my own natural capital reporting?

It is likely, given government commitments globally to reduce climate change and halt biodiversity loss, that farmers will be required through their supply chains to deliver on environmental outcomes in the future. This direction of travel is covered in more detail in Public Sector Funding and Policy. Farmers should engage with their supply chain to understand what they may be expected to deliver down the line.

This is important to know because farmers may be required by their supply chains to be net zero in the future – and if farmers have sold carbon credits beyond their own on-farm emissions, farmers may be not meet net zero requirements.  It is therefore recommended that you only sell credits above what it would take to offset your own emissions.

For example, some supermarkets are asking its farmers to sign up to sustainability commitments, such as carbon neutrality, where this would limit the amount of carbon a farmer can sell to another organisation. In the case where a farmer has signed all their available land to a separate carbon scheme and then face such requirements, they may be in a position where they have to acquire more land to stay in agreement with their agricultural buyer.

 

How does this project impact my succession planning?

Once farmers retire or pass away, they may be leaving their successors with an obligation to maintain the terms of the nature market deal, if still within the timeframe.

It is important to consider how this fits in with your succession planning, for example what funds you are leaving to help maintain the habitat, and how the project fits in with the objectives of the future landowner.

 

How will the land value of my site / wider farm change while the project is in place?

It is not yet clear how developing nature market projects on farmland will affect land prices.

As these markets develop, there may be an increase in the demand for land. For example, with the roll out of Biodiversity Net Gain (BNG), Defra estimates that 1,300 hectares of habitat would be required annually to meet property developers’ offsite needs. Land with a healthier stock of natural capital – such as soil carbon – can also improve land values.

However, putting said land into a nature market project often legally restricts the use of that land over the length of the underlying agreement, and therefore the nominal value of the land.

If you want to retain the option of selling or leveraging the land you’re using during the course of the agreement, it is a good idea to speak to a legal advisor and potentially a land valuer on what impacts the nature markets project (and the underlying legal agreement) might have on the land values of the land and any linked sites.

 

For tenants – will this project pose a risk to my agricultural tenancy?

The tenancy and ownership structure of land can have significant implications for farmers engaging in nature markets in the UK. The rights of tenants in relation to nature markets are still not entirely clear in the UK and can pose additional barriers.

Further considerations are provided in the Tenancy & Ownership section of the Toolkit.

 

How easy might it be to change the habitat on the site(s) after the project ends?

When designing a project, farmers may already have plans for the land they are using when the length of the project is finished (typically between 30-120 years). They might have the option to return this land to agricultural production, or use it to qualify for certain agri-environment schemes (see below).

However, these options are limited if the habitat itself is difficult to alter or reverse. For example, if a farmer wants to convert a wetland they previously installed for nutrient neutrality credit sales – they may find the costs of putting it back into agricultural production are prohibitive.

It is also worth noting that after the underling agreement ends, the habitat will fall under the planning and land classification rules of that time, which can also put a legal restriction on how the habitats are used once the agreement is finished.

 

Is there a public access risk to the sites being used, or the wider farm?

Farmers with land near public access routes or residential areas can encounter members of the public walking or cycling through their farm, at times in areas where they are not permitted.

If a farmer is committing a site to a nature market deal that is visited by the members of the public, they may consider how this will impact public access and the potential for damage to the newly established habitat on that site, or even other parts of the farm. For example, if fencing is put up around a newly planted woodland on a site that is regularly used by pedestrians, this may inadvertently lead to them diverting to other parts of the farm and posing an inconvenience – or even damage to the land.

 

Opportunities for the wider farm

Opportunities for the wider farm

 

As with potential drawbacks, there are also opportunities that nature market deals could offer to the wider farm. Below is a list of the most commonly referenced opportunities that farmers consider:

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Can nature markets help make my business more financially resilient?

Arguably the most often cited advantage of engaging in nature markets is the opportunity they provide to diversify wider farm business, enabling farmers to become less reliant on other income streams.

This is particularly true if the farmer is using marginal or less productive land in the project.

 

Can nature markets help make my land more ecological resilient?

Nature market deals and trades fundamentally rely on an improvement in natural capital, whether this is improved peatlands, woodlands, waterways, farm soil or other types of natural capital.

In the UK and across the globe, the impacts of improved natural capital on a farm’s overall profitability are being studied.

Many farmers in the UK, including those featured in the case studies of this Toolkit, believe that higher quality natural capital on a farm can make the land more resilient to climate events and other stressors. For example, improved soil health makes crops and pasture more resilient to drought.

In some cases, improved natural capital can also allow farmers to decrease costs by using inputs more efficiently, increase income (from the trade itself) and increase the long-term value of the land.

