Milestone 03


High Fen Wildland


Baselining and Estimating Ecosystem Services


Project Summary

High Fen Wildland (High Fen) is a 292-hectare grassland site located in the Norfolk Fens in the east of England. The site is managed by Nattergal, which took ownership in 2022. Previously, the site was an arable and daffodil farm with limited food production value due to the complex hydrology, before being bought and converted to grassland by the previous owner with support from Natural England. Nattergal’s aim for High Fen is to fully rewild the site through the restoration of its near-natural hydrology and the improvement of species abundance, communities and diversity.  

High Fen is demonstrating how Biodiversity Net Gain (BNG) and the Peatland Code (PC) can be used in tandem to support these goals, with plans to generate up to 60,000 carbon units through the Peatland  Code and 550+ BNG units, spatially allocated across the site. High Fen is unique due to its hydrological isolation and potential for restoration of a broad range of habitats, including calcareous grasslands, lowland fen, peripheral scrub, willow carr, wetlands and reedbeds.  

Milestone 1: Initial Project Scoping

Often the initial task is to understand the site(s) you want to use and the land use change needed for nature restoration or creation. This includes considering the goals of the land managers involved, the vision within the wider catchment or neighbouring area, and whether there are permits or planning consent needed for any proposed changes.

At this stage, you can also conduct a high-level assessment to determine which revenue streams can be generated from ecosystem services , e.g. carbon credits, flood reduction cost savings, or biodiversity units, which will be crucial for identifying buyer interest.

Finally, it is useful to have an idea of the costs of the project and potential grant funding that may be available to support initial development.

Milestone 2: Identify and Work with Sellers

Initial ownership of the ecosystem services will belong to the landowners or, in some cases, the tenants of the sites that the project is using. However, these can be passed onto others, such as third-party project developers, with appropriate legal arrangements and compensation. In some cases, there may be a sole seller of the ecosystem services, where the site or landholding is large enough that it delivers the volume of ecosystem services needed to cover the costs of the project and attract buyers.

However, in order to achieve scale and impact, a project will likely involve multiple sellers, such as neighbouring farmers and estate managers. Scale of land is often needed to deliver significant environmental outcomes, and also to attract private finance.

Where they are not the land managers in question, project developers must plan how they initially contact and engage with these sellers going forward, building their wants and needs into the project.

Milestone 3: Baseline and Estimate Ecosystem Services

At this point, you will have understood the vision for the project and identified a particular ecosystem service or set of services to be sold. The next step will be to carry out detailed analysis – baselining each ecosystem service and quantifying what will be able to be delivered from the interventions, as well as planning how to monitor and maintain these interventions. You will need to rely heavily on ecological expertise for this more scientific Milestone.

At this step, standards, verification and accreditation methods will be considered in more depth.

Milestone 4: Identify and Work with Buyers

Based on your earlier market analysis in initial project scoping, you will have identified one or more groups of beneficiaries who may be willing to ‘buy’ or pay for the ecosystem service(s) to be created, restored or maintained. Buyers vary – as do their requirements – but at this step, greater buyer engagement is now needed to develop a deal that channels money towards the nature-positive outcomes that your project wants to deliver.

 

 

Milestone 5: Develop Business Case and Financial Model

You’ll have started building your business case and financial model in earlier steps – laying out your project’s vision, the market proposition and estimating costs and income. This step offers a review, in addition to providing details needed to build out the financial model and business case more fully. Both of these key documents will be iterated throughout project development, and will likely be altered during project delivery as new information emerges. These documents are interlinked and, if developed correctly, will ensure your project’s viability and help you with discussions with stakeholders – including sellers, buyers and future investors.

The financial model will also enable you to better understand the type of structure your project may take to attract investment (i.e.a loan, an equity investment, a bond) and what sort of returns you can afford to pay/offer.

