This report seeks to update Cabinet on the significant progress made by the Cabinet Commission presenting a Strategic Business Case (SBCO) for progressing river restoration and to seek authorisation to further develop an Outline Business Case (OBC) for submission to DEFRA and Welsh Government for a Phosphate Trading Scheme, encompassed by a binding legal agreement, which has the potential to lead to further steps including a Water Protection Zone in the event that nutrient reduction targets are not met by means of the voluntary scheme.