Raising capital to fund decarbonisation projects – Plaid Cymru calls for a Welsh Green Bond

Plaid Cymru has called for a Welsh Green Bond to enable capital investment in the Welsh economy.

Llyr Gruffydd MS, Plaid Cymru’s spokesperson on finance said that green bonds could be issued for new or existing projects which deliver environmental benefits.

Mr Gruffydd – who is attending the COP26 climate conference in Glasgow today – said that a Welsh Green Bond would allow the Welsh government to fund decarbonisation efforts, and in turn retain a greater share of savings in Wales.

On 9 November 2020, the Chancellor of the Exchequer announced plans for a UK green gilt, the first of which was issued on 21 September 2021, and which has raised £10bn for green projects.

Plaid Cymru’s spokesperson for Finance, Llyr Gruffydd MS said,

“There is so much potential in Wales – in our landscape and our natural resources – and the key will be how we tap into that. 

“A Welsh Green Bond would allow investment in our environment, economy, and infrastructure, and allow us to fund decarbonisation efforts.

“To do that, we must seek the powers necessary to fully realize the environmental and economic benefits of our natural resources. Welsh Government must seek the full devolution of energy powers and powers over the crown estate. 

“The resources of Wales should be governed by the government of Wales, for the people of Wales, and a Welsh Green Bond would allow us to retain a greater share of savings in Wales.”