Academics from the University of Exeter Business School have been involved in the development of a new service that matches landowners with developers to ensure that building does not damage the environment through nutrient pollution of our waterways.
This transparent, fair, and efficient way of reducing pollution is already unlocking developments that will deliver hundreds of much-needed new homes. The Somerset Catchment Market enables developers to meet their nutrient neutrality obligations by finding landowners in the county who can deliver nature-based projects on their land providing accredited nutrient mitigation.
The first market round is expected to unlock over 200 dwellings including individual homes, small to medium housing developments and multi-occupancy buildings such as care homes.
Brett Day, Professor of Environmental Economics at the University of Exeter Business School, said: “It’s clear the current system of one-to-one trading of nutrient mitigation has failed, and this is holding up housing developments. However, this doesn’t mean we should abandon protecting the environment. With careful market design, we believe thousands of homes can be built while still protecting the environment.”
Dr Luke Lindsay, a Senior Lecturer in Economics, said: “To progress stalled building projects, developers need to find ways to take nutrients out of our rivers. Landowners can construct nutrient-capturing wetlands or woodlands. The market we have designed matches developers with landholders allowing building work to progress, while protecting the environment, while ensuring a fair outcome for all parties. The Somerset Catchment Market will reduce costs and the hurdles involved in building work, allowing much-needed housing to be completed.”
