About the project

This is a PhD research project looking at the effectiveness of profit-based funding models for conservation in the UK. It examines nature restoration projects funded by sales of nature credits (such as carbon and biodiversity credits) to offset environmental harm elsewhere. These are called natural capital projects because they treat nature as a capital asset that can generate an ongoing financial return if managed appropriately.

The study is UK-focused, looking at developments in the financial sector driving investments in natural capital and the local social and environmental impacts of projects. A key area of interest is the potential challenges from applying an economic rationale to conservation, including understanding nature as substitutable (increases in diversity in one area can compensate for decreases in another), valuing nature because it is scarce (it may be easier to value restoring nature than protecting it), and focusing on growth areas for the economy rather than traditional conservation (such as new business opportunities from brokering deals or designing new metrics and ways of measuring nature).

The project is being delivered in two phases. Phase 1 focuses on the UK-wide landscape for nature finance, while Phase 2 focuses on local project implementation and delivery. We are expecting to interview between 20 and 30 participants for Phase 1, with experience in UK nature markets, project design (including legal and insurance support), investing in projects, and buying credits.

Information for participants

Participants with professional experience related to the design and development of natural capital projects in the UK will be asked to take part in a key informant interview. This will involve a single, private, one-on-one 45-minute interview, in person where possible at a convenient location (such as your place of work), or online if needed.

Participants will be provided with a list of questions at least 48 hours beforehand, and the interview will focus on the areas they feel most comfortable with. They will be asked to sign a consent form before taking part and may be contacted for follow-ups or clarifying questions.

The interview will be audio recorded and transcribed. The original audio recording will be retained as a reference point for 6 months and then destroyed, with the data retained as a transcript. Transcripts will be anonymised: names and identifiable details will be replaced with generic descriptors, and each participant will be allocated a unique code. Care will be taken to avoid combinations of information that could reasonably enable identification. The key linking codes to individuals will only be accessible to the researcher and supervisors, and will be destroyed after project completion and publication.

Participants may request to see their interview transcript and request changes for six weeks after the interview takes place, and will be able to review any quotes used in the research before publication. Although care will be taken to anonymise data, we recognise there is still a risk of potential identification, and that you may have concerns about discussing controversial topics — this will be respected throughout the interview process.

  • It is entirely up to participants to decide whether to take part, and they can change their mind at any point without giving a reason.
  • Participants who do take part can ask for any personal data (recordings, transcripts, and notes) to be destroyed for up to six weeks after the interview.

Get involved

Contact

Molly Clarke, PhD Student
Imperial College London
molly.clarke23@imperial.ac.uk
LinkedIn

Institution: Imperial College London
Funder: London Interdisciplinary Social Science Doctoral Training Partnership (LISS DTP), from October 2026
Ethics approval: Research Governance and Integrity Team (RGIT), Imperial College London