As reported in early September, six innovation projects that use data and AI to make environmental monitoring and investment easier have won grants from Innovate UK totalling £2 million.
The grants, which range from £250,000 and £500,000, are part of the IFB Programme.
One of the successful applicants was Caledonian Climate who will use the grant to drive private investment in peatland restoration.
Healthy peatlands naturally absorb and store CO2, acting as an effective carbon sink. However, when degraded or dried out – as up to 80% of the UK’s peatlands are – they actively emit CO2 into the atmosphere. In fact, degraded peatlands account for around 15% of Scotland’s GHG emissions (4% of the UK’s), making them the 5th largest emitter. By restoring damaged peatlands carbon emissions can be reduced by up to three tonnes per hectare per annum, positively contributing to global net zero goals.
Caledonian Climate delivers end-to-end peatland restoration projects, unlocking natural capital for landowners and providing businesses with authentic, high-quality, nature-based-solutions.
The Scottish consultancy applied for the grant to advance existing understanding and remove barriers to scaling investor activity in peatland restoration, enhancing investor confidence by removing uncertainty.
Caledonian Climate, working in partnership with New Gradient and other industry organisations, will use the grant to fund:
- The advancement of deep learning AI to increase the accuracy and efficiency of peatland restoration planning, reducing risk, improving revenue potential and enhancing the investment proposition of peatland projects.
- The development of a cost-effective annual verification procedure for The Peatland Code, which in turn provides a clear pathway to annual revenue streams, derived from the sale of risk-reduced verified peatland carbon units.
- The creation of a comprehensive report on peatland restoration maintenance, including case study derived cost projections to remove uncertainty and boost finance models’ accuracy.
Freddie Ingleby, the Managing Director of Caledonian Climate, commented on the funding:
It is an immense privilege to have been awarded Innovate UK’s Unlocking Nature Positive Private Investment funding.
We envision the outcomes of this grant having a significant impact on the liquidity and reliability of peatland restoration in the UK, increasing confidence and transparency in the sector to generate private investment and, in turn, tackle the urgent global climate and nature crisis.
Ellis Dupker, Technical Officer Peatlands of Wetlands International, added:
Wetlands International is a proud partner of Caledonian Climate and delighted to learn it has been awarded the Innovate UK grant to accelerate private investment in peatland restoration projects in the UK. Healthy peatlands are invaluable nature-based solutions to tackling the climate and biodiversity crises, and increasing private finance in peatlands is critical to scale up restoration efforts for people, climate and nature.