Order, Order.

We turn now to a Stage 1 Vote on WB144, the Rewilding Cymru Future Fund Bill, in the name of Volt Cymru.

Rewilding Cymru Future Fund Bill 2023

An Act of the Senedd Cymru to establish a Future Fund to guarantee continual funding for the establishment of rewilding projects in Cymru.

Having been passed by the Senedd Cymru and having received the assent of His Majesty, it is enacted as follows–

Part 1 – Preliminary

(1) The objectives of this act are as follows–

(a) to fund the ecological regeneration of endangered landscapes;

(b) to provide new habitats for endemic species of Wales;

(c) to support the transition from carbon intensive agricultural uses.

(2) Definitions of terms within this Act are to be evaluated by the Rewilding Cymru Board, and shared within an annual report.

Part 2 – Establishment of Rewilding Cymru Board

(1) There shall be a commission known as the Rewilding Cymru Board For Public Policy (2) There shall be a Governing Board of which members shall comprise of–

(a) A chief commissioner appointed by the Minister responsible;

(b) Four members appointed by the Minister responsible.

(3) An appointment made by the Minister under subsection (2)(a) or (2)(b) may be terminated by the Minister.

(4) The Governing Board is to present to the Minister an annual report outlining–

(a) the use of finances provided to the Board, including returns on investment;

(b) recommendations on the implementation of the objectives of the Board;

(c) progress made on meeting goals if set by the Minister under Part 2, Section 6(a);

(d) the investment portfolio of assets, cash, and shares held by the Board within the Future Fund.

(e) any other information the Governing Board sees fit to include.

(5) The objectives of the Rewilding Cymru Board are–

(a) to responsibly invest £2,500,000;

(b) to deliver minimum returns of £150,000,000 annually;

(c) to contribute to the ecological redevelopment of Wales.

(6) The Minister may by order–

(a) change the objectives of the Rewilding Cymru Board;

(b) implement tangible goals to be achieved by the Rewilding Cymru Future Fund.

(7) The Minister will in their proposal add the draft order and the views expressed, or a summary, accompanied by their position on those views.

Part 3 – Establishment of Fund

(1) There is to be a fund known as the Rewilding Cymru Future Fund, overseen by the Rewilding Cymru Board.

(2) There is to be £2,500,000,000 credited as soon as practicable after the commencement of this Act.

(3) The main purposes of the Fund are as follows–

>(a) To deliver returns on investments up to but not exceeding £150,000,000, with the remainder reinvested within the fund.

>(b) To spend those returns on projects, groups, and other related institutions or activities that seek to promote the redevelopment and regeneration of ecological sites.

>(c) To fund the operations of the Governing Board.

Part 4 – Grants from the Fund

(1) A designated Minister on behalf of the Welsh Government may make a grant to a person or body in relation to ecological regeneration.

(2) Grants made under Section (1) may be made by way of reimbursement, or partial reimbursement, of costs and expenses.

(3) A grant may not be made to a person or body unless an application for such has been made to the Governing Board.

(4) The terms and conditions of the grant shall be decided by the Governing Board, in writing, with conditions for the repayment of grants due to misuse or other related matters.

Part 5 – Short Title, Commencement, and Extent

(1) This Act may be cited as the Rewilding Cymru Future Fund Act 2023.

(2) This Act comes into force immediately after it receives Royal Assent.

(3) This Act extends to Wales.

This Bill was authored by the Marquess of Melbourne, Sir /u/model-kyosanto KD OM CT PC MS, Acting First Minister of Wales, on behalf of Volt Cymru and the Welsh Government, with sponsorship from the Welsh Conservative and Unionist Party – Ceidwadwyr Cymreig.

Llywydd,

This Bill seeks to act upon a Motion from the Ceidwadwyr Cymreig, in setting up an investment fund that shall be able to practically fund future rewilding projects, while remaining a singular cost to the Government of £2.5b, with no ongoing funding required, and able to deliver investments through grants to organisations, individuals and bodies up to £150m each financial year, if the return on investments allows such to occur.

Allowing for future investment in ecological restoration is paramount to our goals as a Government and is a personal objective of mine, the peat lands for example are a vital carbon sink that maintain many different forms of endemic species of plant, animal and insect. This shall also see necessary investment into our waterways, allowing for more sustainable fishing operations, with higher fish counts, cleaner waters, and better outcomes for our fishermen and women.

Therefore, it is clear that with rising carbon emissions it has become extremely necessary for there to be further moves away from farming, considering the move away from primary industries like agriculture which has occurred without private intervention. This land is necessary for the ecological regeneration of Wales, and while it would be best to begin such work in national parks and the like, we must look further into the future for opportunities to deliver rewilding of landscapes, and in turn reintroduction of native wildlife.

I am hopeful that the Siambr will join with me in supporting this measure, the creation of a sovereign wealth fund with a specific policy purpose that will allow for self contained funding of important ecological projects, while not putting a strain on the ongoing budget. With an initial cost of only £2.5b, one which will continue to deliver ongoing funding for decades, we can be sure that it will be a long term costing saving measure.

Diolch yn fawr.

Voting on this bill will end on Sunday 17th September at 10pm BST.