Lincolnshire joint venture company rePLANET Wildlife has attracted £600,000 of investment, based on a £2 million valuation, with the support of local law firm Shakespeare Martineau.
The new company, set up by majority shareholder Operation Wallacea Limited (Opwall) will provide carbon and biodiversity credits for companies seeking to invest in nature – either as part of their ESG (environmental, social and governance) commitments, such as net zero, or a more general desire to invest in this emerging asset class.
The company will help to protect and restore areas of high nature value, facilitate uplift in biodiversity and carbon stocks, and generate tradeable natural assets, specifically biodiversity and carbon credits.
In order to develop and measure the concept of biodiversity credits, the Wallacea Trust (registered charity 1078362) has formed a 50-strong Biodiversity Credit Working Group comprising large corporates, financial institutions, experts in different taxa and biostatisticians, to establish a method for an international biodiversity credit that could be traded in the same way as a carbon credit.
The investment will enable rePLANET Wildlife to implement its aims, making use of Opwall’s existing biodiversity sector expertise.
Director at Opwall Alexander Tozer said: “This is a really important venture for Opwall; the world is facing two major environmental threats – climate change and species loss, and while many companies want to be able to support nature, there is a lack of a transparent mechanism through which they can do this. This is where biodiversity and carbon credits come in.
“This is a sector that’s growing at pace, and we’re proud to be at the forefront of biodiversity credits.”
Lincoln-based law firm Shakespeare Martineau provided legal advice and support in setting up the joint venture, including the project documentation prior to investment.
Michael Squirrell, corporate partner at Shakespeare Martineau, who led the deal, said: “We’re delighted to support a Lincolnshire-based business make a positive step in combatting climate change.
“As a firm, we are becoming involved increasingly in ESG and net zero projects and with the breadth of knowledge across the firm, we’re well-placed to support organisations such as Opwall who are leading developments in this space.”