Read the full Lessons Learned report from the Cairngorms Peatland Restoration Project.

From a distance, the peatlands of the Cairngorms mountains in the Eastern Highlands of Scotland appear timeless—quiet, vast, resilient. Up close, the scars tell another story. As efforts to heal the land gain momentum, so does a vital question: how do we secure long-term investment in nature’s recovery?

In response, the Cairngorms National Park identified Delnadamph Estate as a priority site for restoration. Drawing on years of local knowledge and trusted relationships with landowners, they recognised both the ecological value and the restoration potential of the site. Their leadership catalysed a broader collaboration involving the landowner, the National Park Authority, and Revere, a partnership between National Parks Partnerships and the UK Natural Capital team at Palladium.

Building from Strong Foundations

Scotland’s peat soils cover more than 20% of the country and store around 1.6 billion tonnes of carbon. Yet over 80% of these peatlands are degraded, releasing carbon rather than storing it. The Cairngorms National Park had already been working with landowners to tackle this issue through its role as a delivery partner for Peatland ACTION, a Scottish Government initiative delivering peatland restoration. With that foundation, they brought in additional support to scale the effort. Revere’s role was to provide project management capacity and explore new funding models.

George Skae, Project Manager at Palladium, helped coordinate the restoration delivery and align multiple stakeholders.

“This kind of work can’t succeed without close collaboration across partners. The Cairngorms National Park brought the vision and trust locally; we came in to support on delivery and financing,” Skae explains.

The restoration itself involved a range of techniques—blocking drains, re-profiling erosion, applying geotextile to stabilise bare peat—all informed by site-specific surveys. Weather proved a persistent challenge. A hard winter frost caused wooden pegs to loosen, disrupting early works.

“These are not just ecological challenges; they’re logistical ones,” says Skae. “Everything from staffing changes to snow cover can shift our timelines, so adaptability is key.”

Unlocking Investment for Long-Term Restoration

The financing model was developed by Thomas Gegg, Project Development Lead at Palladium, with the aim of blending public grant support from Peatland ACTION with private investment via carbon credit sales. Initial funders included Santander UK and Respira, who committed to purchasing future carbon credits under the Peatland Code. A further corporate buyer for the next phase of restoration from 2025-2027 is in place, with final details currently being agreed.

Despite this funding success, there are limitations to this model. Market prices for Pending Issuance Units (PIUs) only covered a fraction of project costs, so the funds from selling them still need to be blended with Peatland ACTION grants. In addition, there is not currently a large market for Peatland PIUs which represent avoidance, not removal of carbon credits, and buyers need to be willing to wait for their PIUs to mature into verified removals, which takes time.

This is why Revere is working to support a strategic pivot toward long-term, equity-based investment, a model more commonly used in renewable energy. The revised approach aims to attract institutional investors with patient capital, repaid as verified carbon credits are sold over the next 10 to 25 years.

“We're not there yet, but the shift toward longer-term investment is essential for scaling this kind of work,” says Gegg. “We need mechanisms that reflect the true timelines of nature restoration.”

Community and Contractor Benefits

In addition to carbon storage and biodiversity, the project is designed to generate local economic value. Ten percent of future profits are earmarked for a community trust, but more immediately, long-term contracts have allowed local contractors to invest in their teams.

Working under a multi-year structure has improved budget stability and enabled the project to weather rising costs. Contractors have benefited from clearer expectations and recurring work.

“One of our main lessons is that continuity builds capacity. When you’re not renegotiating every year, contractors can scale and specialise,” says Skae.

Lessons to Apply Elsewhere

With half of the planned sites now in active restoration, the Cairngorms project is generating practical insights. These range from procurement strategies, such as bundling sites to attract larger contractors, to technical adjustments like switching to longer pegs for geotextile in response to frost heave.

The model remains a work in progress: a collaborative experiment shaped by local leadership, adaptive delivery, and shared learning.

“We hope others can take what’s worked here and improve on it. That’s the spirit of this work, building something transferable,” Skae reflects.