The Policy Observatory’s Dr David Hall, along with collaborator Sam Lindsay, were recently awarded a $50,000 grant through Foundation North's Gulf Innovation Fund Together (GIFT) to work towards piloting a Permanent Forest Bond in the Hauraki Gulf catchment.
Soil erosion, native biodiversity and reducing net greenhouse gas emissions are challenges that can be addressed, in part, by tree planting. However, many landowners lack access to upfront capital to establish permanent forests on marginal land, even when this land use change would be preferred by landowners. The Permanent Forest Bond is a path-breaking “integrated impact bond”, which is built upon pay-for-performance contracts and delivers combined social and environmental impacts, including carbon sequestration, increased soil stability and regional job opportunities.
Foundation North’s grant will support David and Sam to identify sites for pilot schemes in the Hauraki Gulf area, to build a business case for the Permanent Forest Bond, and to develop accounting tools to manage the financial dimension. Science reporter Jamie Morton recently profiled the bond and its opportunities for the New Zealand Herald.