The South Downs National Park has become the first in the country to launch a scheme to enable businesses to invest in effective nature recovery.

The green credits scheme is the latest stage in the park authority's ReNature campaign to create 13,000 acres of new land for habitats. The aim is to ensure that 33 per cent of the national park is managed for nature by 2030, while the remaining 67 per cent is nature-friendly.

The aim of the scheme is to boost biodiversity and create self-sustaining environments.

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Partner and head of natural capital at law firm Michelmores, Ben Sharples, said: "The corporate ESG (Environmental, social, and governance) market has vast potential, but buyers will want a blue chip product to avoid reputational issues. 

"The South Downs National Park will no doubt provide that blue chip credibility as the local planning authority (LPA) who are tasked with enforcing the habitat establishment and maintenance which produces the voluntary biodiversity net gain (BNG) credits. 

"They have attempted to minimise questions about potential conflicts of interest by appointing Earthly to authorise and sell the credits. This division of roles of enforcer and broker is crucial when structuring these deals to avoid allegations of LPAs marking their own homework. 

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"There has to be a transparent arrangement to ensure high-quality habitat is produced with the Biodiversity Net Gain credits then authorised in such a way that avoids double counting and any suspicion of greenwashing."

As well as his contentious work, Ben heads up the Michelmores Natural Capital team advising clients on issues relating to carbon sequestration, payments for environmental services and sustainability.

This mix of expertise and environmental experience is of particular relevance in this new and rapidly developing market where agreements need to be flexible enough to embrace as yet unknown future opportunities, and clear to avoid disputes.