Seòmar agus comataidhean

We need to get to that end point.

I will come back to a theme that I asked the first panel about, which is barriers to participation by tenant farmers, crofters and community organisations. Can I get your brief reflections on that subject?

I am struggling to see how the huge amount of wealth and benefits that will be generated by these markets will be shared with small-scale community projects, tenant farmers and crofters. How are you making sure that the schemes are accessible to those types of landowners and that they are fully involved in realising and benefiting from them? I will start with Stuart Greenwood.

However, with regard to management of that market, you do not have any communities that are directly involved in the work of Gresham House. They might benefit from some of the investments that you manage in the long term, but there are not actually any communities, tenants or crofters involved in Gresham House itself.

I want to ask about how the interim principles for responsible investment are working. Are they being followed? Do they need to change over time so that we get an higher-integrity market? Should they be codified in legislation? I suppose that the clue is in the title, in that they are “interim principles” for responsible investment, so we are on a journey. However, you emphasised the need for certainty. Where do you see the principles going? Are they working right now to deliver a high-integrity market? Do they need to change and, if so, how?

So, you do not have a view on whether the current principles are the right ones, but you want to ensure that, whatever principles we use, they give certainty to allow greater investment, going forward?

I think that we will come back to those points around wider social, economic and community benefit, but in relation to climate, do you see the projects that were mentioned at the end of the earlier session delivering long-term reductions in carbon emissions, locking up carbon emissions and mitigating climate change?

That is clear. Naomi Beingessner, do you want to come in?

It is great if you own land now, but maybe in five years it will be beyond what communities can afford.

Okay. I asked the first panel about the interim principles for responsible investment in natural capital. What are your thoughts on that as a framework? You will be aware that we talked in the earlier session about whether that could or should be codified in legislation in some way. It would be useful to have your reflections on that.