Chamber and committees

The partnership will seek to deliver direct community benefit as a result of the investment, in line with the expectations of the Scottish Government’s Interim Principles for Responsible Investment in Natural Capital. This will include full consideration of community wealth building opportunities and exploring potential ways the investment could support more diverse land ownership, drawing on current and emerging advice from the Scottish Land Commission. No assessment has been completed at this stage as the project partners are in ongoing dialogue about how the investment model will work. However, assessments will be published after completion of the project design phase.

These items will be published and publicly available.

I refer the member to the answer to question S6W-15873 on 24 March 2023. All answers to written parliamentary questions are available on the Parliament’s website, the search facility for which can be found at https://www.parliament.scot/chamber-and-committees/written-questions-and-answers .

I refer the member to the answer to question S6W-15876 on 24 March 2023. All answers to written parliamentary questions are available on the Parliament’s website, the search facility for which can be found at https://www.parliament.scot/chamber-and-committees/written-questions-and-answers .

The Memorandum of Understanding has no fixed term and can be terminated at any time by NatureScot.

The Scottish Government has increased public investment and support in our natural capital through a variety of methods. This includes the £65 million Nature Restoration Fund, and the Facility for Investment Ready Nature in Scotland (FIRNS) that was launched in February this year. However, the Global Biodiversity Framework that was agreed at COP15 last year identified leveraging responsible private finance as a key target, and in Scotland alone it is estimated that there is a finance gap of £20 billion to meet nature-related outcomes.

For the purposes of this agreement, NatureScot entered into discussions with Hampden & Co., Lombard Odier Investment Managers and Palladium and mutually agreed that a Memorandum of Understanding would best define the ways of working and respective roles of parties, as is commonplace.

The Memorandum of Understanding (MOU) does not confer any guarantees or preferred status to the partners and allows NatureScot to work and enter agreements with other parties, both in the locations identified in the MOU and across Scotland. MOU signatories will not have exclusive access to land managers and external parties will still be able to submit applications for public funds and grants. The usual processes and policies for public grants will apply.

This is a partnership project and not a procurement project. It is not exclusive to the partners involved and NatureScot would be delighted to work with other responsible private investors looking to invest in nature restoration in Scotland.

Private investment resulting from the Memorandum of Understanding will support woodland expansion, peatland restoration and enhancement of other habitats. It will pay for all capital costs, though we anticipate that land managers involved will also apply to existing grant schemes such as the Forestry Grant Scheme.

Transport Scotland is currently developing a detailed programme and procurement strategy to deliver the improvements to the Old Military Road as quickly as possible. It is expected that these works will be carried out on a phased basis starting later this year. Once this work is complete I will share with the A83 Taskforce the estimated timescale for delivering Phase 1 of the medium-term solution. I share the urgency communities and businesses place in maintaining and improving connectivity of this vital route, and remain absolutely committed to ensuring continuity of access to Argyll and Bute so that the region remains open for business.