Milestone 6: Develop a Governance Structure

A governance structure will inform the way in which the project is run when fully operational and for what purpose. It identifies appropriate decision making processes, who is responsible for what actions, and what controls are in place to make sure that the project is meeting its stated goals, all while abiding by the risk appetite of its engaged stakeholders. The legal entity to host the project will be a key driver in this, and the appropriate choice of entity will be dependent on several factors that are outlined below.

Your governance structure should align with and underpin your business case, as a necessary component of how the project will deliver its environmental outcomes and other strategic targets.

Milestone 7: Identify and Work with Investors

It is important to note that not all projects will need up-front investment, but for those that do, this section provides a framework for thinking around the development of the investment model. This does not constitute financial advice – as the GFI is not licensed to do so. However these considerations are based on the insight offered by project developers and other market stakeholders.

An investor will be a new core stakeholder in your project, and it’s just as important to think of what you require from investors, as much as what they require from you – so that you can build a positive and collaborative relationship with them.

This entails defining the investment ask (in line with the financial model), the strategy for approaching the right investors, and the negotiation of terms that can then be formalised in contract development (Milestone 8).

 

Milestone 8: Establish Legal Contracts and Closing

When all relevant stakeholders have been engaged and their terms of engagement are clarified as much as possible, this is the time to develop the legal contracts and close the deal. This stage is last because legal fees are expensive, and it is generally advised to determine as much as possible in previous stages before starting to draw up contracts in earnest.

Note: The information in this Milestone does not constitute any form of legal advice but instead serves as practical advice on how to manage engagement with lawyers and the process of contract development.

The Green Finance Institute is not a firm of solicitors or connected in any way with the courts. The information and opinions we provide in this section and across the Toolkit do not address your individual requirements and are for informational purposes only. They do not constitute any form of legal advice. We recommend that appropriate legal advice should be taken from a qualified solicitor before taking or refraining from taking any action.

Community Engagement

Community engagement is highly advisable for any project that aims to sell ecosystem services, to ensure fair outcomes for local communities and the long-term success of the project. Project developers can build connections with local stakeholder groups early on to spot both risks and opportunities.

Policy and Regulation

Project developers and enterprises will need to keep a continuous check on how current and future policy may affect the project, and also opportunities for the project to inform policy. The role of private finance for nature across the UK is being encouraged by the UK government and its devolved administrations, and new rules, standards and markets are being developed.

 

Quick Stats

  • Location: Norfolk 
  • Size of Land: 292 hectares 
  • Tenancy & Ownership: Owner-occupiers 
  • Nature Market Focus: Peatland Code, BNG 
  • Project Partners: Natural England, Lincolnshire Wildlife Trust, Environment Agency, Centre for Landscape Regeneration, Centre for Ecology and Hydrology 

 

Acknowledgements 

With many thanks to the following individuals for their time and insight: 

Matthew Hay, Natural Capital Manager at Nattergal  

Frank Street, High Fen Wildland Site Manager 

 

 

Published: 27/10/2025

Next Milestone

Key Points:

  • High Fen has been baselined using the Peatland Code (PC)’s field protocol for fens, and Defra’s Biodiversity Net Gain (BNG) UKHab survey assessment. 
  • Nattergal has separated areas for registration under the PC and BNG according to both their nature market potential and ecological feasibility. 
  • High Fen is the first lowland peat site to be validated under the Peatland Code, validated in July 2025. Current estimates suggest the site is capable of generating more than 60,000 peatland carbon units (PCUs) across two phases of restoration.  
  • Nattergal has taken a conservative view on its BNG unit calculations due to its approach of using natural processes to re-establish habitats. It has confirmed that it will explore selling any unplanned uplift in the future, as the habitats become established. 
  • High Fen’s main interventions are aimed at restoring the site’s natural hydrology, including the installation of a bund, blocking ditches and marl excavation.  
  • Nattergal has established a control site on a neighbouring farm to compare biodiversity outcomes for the foreseeable future.  

 

Baselining and Use of Codes 

The two major methodologies with nature market potential that were used to baseline High Fen were the Peatland Code (PC)’s recently launched field protocol for fens, and Defra’s BNG metric.  

