The Development Bank of Wales offers support to its customers through a number of organisations, including Business Wales. Business Wales offers a range of free services to Welsh companies and sole traders. Nearly a year ago now, there were discussions in committee and Plenary over funding concerns for Business Wales, much of which goes to supporting those businesses. On 11 December 2021, you, Minister, noted that over a third of Business Wales funding comes from European sources. A year on, how has this impacted the Development Bank of Wales and Business Wales, and has an impact assessment been done? Around the same time, I also asked the Minister about the courses on offer from Business Wales, and I was grateful for the follow-up meeting we had on this topic. Since then, has there been any growth in the number and availability of courses provided?

Now, co-operatives and social partnerships allow the Welsh economy to grow in a more sustainable way, and will play a huge role in tackling the cost-of-living crisis. And I'll take this opportunity to plug the cross-party group on co-operatives and mutuals tomorrow, where we'll be looking at exactly this issue. In June 2021, the Welsh Government committed to doubling the number of employee-owned businesses in Wales. Earlier this year, I asked the Minister about funding available for co-operatives, to help reach the Welsh Government's target of doubling the number of employee-owned businesses in Wales. I'd be keen to know what progress has been made to reach that target. I did note that, in his statement, there was talk of supporting management buy-outs. Is that rather than worker buy-outs in that particular context? There is an important distinction to make between manager and worker buy-outs. Both groups will have different priorities and intentions going forward.

Finally, the net-zero business incentive next year. The initiative hopes to incentivise businesses to lower their carbon footprint based on an invest-to-save principle that should reduce energy consumption and lower businesses' bills in the long term. That, of course, is to be welcomed. Businesses looking at investing in renewables or energy-efficiency measures will be offered more favourable terms. Businesses can take on borrowing to fund capital investment that delivers on decarbonisation through more flexible repayment terms, attractive interest rates and wider support, such as help towards consultancy costs. The Minister is also tasking the bank with pursuing an ambitious equity investment target of £100 million over the next five to seven years.

While this announcement to help towards net-zero targets in Wales is welcome, it's something I recently questioned you and the First Minister on, and it has been called for by many in this Chamber. How does this increased investment fit in with the principle of the just transition? In my line of questioning, I referred to businesses, specifically small independent breweries, that have stretched their finances further than they thought possible during the pandemic, and now, during the cost-of-living crisis, they may be reluctant to take on more debt. What would you say to them as well as those who would not be potentially eligible for this scheme?

Also, would the Development Bank of Wales, within this initiative, be able to operate a fabric-first approach to energy efficiency, with the most favourable terms prioritising it? The fabric-first approach to building energy efficiency looks at maximising the performance of components and materials that make up a building itself, before the use of mechanical or electrical systems. Diolch yn fawr.