In Conversation with Helen Avery

Helen Avery, the director of Nature at the Green Finance Institute recently joined David on the ‘How to Avoid Moving to Mars’ podcast.

Helen is currently spearheading the Institute's efforts to facilitate the growth of viable nature projects while cultivating investor interest. This includes providing guidance and assistance to the Natural Environment Investment Readiness Fund. Additionally, Helen plays a pivotal role in managing the Secretariat for the Taskforce on Nature-related Financial Disclosures and supervising the UK National Consultation Group. 

Prior to her current position, Helen held the positions of Sustainable Finance Editor and Global Wealth Management Editor at Euromoney Magazine.

Helen and David explored her shift from corporate journalism to nature finance, as well as her position at the Green Finance Institute. They delved into various subjects, including corporate natural capital, nature credits, and the potential they hold as a source of income for farmers.

Tell us a bit about the Green Finance Institute (GFI).

The GFI was set up in 2019. It aims to work with the Government and the private sector to mobilise private sector capital to help the UK reach its net zero targets. This has now been expanded to include nature targets too.

We work across several sectors including decarbonisation, energy efficiency, nature and green taxonomy. 

The GFI was seed funded by the Government and the City of London Corporation. We still have funding from these stakeholders, but now the majority of our funding comes from philanthropic organisations. 

What do you see as the future of companies becoming nature-positive? 

I think we will see corporations being mandated to report on their impacts and their dependencies on nature. 

This is why The Taskforce on Nature-related Financial Disclosures (TNFD) was set up, to ensure that companies have the support they need to do this kind of work.

After identifying their risks and assessing the potential impacts, individuals and organisations will then embrace a more nature-positive approach. This may involve implementing sectoral transition plans and investing in business strategies that promote a nature positive outcome.

There will, however, come a point wherein businesses cannot mitigate all of their impacts on biodiversity, and that’s where the biodiversity credit market comes in. 

Are you seeing any businesses who are pioneering the nature positive agenda? 

Yes, we’ve certainly seen some early adopters.

GSK has committed to a positive impact on biodiversity on all of its sites by 2030. Plus, Oxford Bank has done a combined report, and Reckitt has also completed a report. There is certainly an enthusiasm for helping the planet and we are seeing commitments that are very large (in the billions) to nature. 

What do you think of the connection between biodiversity and climate change?

Unfortunately, a lot of the corporate sector see climate change as the first problem to solve, and then biodiversity. 

However, you cannot solve climate change without restoring nature at scale. There is no net zero without nature positive; these issues must be tackled together. 

What do you think about biodiversity net gain (BNG) and its potential as a revenue stream for farmers?

It feels like the noise around the potential for nature markets to be an alternative revenue stream is perhaps louder than it should be, as the expectations might not meet the current reality. 

As it stands, opportunities are limited and challenging. However, the GFI is currently developing a toolkit to help farmers to take stock of all the opportunities available to them which would complement their existing income streams the most.

While things are uncertain in terms of opportunities right now, there is no harm in getting ready for what farmers can do. Baselining now seems like a move that farmers and landowners will not regret. 

Which aspects of the BNG requirement do you think still need to be ironed out? 

The main aspect would be the enforcement of this new requirement, to ensure that there is maintenance of the sites over time and meaningful results for nature are achieved. 

Is there one person or organisation that you admire in the nature restoration space?

I’m inspired by the work of the African Wildlife Foundation. It is doing incredible work, and combines economic, community, government impacts on nature. For example, its work in Rwanda helped with gorilla populations and translated back into community ownership and economic development. It thinks really smartly about conservation and what it means for all members of the community and its organisations. 

Plus, Trees for Life in Scotland is an organisation I admire. It has a project to regenerate the Caledonian forests and the highlands, by piecing together different landowners to rewild it. 

It looks at nature restoration through the lens that the community is also part of that landscape, by considering what the community wants, whether that be affordable housing or more cultural references to the history of the land. It's a truly holistic approach and brilliant for community engagement. 

Is there anything you’re seeing in terms of innovation that would help reverse nature’s decline?

Regenerative farming is where we need to go. 

In the UK, 70% of our land is farmland, so we need to ensure that farmers are educated and paid fairly. This will encourage them to change their methods, reduce chemicals and farm in a way that helps our landscapes with additional benefits to them. 

What do you think might be the way to engage with farmers?

I think there is a gap in our communication with farmers. 

A network that speaks to farmers directly, showcasing case studies, economic advice and real life experience in moving to regenerative agriculture may be the way to connect with them. It can provide evidence why this transition is so important and beneficial, and get more people involved. 

Are there any upcoming initiatives in the world of nature finance?

The GFI is releasing a toolkit as a pilot for farmers to support them in the move to regenerative agriculture. The toolkit we’ve created is sensitive, and nods to the heritage and culture of farming, to ensure that it is fully accurate and resonates with those in the sector. 

We also have a piece of work supported by the Bank of England, which we’re working on with the University of Oxford, the University of Reading, CEH, and UNEP WCMC to assess what the UK’s nature related risks are, and what that means for GDP and financial stability. This signals that the Bank of England is serious about nature related risk and will drive corporations to make a move and start thinking about their biodiversity impacts. 

What is essential to drive nature’s recovery? 

We need strong leadership that prioritises looking after people and looking after nature.

A thriving and resilient country can only be achieved by ensuring that biodiversity is protected and restored. This helps with food security, the economy and of course, people and their health.