The funding is being awarded through the Facility for Investment Ready Nature in Scotland (FIRNS) is co-funded by The National Lottery Heritage Fund in partnership with the Scottish Government and NatureScot. It aims to help create a pipeline of market-ready projects to help attract responsible private investment in Scotland's nature.
This year, the funding is being used to support 27 diverse projects. The funded projects are spread across Scotland: from the Solway Firth to Shetland, Fife, across central Scotland, and the Hebrides.
Examples include using private finance to restore river catchments to improve water quality and reduce flood risk, while creating community assets such as growing spaces and improved greenspace.
Environment Minister Gillian Martin visited the Water of Leith Catchment in Inverleith Park - one of the projects to benefit from the new funding. She said: "The Scottish Government is already investing in nature at scale – with £65 million in the nature restoration fund and £250 million peatland restoration alone.
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"However, given the scale of the challenges we face, public investment alone will not be sufficient to meet our ambitious climate change and nature targets. That is why both public and responsible private investment in Scotland's natural environment will be essential.
"As set out in our new Programme for Government, we are committed to taking forward our distinctive market vision in Scotland – that is a market for responsible investment that contributes to a just transition by benefitting the environment and supporting communities.
"The Facility for Investment Ready Nature in Scotland will support a diverse range of projects - from those seeking to restore coastal saltmarshes, to iconic Atlantic rainforests, peatlands, rivers, lochs, farmland biodiversity and green spaces for nature and people. Encouraging responsible private investment will help ensure these projects can continue to grow and thrive."
NatureScot Chief Executive Francesca Osowska said: "As we tackle the climate-nature crisis with a growing urgency, everyone has the responsibility to get us to net zero. These first-round FIRNS grants offer communities, companies, charities and individuals across Scotland the opportunity to develop bold business cases and financial models which will attract the investment required to restore nature.
"I'm inspired by the creativity and ambition these projects show us as we scale up our efforts to halt biodiversity loss and create a nature-rich country for us all. A thriving natural capital market that benefits the restoration of our coasts, rainforests, peatlands, farmlands and urban greenspaces is great for communities and great for nature."
The National Lottery Heritage Fund Director for Scotland Caroline Clark said: "FIRNS is an exciting opportunity to explore new ideas on how we attract vital investment to support the restoration of nature in Scotland. We are funding over £1.8 million in grants to develop investment models that are good for nature, good for communities and good for the economy.
"At The National Lottery Heritage Fund we are passionate about communities being at the heart of what we fund, and community involvement is vital to these projects. It is thanks to National Lottery Players that we can support this innovative work."
