Habitat bank lets developers 'offset' climate harm

illuminem summarizes for you the essential news of the day. Read the full piece on the BBC or enjoy below:

🗞️ Driving the news: A new "habitat bank" in Greater Manchester allows developers to purchase biodiversity units to offset environmental harm from their construction projects
• The Horwich habitat bank spans 51 hectares of low-yielding farmland, set to be transformed into species-rich meadows
• This initiative is part of a larger scheme by Environment Bank, which has 25 such habitat banks generating over 4,000 biodiversity units

🔭 The context: Biodiversity net gain (BNG) projects enable developers to compensate for ecological damage by funding off-site nature restoration
• The Horwich site, near the West Pennine Moors, aims to boost local wildlife populations and improve farmland through conservation grazing with native cattle breeds
• The approach provides farmers with long-term income while enhancing biodiversity

🌍 Why it matters for the planet: Habitat banks like Horwich promote nature recovery and preserve biodiversity, helping mitigate the negative environmental impacts of urban development and ensuring ecosystems thrive

⏭️ What's next: Developers can purchase biodiversity units from these banks to comply with environmental regulations, while the habitat bank will continue evolving, drawing more native species back to the area

💬 One quote: "Receiving funding to manage the habitat bank offers both certainty and a stable income for our family business for generations to come," said Richard Pendlebury, landowner of the Horwich habitat bank.

📈 One stat: Environment Bank has 25 live habitat banks, generating more than 4,000 biodiversity units.

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