The Scottish Government has announced a new fund of £1.8 million to help environmental organisations, community groups, land owners and farmers to grow their nature projects.

The Scottish Government and NatureScot, working in partnership with the National Lottery Heritage Fund, and with support from the Green Finance Institute, are launching a new programme of support to help scale up private investment in Scotland's natural capital.

Grants of up to £240,000 will be offered to organisations and partnerships to help develop a viable business case and financial model, to attract investment in projects that can restore and improve the natural environment, such as, but not limited to, woodland creation, marine enhancement and peatland restoration. Successful projects will also demonstrate the means to engage and share benefits with communities, contributing to a just transition.

The Facility for Investment Ready Nature in Scotland programme also aims to ensure that investment in, and use of, Scotland's natural capital creates benefits that are shared.

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Minister for Environment and Land Reform Mairi McAllan said: "The Scottish Government has already significantly increased public investment in nature restoration through, for example, our £65 million Nature Restoration Fund.

"But public investment can't do it alone. The finance gap for nature in Scotland for the next decade has been estimated to be £20 billion - that's why we are working to find ways to bridge this finance gap through leveraging responsible private finance.

"The Facility for Investment Ready Nature in Scotland programme will enable swifter, easier and scaled up development of nature-based investable projects across the country. It has the potential to grow natural capital markets that reach across rural, urban, terrestrial and marine settings, and to support a wide variety of natural assets and ecosystem services."

NatureScot's Director of Green Economy Robbie Kernahan said: "Scotland's nature is in crisis: its unique habitats and ecosystems will only continue providing the benefits to our wellbeing if we act now to value it and invest in it. The new Facility for Investment Ready Nature in Scotland is a vital opportunity to stimulate that investment and will help us halt nature loss – we must grasp it with both hands."

Heritage Fund Director for Scotland Caroline Clark said: "Thanks to money raised by National Lottery players, we are delighted to support this programme which will ensure more of Scotland's natural capital can be unlocked for the benefit of the environment and communities.

"FIRNS offers an exciting opportunity to explore ways of diversifying income for Scotland's nature sector and building skills, capacity and resilience for the communities and organisations who are caring for the future of our natural world in a time of immense change."