Do you think that the voluntary market, you know, we talked there about biodiversity net gain, which is the key example, really, of the statutory markets, which is in England alone, in the world, can a voluntary market, as we have today, largely deliver, or do we need more mandatory markets, like mandatory nature risk disclosure with transparency and peer pressure to kickstart demand at scale?

Yeah, so I think, for me, the answer is always that the voluntary markets have had and continue to have a really important role in creating some of the mechanisms, the interest, that sort of groundswell to providing us with a structure for nature markets.

But they're unlikely to create demand at the scale required on their own.

They rely on organizations choosing to invest in nature and carbon because they want to.

Some will, many are, but many more are not.

particularly when budgets are under pressure and the benefits are long-term, difficult to quantify.

And Luke said it's sort of been a case of looking over your shoulder to see what your peers are doing.

What's it doing to land values and succession planning, inheritance tax, and the ability to sell on mortgage land at the moment?