Climate Change Treaty to affect investors and developers

Long term implications for Wales, especially utilities and energy sectors

17 December 2015

Share this

The international treaty on Climate Change, which was signed in Paris on 13 December, is the first to commit all countries to cutting carbon emissions. As well as national and local governments, all of us in towns and cities, and in the business world, will have to play our part in addressing the commitments and challenges of moving to low carbon economies. This includes investors, developers and infrastructure providers who will need to ensure that property and developments are fit for purpose in a low carbon future.

Michael Lawley, Chairman of Cooke & Arkwright comments: “The treaty commitments do have long term implications for Wales, which has a high proportion of the wind power generation within the UK, both on and offshore, and is also seeing heavy investment in solar farms, biomass plants, and more recently with the proposals for Swansea Tidal Lagoon. Just this week it has been announced that the world’s first grid-connected, submerged tidal energy generator has been installed at Ramsey Sound in Pembrokeshire. Projects such as the tidal lagoon should now become high priorities, and the Paris Agreement should give confidence to investors and government as these schemes offer steady and reliable energy outputs which can make an important contribution towards achieving a low carbon economy.

“As a result of this treaty we expect an increasing focus on Wales for these types of development, with all its natural advantages for renewable energy. We anticipate an active period within the commercial real estate, development land, and especially utilities and energy sectors in which we operate, with increased demand for our services as experts providing professional advice and guidance in these fields in Wales.”

Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (“WRU”) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

Steve Phillips, Group Finance Director, Welsh Rugby Union Group