The Member of the Welsh Parliament for Aberconwy and Shadow Minister for Climate Change – Janet Finch-Saunders MS – has urged the Welsh Government to review what funding will be set aside for business relaunch and decarbonisation, following confirmation from the Minister for Economy that the proposed support scheme has been withdrawn and the funding reallocated to deliver emergency funding as a result of Alert Level 2 restrictions.
The concern comes as the Third UK Climate Change Risk Assessment (CCRA3) Technical Report outlined that business and industry are expected to be exposed to the “threshold effects” of climate change which may necessitate much greater levels or different types of adaptation. According to the report, evidence of corporate adaptation action remains low, with “little evidence that the growing awareness of climate risks has led to changes in investment decisions.”
Commenting on the reply, Janet said:
“As this proposed funding pot has been plundered to assist with the Omicron support schemes, I have urged the Welsh Government to look again at how it will assist businesses in their long-term redevelopment and decarbonisation plans.
“With legally binding net zero targets set in stone, this important funding support sought to assist businesses in tackling some of the most pressing issues facing Wales, including addressing skills gaps in core sectors and tackling climate change. I am afraid that this work may now be undermined by the relocation of this money.
“The Welsh Government’s most recent carbon budget purported to have recognised this decade of action as a pivotal moment to develop green skills for the jobs of the future, as well as developing a better understanding of the impacts of change. It is vital that this noble promise is backed up with the necessary support to assist our businesses in their green evolution.”
In the Written Question reply, the Welsh Government outlined that alternative funding can currently be accessed through the Development Bank of Wales, with loan and equity funding available to Welsh businesses. For more information, please go to: developmentbank.wales
ENDS
Photo: by Ella Ivanescu on Unsplash
