The Government has announced that development of an Environmental Markets Governance Scheme for the UK is under way, with Defra funding Broadway Initiative to take the work forward through the Nature Markets Dialogue.

Today Defra has published Growing Places: Mobilising private finance for local nature recovery.  Addressing Government plans for Market Oversight, the report says:

"We are working with industry and devolved governments to explore an independent oversight mechanism for UK nature markets. This Environmental Market Governance Scheme would be a voluntary, industry-led mechanism, with registration conditional on compliance with the scheme rules. 

"Defra has provided funding to support initial work on the scoping and design of the Scheme, and will provide further support to establish the Scheme subject to approval of the final design. This aims to test whether independent oversight provides enough practical, reputational and market value for participants, buyers and other stakeholders."

Over the next six months, current and potential environmental market participants and market stakeholders will have an opportunity to shape the Scheme through a programme of consultation and engagement ahead of an expected launch of the Scheme in mid-2027.  

The Scheme will be independently administered by the not-for-profit Environmental Markets Board Limited under arrangements agreed with Broadway. 

The Development Programme will be launched at a webinar on 6th November, where a panel of stakeholders will explain the genesis of the scheme, discuss the governance gaps it aims to fill, and explain how the Scheme aims to increase confidence and reduce complexity and cost of environmental market participation in the UK. 

Register to attend the webinar, and if you are unable to join us on 6th November you can still sign up to the Nature Markets Dialogue, to make sure you are kept up to date with all future opportunities to have your say.