Skip to main content

Language: English / Gàidhlig

Loading…

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.  

Filter your results Hide all filters

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 14 May 2025
Select which types of business to include


Select level of detail in results

Displaying 1502 contributions

|

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

Good morning, panel. Are current natural capital finance models, in which the financing metric is generally based on carbon, delivering integrated environmental benefits such as biodiversity or natural management of flood risks? How could that be improved?

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

I see Naomi Beingessner taking notes, and Lydia Cole has her hand up, so I will come to both of them

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

That is all very helpful. More generally, I am keen to understand how a just transition for rural communities can be ensured. You have talked about more traditional farming. I am thinking about gamekeeping industries—land use change could fundamentally change that profession. How do we get a just transition for rural communities?

This is, again, perhaps not a question for all of you. Perhaps Dr Doble could come in and then perhaps Dr Beingessner. Should a proportion of green land investment profits be shared with communities in the same way as we see community benefit payments arising from wind farm developments? I know that that is not a perfect system—people have their views on that—but can I get your take on that?

I am looking at Naomi, in case she wants to come in.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

Is there time? I had put my notes aside, as I thought we were running out of time.

I did have a couple of final questions, if there is time. One is on the Scottish Government’s wish for growth in peatland and woodland carbon markets. We know that NatureScot is piloting approaches with the private sector, and we have heard about the Scottish National Investment Bank investing in commercial forestry, seeking to generate carbon credits. What are your views on the role of the public sector in supporting the growth of natural capital finance? You have given us a flavour of that already. Is it too early to say whether the public are getting value for money? We have heard some concerns about the approach taken with ScotWind. Some people feel that Scotland’s sea bed was sold off too cheaply—that view is out there. Should people be nervous about what is happening with land and about the current approaches?

I see Josh Doble nodding, so I will go to him first.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

I was going to ask about the Land Reform (Scotland) Bill.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

I was surprised that I was allowed to ask any questions, given the time. I will move on to my question.

The Land Reform (Scotland) Bill has been introduced only recently. Do you have any initial views or thoughts on the relevance of the bill to our discussion? Will any of the proposals in the bill tackle the issues that have been raised, such as land markets, transparency, community engagement or land use changes? Just say a couple of words, if you could.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

Okay, but do you agree that it is important for the committee and Parliament to have a good idea of how many jobs are involved? We have heard that Gresham House is an investment fund for high-net-worth individuals, and that it is supported by public subsidies—£50 million from the Scottish National Investment Bank, I think. That is a lot of public money. Of course, there are also various tax reliefs.

The committee and Parliament are concerned about the progress that we need to make on the just transition: we need to pick up the pace. What is happening to people’s jobs is at the heart of that. You said that it is hard to verify the figure of 200 jobs, so can you go away and look at that and get back to the committee? Does the SNIB not ask you to give figures on jobs?

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

That is fine.

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

Yes. It is my understanding that the finance metric in the current natural capital finance model is generally based on carbon. We want to see the delivery of integrated benefits, including things such as biodiversity or natural flood risk management. Does that model take the right approach, or could there be an improvement?

Net Zero, Energy and Transport Committee

Natural Capital Finance

Meeting date: 26 March 2024

Monica Lennon

That is helpful. Josh Doble, do you want to add something about how a community code would work in practice?