From its initial findings (Milestone 1), Nattergal identified separate areas that were likely to generate significant uplift under these methodologies, but needed to fully baseline these areas to confirm their suitability.  

 

Peatland Code 

Nattergal aims to achieve a ‘rewetted fen’ status across ~85 hectares of High Fen, aiming to certify in excess of 60,000 Pending Issuance Units (PIUs) across two phases of Peatland Restoration.  

High Fen is the first site to be validated under the new protocol – launched within Version 2.0 in March 2023. The site’s plans for Phase 1 were validated in July 2025. Planning and building the application took a significant amount of time as the team gathered the necessary data and came to grips with the protocol. 

Key to the site’s submission to the PC was a more detailed hydrological analysis – as raising the water table is essential for rewetting a fens site and its success affects the number of units generated. Nattergal worked with Haycock Environmental Consultants to analyse the site’s hydrology over two years. This exercise identified where rewetting and raising the water table would be feasible, to what depth, what interventions would be necessary, and generated a full monitoring plan for the site’s hydrology going forward.  

Another key component in baselining was the soil sampling, which defines the depth of the peat and therefore the duration of the project and how many PIUs it can sell1. Exo Environmental were commissioned to take core samples, measuring a depth for each peat core and other key details. Nattergal used this information to exclude areas of shallow peat depth from the carbon project. 

Overall, Nattergal has identified two separate areas to register with the Peatland Code: 

  • Phase 1 began in December 2024 and will last for 45 years with average peat depths of 65cm, covering 30 hectares.  
  • Phase 2 will begin in October 2025 and will last for 33 years with average peat depths of 55cm, covering 55 hectares. 

This phased approach has been taken to manage the overall baselining and implementation process – driven mainly by High Fen’s hydrology and peat depth differences.  

Figure 1: Map of Phase 1 of Peatland Restoration (Land App)

Figure 2: Map of Phase 2 of Peatland Restoration (Land App)

Biodiversity Net Gain 

Alongside the PC baselining, Nattergal assessed areas more likely for BNG uplift and made decisions over which areas would be more suitable under either scheme.  

Overall, Nattergal has submitted 114 hectares for BNG. 

Hay comments that a UKHab survey together with overlayed Natural England habitat types (Floodplain Grazing Marsh) was mostly sufficient for defining High Fen’s BNG offering – covering type and condition of habitats.  eCountability undertook the UKHab survey, showing that much of High Fen’s habitat is ‘coastal floodplain grazing marsh’ – a high distinctiveness mosaic habitat within the BNG metric. Nattergal’s in-house ecologist built on the UKHab survey’s findings with an assessment of what habitats could be more easily improved as per the BNG metric’s condition criteria, such as moving areas from ‘poor’ to ‘moderate’ condition. 

Due to its preference for natural re-establishment processes and the associated uncertainty, Nattergal has taken a conservative position on what habitats it expects to generate and therefore has covenanted a lower number of BNG units than what would be possible if the aim was to maximise unit yield. This conservatism allows natural processes to function freely, without creating a management burden and crucially will likely generate better outcomes for biodiversity. Once the future state and condition of the habitats are established, Nattergal has confirmed it has the ability to further enhance the habitats and sell the additional units once verified.  

Figure 3: Map of planned post-intervention habitats at High Fen (Nattergal)

Hay remarks that, as further detailed ecological, hydrological and soil data came to light, High Fen’s natural capital planning was a “balancing act” between the areas designated for either the PC or BNG. In some areas, High Fen has areas of high peat depth but also areas of greater BNG potential. In some cases, Nattergal has opted for BNG due to ecological factors, such as a reduced ability to keep the water table raised.  

It is important to note that the management of the site will be largely consistent across the site as a single unit – rewetting and a minimum intervention natural process led management approach – it is only the natural capital funding mechanism that is different based on habitats and soils.  

 

Other Methodologies and Data Collection 

Nattergal has partnered with several organisations to collect further data and guide its landscape restoration plans, including: 

Nattergal has also used bioacoustics, LIDAR, satellite imagery, drone surveying, biodiversity transects and other ground surveys to gather more data.   

