Wed Nov 17 2021
We are close to finalising legal provisions with South Somerset District Council for their acceptance of Phosphorus Credits supplied under the terms of the Market Rules as adequate mitigation. Once these provisions are agreed we will be in a position to finalise Market Rules and contract templates for Nature-based Project Agreements and Environmental Credit Supply Agreements.
As such, we have extended the window in which Developers can register their credit needs until 26th November. We will then prepare a Catchment Opportunity Statement to summarise overall supply and demand for Market Round 1 in December. Training events and briefings wil be organised for early December to provide support to Market Participants prior to Market opening. Round 1 will likely only be able to supply credits for developments that drain to the Isle, Parrett Headwaters, Middle Parrett and Yeo Subcatchments. Supply in further Subcatchments (Tone, Cary and Brue) will become available in Round 2 which is now due to open in February 2022.
As well as providing projects for permanent mitigation, we will also be sourcing projects for short-term credit needs, these will allow permanent Credits from both rounds to be redeemable from October 2022.
Wed Oct 27 2021
Developers can now express an interest of their confirmed credit buying needs via the updated Credit Buyer Registration portal. Mitigation needs for developments in any location can be registered, provided they have a valid planning reference and can upload a copy of the results of their phosphate calculator output for the development. However it is likely that that supply of credits in the first Market Round will only be approved for use by developments in the South Somerset areas of the Isle, Middle Parrett, Parrett Headwaters and Yeo catchments. Future Rounds covering the entirety of the catchment are still planned to occur in early 2022.
Prior to opening Market Round 1, we plan to run some test events in mid November for likely participants (Suppliers and Buyers), so that they can familiarise themselves with the way bidding will work. These events will be based on "dummy" data. Invitations to attend from the Buyer side will be based on data in the Credit Buyer Registration portal.
Fri Aug 27 2021
Wessex Water, EnTrade, University of Exeter and Wheatley Young Partners ran a webinar for developers on 24th August to explain how the Market has been designed, how it will operate and how bids will be settled. Slides and Q&As from the session are now published in the Developers’ Briefings section of the Guidance pages.
We continue to finalise the Market Rules, plus template contracts for Nature-based Project Agreements and Environmental Credit Supply Agreements. We expect to publish these early in September.
Following the success of the market for farmers to offer short-term measures, we will run an additional market opportunity in early September, focusing on cover crops after Maize (one-year) and Arable Reversion (until March 2025). Follow the Market Events section to find out more.