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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 5 May 2021
  6. Current session: 12 May 2021 to 7 June 2025
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Displaying 4994 contributions

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Net Zero, Energy and Transport Committee

Subordinate Legislation

Meeting date: 26 March 2024

Edward Mountain

We will write to the Scottish Government to notify it of that.

That concludes our meeting in public. We will now go into private session.

11:33 Meeting continued in private until 12:05.  

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Edward Mountain

I have a question before I bring in Olly Hughes, who has raised his hand. Perhaps he could help me to understand this.

I appreciate that it is a few years since I was a surveyor, but upland hill land used to price at about £1,500 an acre if the person was lucky and it had planting potential. Two years ago, I heard prices of £14,000 to £20,000 an acre—perhaps Gresham House was paying less or perhaps it was paying more than that. However, I hear that the market has dropped off. To put that into context, we are probably now talking about a maximum of £4,500 to £5,000 an acre for grade 2 arable dirt. There was a huge bubble. Will you get 5 per cent on £14,000 an acre—sorry, per hectare, I should say—Olly?

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Edward Mountain

Okay. I will let Monica Lennon come in briefly. I ask her to target her question to one person, as I am conscious of the timings.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Edward Mountain

I have a final question before we leave this issue. Stuart Greenwood, you mentioned contracts of 50 years and 99 years. Is there any business in the world that knows where it is going to be in 10 years’ time, let alone in 99 years’ time? I ask the question genuinely. You might take money now for something that involves a 99-year obligation, but you do not know what the situation will be in 10, 20, 30 or 40 years’ time. Taking that money completely sterilises the land for that period, because you have a 99-year obligation. How can anyone apart from a massive pension fund be in a position to take that risk?

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Edward Mountain

Yes, but you are suggesting that each vintage will reach maturity, which some might not do. In those cases, whoever ends up with the land, on this merry-go-round of land sales, ends up with all the obligations on it. If I were going to buy something with obligations that I could not necessarily quantify, I would not pay very much for it.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Edward Mountain

Maybe we could give Olly Hughes a rest. Would Joel Paterson like to head off on that? I will then bring in one other person. I am sorry, but we are quite tight for time.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Edward Mountain

Okay. Perfect. Mark Ruskell has a question.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Edward Mountain

That sounds interesting.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Edward Mountain

Olly is going to jump in and tell us that he will buy it all.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Edward Mountain

How many PIUs are there, per hectare?