Welsh Government Policy

The Well-being of Future Generations (Wales) Act 2015

The Well-being of Future Generations (Wales) Act 2015 (“the Act") is about setting out the framework for improving the social, economic, environmental and cultural well-being of Wales through the sustainable development principle’s five ways of working.  The Act sets the Minister’s duty to the integrated seven well-being goals for a prosperous, resilient and globally responsible Wales of healthier, more equal and cohesive communities with a thriving culture. Ministers must set and publish well-being objectives which maximise their contribution to each of the seven well-being goals. Read more details on the Act. 

How we support it

The Development Bank of Wales has a responsibility to support the Act’s principles and help deliver Minister’s well-being objectives. The Development Bank of Wales is committed to the long-term provision of finance for the prevention of market failure, taking an integrated and collaborative approach, involving people of all demographics for sustainable growth in Wales. Within each new fund or initiative proposed, we will detail what outputs will improve outcomes within the seven integrated well-being goals, how it has incorporated the sustainable development principle and where outputs support Minister’s well-being objectives and national indicators.

Programme for Government 2021-2026

The Programme for Government sets the ambition for Wales, incorporating the Co-operation Agreement, over the current Welsh Parliament to tackle global challenges and improve people lives across Wales. Within its strategic priorities are the impact areas such as stronger, greener economy based on principles of fair work and sustainability.  More on the Programme for Government.  

How we support it

As an organisation entrusted by the Welsh Government to specifically deliver financial instruments, the Development Bank of Wales has a directive to support the Programme for Government. As the development bank increases its scope, it will deliver financial instruments across Wales to support building a stronger, greener economy based on the principles of fair work and sustainability. Within this we will support the Government objectives of increasing equity stakes and provision of patient capital, supporting employee ownership while also supporting the values of community, equality and social justice.  Across our funds and services we aim to support Welsh Government’s wider economic objectives detailed in Moving the Welsh Economy Forward and it’s net zero aims, as detailed in Working together to reach Net Zero: all Wales plan.