Below are some resources where you can read more about this line of thinking:

 

Can I create community, educational or scientific initiatives around the site?

Depending on the particulars of your project, there may be opportunities to start community, educational and scientific activities that relate to the site(s) themselves. This can be an opportunity for farmers to strengthen or build new relationships with stakeholders that are not directly involved in the project itself, but result in mutual benefits.

For example, farmers can:

  • partner with local universities or research institutes on relevant ecological practices, such as the effects of a restored / created wetland on the wider hydrology of the farm.
  • Include community members in the informal monitoring of the site(s), such as citizen science educational days organised with local schools.
  • create income streams that complement the nature restoration / creation aspects of the deal – such as eco-tourism opportunities and sales of regeneratively grown produce from the sites.

 

Such activities should be checked with the main stakeholders of your deal – including the buyers – to make sure these do not breach the agreement you have.

However, anecdotally it is said that farmers who can also deliver wider social benefits, such as the ones listed above, are looked upon more favourably by buyers and other core stakeholders in the deal.

 

Can I enter my site(s) into higher tier agri-environment schemes once my nature market agreement has ended?

As the term of the nature market deal draws to a close, you may ask yourself what the options are for managing or converting the habitat.

Though this cannot be confirmed now, most believe that with the direction of public funding and support, farmers will be able to put their habitats into environmental schemes that reward the maintenance of high quality habitats – such as the Higher Countryside Stewardship – without the cost of restoration or creation that was previously met by the terms of the nature market deal.

 

All Case Studies
Checklist

 

 

You can download a Word copy of the Milestone 5 Considerations as a checklist here, to help with your own project planning.

Alternatively, you can find a simple list of the Considerations below:

 

 

  1. Developing the financial model

 

Overall Considerations

 

  • What is the anticipated timeline of my project?
  • Will I need a financial advisor?

 

Assessing Costs

 

  • What development costs have been incurred to date? What development costs remain?
  • What are my future costs? When are these occurring?
  • Am I considering all types of costs across my project’s lifetime?
  • Should I include income forgone?
  • How am I accounting for inflation over the lifetime of the project’s costs?

 

Assessing Income

 

  • What is my income? When is that income expected?
  • What is the project’s ‘selling strategy’ for its ecosystem service(s)?
  • What is that income conditional on from the buyers’ / funders’ perspective?
  • How does each stream of income affect the ability to generate additional income sources?
  • What is the regulatory risk to each source of income?
  • What tax treatment will each source of income receive?

 

Managing the Financial Model

 

  • How often is financial data being collected and reviewed?
  • What systems are being used to store financial records and help with accounting?

 

  1. Identifying the need for investment and testing the financial model

 

  • What does the overall cashflow look like across the lifetime of the project?
  • Is upfront investment needed? If so, how much, when, and for what?
  • Can the project afford to pay this back? Over what period, with what returns?
  • How will I calculate the rate of return?
  • What underlying assumptions are being made about the project?
  • How do these assumptions affect the financials of the project when changed? Should I conduct a sensitivity analysis?
  • Should I build in a cash buffer or reserve?

 

 

  1. Writing the business case

 

Introduction to the Business Case

 

  • Can I summarise the project in a single page or less?
  • What is the ‘Ask’ of the audience?
  • What is the ecosystem service that the project is delivering? Why is it being delivered through this project?
  • What is the wider market that this project sits in, why has the project been started with private finance?

 

Overall Strategy

 

  • What is the project’s ‘Theory of Change’ in delivering environmental and social outcomes?
  • Can I show that the project fits into a wider vision for nature restoration in a landscape?
  • What are the short and long-term targets of the project?
  • What are the indicators for progress on these?
  • What is the unique advantage that the project has in achieving these?

 

Financial Approach

 

  • What is the overall profitability of the project? What returns are being offered?
  • What is the volume and unit of the ecosystem service? How is this being priced?
  • What is the transaction structure?
  • How is price expected to change? What is the selling strategy?
  • Are there any government revenue guarantees or schemes that minimise market risk?

 

Management and Personnel

 

  • What kind of investment is being sought to enable this?
  • What is the management team of the project? What experience do members have?
  • What is the organisational structure of the project?
  • How has internal and external capacity been assessed? What skills / experiences are key?

 

Risk Management

 

  • What are the project’s dependencies and risks, and how are these being managed / mitigated?
  • Should I include a risk register?

 

Marketing and Communications Strategy

 

  • Do I have a suitable marketing and communications strategy in place?
  • How do I develop a marketing and communications strategy??

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