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The above introduction are the words of Stan Smith, The Wildlife Trusts鈥� Programme Manager for The Atlantic Rainforest Restoration Programme. Under the scheme, Wildlife Trusts across the UK will restore 1,175ha (2,903 acres) of temperate rainforest. This rare and biodiverse habitat used to cover one-fifth of the land stretching from Cornwall to the west of Scotland, but is now limited to approximately 1% of the UK. 

It鈥檚 projected that the restoration will sequester an estimated 222,000 tonnes of carbon by 2050 and a total of 800,000 tonnes by the end of the 100 years. Carbon credits realised under the Woodland Carbon Code as a result of the rainforest restoration will be passed to Aviva to help the company reach net zero, taking into account its anticipated supply chain emissions over the next 10鈥夆赌撯赌�15 years, by 2040.

The programme isn鈥檛 a transactional relationship with Aviva where a certain amount of carbon credits are produced in return for its investment, says Smith, but a partnership that aims to maximise biodiversity and positive outcomes for local people and demonstrate how much carbon can be removed as a result. 鈥�鈥�Aviva鈥檚 involvement sits somewhere between a direct investment and philanthropy, because the long-term outcomes of rainforest restoration are still unknown.鈥� 

It鈥檚 important when partnering with big corporates to ensure that all parties understand and appropriately manage the risk, he explains. 鈥�鈥�If you don鈥檛 get the contracting right [it] could easily bankrupt a small rewilding project or charity. Appropriate legal advice is essential.鈥� Aviva is also funding academic research to assess how other benefits of the rewilding scheme can be quantified, including the possibility of generating water and biodiversity credits. Restoring the temperate rainforest will do so much more than simply absorbing carbon. By encouraging a habitat that supports mosses, lichens, ferns and a host of rare species, the project will help moderate water flows, and improve shading in the hotter, drier conditions expected with climate change.

The ability to 鈥�鈥�stack鈥� different ecosystem services generated by a project is crucial, argues Smith鈥夆�斺�塨ut it鈥檚 currently not allowed under the Woodland Carbon Code. The code 鈥�鈥�was designed by foresters thinking about planting trees in straight rows, when we鈥檙e trying to create these amazing, rich temperate rainforests with all sorts of structural diversity.鈥� 

鈥�If you could add a biodiversity credit on top of [carbon], then rewilding would make much more commercial sense,鈥� Smith says. He鈥檚 hopeful that the programme鈥檚 ongoing discussions with the Woodland Carbon Code will help shape how future rewilding projects can use the code.

The programme plans to buy the land nationwide in just over four years and to create many real-world examples of how rewilding can work across the UK. 鈥�鈥�The next corporate that funds rewilding will have much less risk, because the gains will be much better understood,鈥� says Smith. 鈥�鈥�The idea is that this will lead to nature conservation on a much greater scale.鈥�

Published as part of our Rewilding Finance report, June 2024.