Thank you very much, Janet. There are two issues there. One is, yes, there was great damage, but it wasn’t just on NRW forestry estates; it was also on commercial forestry estates as well. This is why restocking and having a stability and a certainty with our woodland creation plans is important, which is why I’m stressing to you this morning as a committee our commitment to work towards those CCC targets, and also to put in place things like the timber industrial strategy, which gives those signals of, 'We are creating the market for this’, because that incentivises the commercial operators and NRW to replant.
This has real-time job implications and economic implications in Wales. This is not just we’re planting trees. The Maelor nurseries I mentioned need to know that all those people out there are going to be replanting to make up for the losses that we’ve had in the recent storms. And if we have more storms, we need to have that replanting going on continually, because you’re talking about the five, 10, 20 years of developing some of this woodland, particularly the commercial woodland. So, that’s the thinking that we need to do.
So, that structure is in place. What we need to do as Government is actually give the certainty and the confidence that we are aiming towards high targets and ambitious targets, and also that we’re working with the sector to encourage them to get on with replanting, on a regular basis, as well as when we’re impacted by storms.
You mentioned my predecessor’s comments on the woodland finance working group. I will say to the committee that my thinking, and our thinking, has moved on apace on this, and has probably gone a little bit beyond what that was. We’ve mentioned previously coming in front of the group that we consulted back in the autumn last year on sustainable investment principles. That also ties into work that we’ve been doing with the UK Government on the same piece of thinking as well, which can be in terms of woodland creation, but also in terms of wider nature investment as well. So, we’ve got good work going on on both sides of the border, and cross-border working as well.
We’re also working with the British Standards Institute. I don’t know if you've picked up on this, and maybe we can share some additional information with you, because we’ve been working with the BSI on, again, a piece on nature investment standards, which could encompass woodland creation as well, to make sure that, if we can lever in ethical investment into this space—. And I know there’s other draws on this, other interested areas that Claire and I have been talking about, things like Celtic rainforests, and so on and so forth. But in the wider woodland-creation space, then the BSI standards work can really help us to set that guidance for what we should expect of maintaining the benefits within local communities, not the old greenwashing stuff and the imposing on. So, getting that right. So, I think that our thinking has gone on beyond the woodland finance working group, which was looking at incentivising private investment coming into this space. I think we're in that line of thinking.