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I have two similar questions for Scottish Enterprise. There is a challenging budget settlement this year and looking to next year, so what are the risks to delivery? What is the impact of the announcement that the ScotWind revenue is likely to be used for resource funding rather than investment?

Our next item is an evidence session with the Scottish National Investment Bank and Scottish Enterprise. The main purpose of the session is to inform the committee’s pre-budget consideration. I welcome Al Denholm, chief executive officer, and Michael Robertson, chief financial officer, from the Scottish National Investment Bank; and Adrian Gillespie, chief executive, and Douglas Colquhoun, chief financial officer, from Scottish Enterprise.

It would be helpful if members and witnesses could keep their questions and answers as precise and concise as possible.

I come to my opening question. We are looking at the budget for the upcoming year. We have also had in-budget adjustments made this year, so we are facing a difficult financial situation. I ask the witnesses to briefly say what the priorities are, but to focus more on the challenges and the risks to the delivery of those priorities, given the financial situation that we face. I ask the Scottish National Investment Bank to go first.

At the start of the meeting, you said that you have committed £650 million of the £2 billion capitalisation. The capitalisation of £2 billion was announced in 2020. Given our financial situation, are you still confident that the whole £2 billion investment will be delivered during the timescale that was set?

If it is brief, then I will bring in Gordon MacDonald.

Thank you. That is helpful.

That brings us to the end of today’s meeting. I thank witnesses for attending.

Other members will ask about those areas, so there will be an opportunity to say a bit more about them then. I am about to hand over to Lorna Slater, who will pick up on some of those themes, but, before I do, do you have any comment on the decision to move ScotWind’s revenues to resource funding?

Good morning and welcome to the 24th meeting of the Economy and Fair Work Committee in 2024. I have received apologies from Michelle Thomson, and Bob Doris is attending as a committee substitute. Colin Smyth will attend today’s meeting online.

Our first item of business is a decision to take agenda item 4 in private. Are members content to do so?

Members indicated agreement.

The ScotWind money was supposed to have been raised for investment in the offshore and renewables sector. The proposal to spend it on funding a shortfall this year means that that opportunity has been lost. Do you have any concerns about that, or does it present challenges for how we develop our renewables sector?

Finally, I have a question for the Scottish National Investment Bank. When you were here in June last year, we had a discussion about the finance that was provided to Circularity Scotland. As part of that, you said that you were reviewing the decision-making process. Is that process complete, and have you learned any lessons from it?

I would like to make some progress. I call Lorna Slater to be followed by Kevin Stewart.