Member

The aim of proposed new subsection (1) in this amendment is to require water companies to investigate nature-based solutions alongside more traditional solutions to reduce flood risk and improve water quality, where it also benefits nature restoration in their catchments. Proposed new subsection (2) in the amendment then requires the authority to treat this investment the same as any other investment in the regulated asset base. The intention of the amendment is that this frees the water companies to invest in their catchments where it makes financial sense. We have only to look at South West Water, my own water supplier, and the investment it has made in 10,000 acres of peatland restoration on Dartmoor and 300,000 trees planted. The knowledge, access to the assets and willingness are there, but not the financial flexibility.