Businesses – Get Involved

Further investment in Keswick’s ‘hard’ flood defences does not hit the strict criteria set for national flood risk funding. Unless the funding formula changes, Keswick will not see any further investment in ‘hard’ flood defences anytime soon. At the same time climate change is increasing peak river flows – the north-west is predicted to be one of the areas impacted worst by increased flows, and the flood defences are already operating at a considerably lower standard of protection than that for which they were originally designed. This could impact flood insurance for local businesses as well as increased frequency and levels of flooding. This project is the opportunity for everyone to come together – locally and nationally, to really make a difference, not just for flooding but to address the biodiversity crisis we are in, whilst supporting the local farming community.

We are looking into how Biodiversity Net Gain and/or Carbon Credits could work with or alongside this project. They cannot be ‘stacked’ with other benefits and are effectively ‘owned’ directly by the landowner. It is likely that we won’t be able to offer BNG units or Carbon credits in return for a contribution towards this project. We await further government guidance to inform our thinking on this.

At the moment we are looking to raise the profile of this project amongst local businesses and residents with a view to having more detailed conversations about how you could get involved.

The project has a detailed business plan. The project will only go ahead if we get all of the required funding together from buyers and investors, as well as sufficient landowner commitments. Therefore, any commitments from local businesses will only be drawn upon when required. However, we will likely draw up a Memorandum of Understanding to confirm interest and demonstrate commitment to any potential investors.

The project team are aiming to encourage local businesses to agree to join a local business consortium which will make an annual payment to help fund the project and maintain it in the catchment. This will be a 10-year commitment at an annual amount agreed with you and you will only make payments if the NFM interventions are in the ground and being properly maintained by landowners – this will be audited annually. We expect the local business consortium to make up approximately 10% of the total annual funding required by the project – with 90% coming from larger public and private sector organisations. A meaningful local contribution is crucial in engaging these other parties however. We are open to flexibility and could take a one-off donation if this suited a local business better.

The project will be delivered through a Community Interest Company limited by guarantee (i.e. it has no share capital or ownership). The CIC will have a board of directors representing all stakeholders e.g. landowners, local community, Rivers Trust, local business, local authority etc and profits will be reinvested into its long term objectives which is to ensure catchment resilience. We are basing this model on an earlier successful pilot developed by the Rivers Trust movement – the Wyre NFM project in the Forest of Bowland, North Lancashire. We have a good deal of momentum now with the project having engaged farmers and landowners, undertaken hydrological modelling, business planning, financial modelling and interest from some of the larger buyers. This is a Defra funded pilot with a high profile, so we have government support as well. A meaningful local business contribution is an important signal of support and commitment however – so it’s important we can show other stakeholders that those who stand to benefit directly are also contributing.