º£½ÇÊÓÆµ

Oops.

Our website is temporarily unavailable in your location.

We are working hard to get it back online.

PRIVACY
Opinion

Why Wales needs a green investment fund charging zero interest

The Welsh Government should direct its investment bank the Development Bank of Wales to provide interest free finance

Greta Thunberg alongside fellow climate activists during a demonstration at Festival Park, Glasgow(Image: PA )

Looking back over the period since the pandemic began, possibly one of the most iconic memories for me was clear blue skies with no aircraft trails to be seen anywhere.

In fact, it got to the stage, with aeroplanes grounded across the world, that seeing a long white line moving across the sky – usually a cargo plane – became a rare phenomenon rather than an everyday occurrence.

The fact that people were not travelling abroad and staying at home within their own countries meant that the environment improved across the World. There were news reports about smog disappearing in some the World’s most polluted cities and fish returning to rivers and waterways such as the canals of Venice.

Given this, there was hope that the world may have turned an unexpected corner on climate change with one academic journal suggesting that global carbon dioxide emissions had fallen by 17% in April 2020 as compared to the previous year.

Unfortunately, as economic activity has started again, that drop has been completed reversed with a report published this week from the Global Carbon Project showing that emissions from gas and coal have increased more in 2021 than they decreased in 2020.

This suggests that despite promises by politicians around the World to build back better, we are back to the same crisis situation on the environment that we had prior to the world shutting down last year and, more worryingly, the rush to make up for the lost economic activity has actually worsened the situation over greenhouse emissions.

This cannot be allowed to continue and whilst it is understandable that politicians are focusing on ensuring that industries return to creating jobs and prosperity, this should not be at the cost of the future of the planet especially given everything we have been through over the last 20 months.

Obviously, there has been a lot of talk at COP26 climate change conference about how this can be changed for the better and now that the leaders of the world have departed Glasgow, the real work starts in getting agreements that will make a difference in the long term.