While these have often presented extra costs to date, Hay says that this data collection has given much more confidence in planning – such as the design and placement of the bund for High Fen’s hydrology.  

 

Interventions and Restoration Work 

Nattergal aims to use natural processes as much as possible to restore the site: “we are seeking more water, more nature and better climate resilience,” comments Hay.  

The most direct interventions for High Fen have been to raise the water table. These interventions include the establishment of a bund, blocking ditches, and marl excavation to create semi-permeable barriers within the soil. A competitive tender process was undertaken to appoint the contractors used for this work.   

Going forward, High Fen will require a winter water abstraction licence so that the site can be flooded each winter and ensure the water table remains sufficiently high in the summer and autumn, which is a key physical risk of the project. This abstraction is required because the Wissey has been fully and entirely disconnected from its floodplain. Nattergal has applied for this licence and, as of September 2025, is awaiting a determination from the Environment Agency (see Milestone 1 for further detail on required permitting). 

 

Figure 4: Image of ditch blocking to increase the water table (Nattergal)

 

Beyond changes to the site’s hydrology, Nattergal expects to see the establishment of a mosaic of fenland habitats, including reed beds, willow carr, scrub and species-rich grassland. While rewetting is key to some of this, grazing and deer management will also be critical interventions, to enable natural regeneration of vegetation in places while keeping habitats more open elsewhere.  

Nattergal is investigating the reintroduction of species native to the region, such as pool frogs, large marsh grasshoppers, corncrakes, fen raft spiders and a host of fenland flora. 

While a small herd of cattle are already present on-site, in the longer term, Nattergal intends to introduce further large herbivores, including ponies and potentially water buffalo. These will be used for natural grazing patterns that can support wider biodiversity. Nattergal will closely monitor the site to ensure that these herbivores do not have an adverse impact on the land – potentially culling populations where needs be.  

Figure 5: Map of Phase 2 project (Nattergal) 

To manage delivery and physical risks, Nattergal is exploring insurance options for habitat restoration, such as in the event of fire or catastrophic flooding. Carbon insurance is also under consideration for PIUs that have not yet been verified – and therefore not protected by the Peatland Code’s buffer. 

 

Monitoring, Reporting and Verification (MRV) 

High Fen’s formal monitoring and reporting plan combines the requirements of both the Peatland Code’s fens protocol and BNG.  

The Peatland Code requires the continuous monitoring of the water table through dipwells across the registered areas. Nattergal has installed digital loggers in its dipwells to record this data, which is downloaded every couple of months for reporting to the Soil Association – its validation and verification body.   

To convert the PIUs into verified carbon units, the site will be ground surveyed and assessed by the Soil Association every five years. 

Hay comments that as the fens field protocol was newly launched, it was difficult for the team to understand some of the monitoring requirements. Nattergal has fed this back to the Peatland Code team, which has offered clarity but has also highlighted that the fens protocol is based off early scientific data and will continue to evolve going forward. In response to this, Nattergal is trying to help actively plug knowledge gaps and has put more effort into monitoring and data collection, such as the installation of carbon dioxide sensors to measure emissions directly.  

Nattergal is also collecting data on water chemistry at five points across High Fen and conducting aquatic invertebrate surveys at these points periodically. 

For BNG, Nattergal will make annual assessments and reports to its Responsible Body (the Lifescape Project) on how the habitats are progressing, and re-baseline every five years. Between these years, Nattergal will continue with breeding bird surveys, bioacoustics, transects and other data collection to understand its species uplift.  

More broadly, Nattergal has agreed to establish a control site on a neighbouring industrial farm, undertaking the same activities for biodiversity monitoring to see if biodiversity trends found at High Fen can be attributed to local or regional trends, rather than its own restoration work.  

Although citizen science has not yet been implemented, it remains a future ambition – particularly for aquatic invertebrates, transects and other ground surveying. 

Figure 6: A Whooper swan at High Fen Wildland (Nattergal)