Prince William sells 20% of royal land for £500 million green transition

Less 'feudal' property rents and more social and environmental investment: this is the turning point announced by the Prince of Wales, William, who has decided to put 20% of the properties in the Duchy of Cornwall on the market over the next ten years. His aim is to finance affordable housing, environmental protection and sustainable development projects for local communities.

The Duchy of Cornwall, an immense landholding which guarantees the future King of the United Kingdom a private income of over £20 million a year, comprises over 52,000 hectares spread across 19 English counties. Historically attributed to the heir to the throne, the duchy has its roots in the British medieval feudal system. Today, however, it's trying to restore its reputation by focusing on sustainability and "social impact".

"I want the Duchy to do more to make a real difference to the lives of the people who live on these lands," said Prince William.

Affordable housing and more sustainable communities

Under the new strategic plan, around £500 million (almost €578 million) will be invested in areas where the Duchy owns land, particularly in Bath, Cornwall, Dartmoor, the Isles of Scilly and Kennington, South London.

One of the pillars of the project concerns the housing crisis. The Duchy aims to build 12,000 new homes by 2040, of which around a third will be for social or affordable housing. Over £161 million of investment is earmarked for this sector.

The issue is far from anecdotal in the UK, where soaring house prices and rents are making access to housing increasingly difficult, particularly in rural and tourist areas.

William, who in recent years has also promoted the "Homewards" project for the homeless, hopes to build the image of a monarchy closer to contemporary social issues. And this is not his first attempt.

More solar panels and better protection of biodiversity

The duchy's strategy is also in line with ecological transition. Some 123 million pounds will be made available to support rural employment, create new "green" jobs and develop renewable energies. Key measures include the extension of rooftop photovoltaic installations in south-west England, with the aim of producing enough electricity to power around 40,000 homes.

A further 20 million will be allocated to environmental projects, reducing emissions, restoring peat bogs and protecting biodiversity on the duchy's lands.

Often overlooked in the climate debate, peatlands are essential ecosystems, storing immense quantities of carbon and helping to limit global warming. In recent years, their restoration has become a major environmental priority in the UK.

This decision comes at a delicate time for the British royal family. There have been increasing calls for transparency in the monarchy's finances, particularly following the scandals involving Prince Andrew.

Public funding allocated to the Royal Household (the Sovereign Grant) is currently under review and could be revised downwards for the first time since 2012. It currently stands at almost £138 million a year (€159.5 million), used in particular for the upkeep of Buckingham Palace.

Critics of the monarchy, such as former minister Norman Baker, nevertheless accuse the system of preserving its privileges. According to Mr. Baker, converting land to new housing will not actually reduce the duchy's profits: "More houses means more rents and therefore more income".

For the time being, William's message is clear: the British monarchy is trying to dress itself up in green, focusing on affordable housing, renewable energies and the protection of ecosystems. It remains to be seen whether this will be a structural transformation, or merely a communications strategy to enhance its image.

Source : The Times