YnNi Teg develops and builds renewable energy generators in Wales, funded by community shares.
‘YnNi Teg’ means ‘fair energy’ in Welsh. It is also the name of a community energy project in Carmarthen with a 900kW wind turbine, built in 2017. The turbine generates enough energy to power 650 homes.
YnNi Teg is a Community Benefit Society, meaning shares in the society are owned by individuals around Wales, the UK and internationally. Member shareholders are part-owners of the turbine and receive 4% interest, as well as electing the YnNi Teg board. The surplus income for the project is split between a fund, which will be spent in consultation with the local community, and Community Energy Wales, a social enterprise.
YnNi Teg hopes to build new renewable energy projects in the future. In 2017 YnNi Teg won the Sustain Wales/Gwobrau Cynnal Cymru Community Energy Photo Award. The society says: “Our mission is to help Wales develop a clean energy future, mitigate climate change by installing renewable energy generation, and to do this in a fair and democratic way by spreading the ownership and benefits across the community rather than concentrated in the hands of the few.”
New rules needed
Policies that can help unleash the potential of this or similar initiatives across the UK.
Finance a Green New Deal
Government-led investment is vital – here are five ways to pay.
Create new sources of finance for co-ops
Create financial instruments and institutions tailored to the needs of the co-operative economy.
Launch a Co-operative Development Agency
A network of support and capacity building to develop and extend the capabilities of the co-operative movement.
Implement an employee right to own
Co-operatise existing businesses to accelerate new models of ownership and increase the volume of the co-operative sector in the UK.
Promote community wealth building
Support co-ops to thrive in their localities by anchoring them within place-based industrial and community wealth building strategies.
Introduce a maximum pay ratio
Executive pay has become divorced from reality. A pay ratio will spread wealth and reduce inequality.
Restore and rewild a quarter of UK land
Plan will help the UK reach net zero carbon emissions, restore biodiversity and help us adapt to climate change.
Introduce a Co-operative Economy Act
A legal framework tailored to the needs of co-operatives and supportive of their future development.
Create devolved ‘just transition’ funds
Government should devolve a proportion of its Green New Deal budget to support local just transition plans.
Start inclusive ownership funds
An economic heartbeat that transfers the ownership and control of businesses to workers and other key stakeholders.