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I have three very quick questions. First, given that the reimbursements to bus operators for the under-22s and over-60s schemes are significantly less than 100 per cent, what does your modelling show with regard to the impact on adult fares—that is, the fares for those between 23 and 59 years of age? Is there any risk that adult bus fares will have to increase to compensate for lost revenue?

Please answer that one first, minister.

I will explore a slightly different issue although, again, this might be a case of clearing up my understanding. I think that I am right to say that the bank is not currently authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. How is it still a bank, given that it is not regulated in that way? Do you have plans to formally become a bank or to become so regulated?

I understand. I see that the British Business Bank publishes a rate of return to demonstrate the taxpayers’ return on investment, with a targeted return on average capital employed of more than 2 per cent. Does your bank plan to do likewise?

Eilidh Mactaggart spoke about the policy decision not to invest in oil and gas. A huge amount of research and innovation is going on in the oil and gas sector in relation to the transition to renewables and reducing emissions, which seems to be on point with what the bank is all about. Might a policy of refusing to consider anything that relates to oil and gas have unintended consequences?

I will ask a few straight questions on the finances, because it is not my area of expertise at all.

The Scottish Parliament information centre briefing estimates that the set-up and operating costs between 2018 and 2023 will be £49.9 million. However, that was before Covid. What are the current estimated costs to fully establish the bank? What do you project to be the annual operating costs going forward? When is the bank expected to meet the operating costs from its revenue income?

My question is for Scottish Enterprise and is perhaps for Ewan Mearns. The north-east is going through a transitional time; The Press and Journal reported yesterday that Aberdeen is facing a

“challenge not like anything in its history”,

partly because of the energy transition and the oil and gas downturn. There are people who say that the north-east needs a dedicated enterprise agency that would focus solely on the needs of the north-east. What does Scottish Enterprise think about that proposition?

That would be great. I just really want to know whether £49.9 million is still the salient figure. To follow that up, obviously, there is a significant cost to the taxpayer. Is there any concern about a duplication of cost to the taxpayer, given that other agencies are involved in the area, as we heard about earlier this morning?

Good morning, Mr Sharma. You mentioned the nationally determined contributions and the need to mobilise international financial support to assist developing countries to make those NDCs following COP26. Regardless of whether the amount ultimately agreed is $100 billion or otherwise, how will that financial support be administered, allocated and shared with the countries that are most in need of support to achieve their targets?

Sticking with financing, my second question is about the UK Government’s financing to reach climate change targets. The Climate Change Committee has estimated that an extra £50 billion a year of capital expenditure will be needed from 2030. Does the UK Government take any view on whether that estimate is reasonable? In any event, will you help us understand how that will be financed?