The cost-of-living crisis is bringing out a lot of cooperative and collective innovation - especially in Wales
Cwmpas - the new name for Wales Cooperative Centre unveiled by North Wales based mountain bike centre and social enterprise Antur Stiniog. From Wales 24/7
We are hopeful that one cosmolocal response to the soaring cost-of-living crisis will be a burst of innovation around non-profit answers to urgent needs.
We caught this post from the Institute of Welsh Affairs this week, which highlights three examples of exactly this in Wales, from a conference in the last few weeks. We’re excerpting them below:
Credit Unions
The first speaker was Ann Francis from Cambrian Credit Union. Credit unions are not-for-profit, member-owned savings and loans providers. According to Credit Unions of Wales, ‘when you join a credit union you become a member of a worldwide group of financial cooperatives dedicated to improving the financial wellbeing of millions of people’.
Credit unions have overwhelming evidence for the extent of the challenges individuals in our communities are facing. Cambrian Credit Union’s Annual Christmas Survey showed the rise in the number of people facing financial challenges – 48% are expecting to borrow to pay bills, and 760 of 780 respondents said they would be borrowing to pay for Christmas. 22% said they would be using a payday or doorstep lender, up from 7% in 2020.
Ann discussed how credit unions in Wales are coming together to co-operate and develop new solutions to the crisis, and are developing a shared strategy and action plan to create social value. They are working with Cwmpas on a new robust constitution to underpin this.
Community energy projects
Leanne Wood [ex leader of Plaid Cymru] has recently taken up the role of Director of Community Energy Wales, a not for profit membership organisation that provides assistance and a voice to community groups working on energy projects in Wales.
Leanne discussed how community groups are embedded in their local areas across Wales, and their members are working in different ways to support their communities. Partneriaeth Ogwen are developing foodshare schemes, Egni Co-op are developing energy solutions, and others are developing car clubs as solutions to transport costs.
The development of community energy can also contribute to a more resilient and sustainable energy sector. The annual State of the Sector survey conducted by Community Energy Wales indicated that Welsh community energy projects “have generated a broad range of social, economic and environmental impacts, fostering sustainable communities”.
The results indicated the significance of community renewable projects in reducing CO2 emissions, but as well as this, they played a key role in educating and engaging local communities in climate change and fostering local support through partnership and collaboration.
Community shares
The final speaker was Hannah Morris, from Community Shares Wales. At a time of economic crisis, many of the assets or services that provide so much value to our communities could be under threat of closure.
A form of crowdfunding where members of the community come together to buy shares in a local asset, community shares can be used as a fundraising initiative to build stronger, more vibrant and independent communities. They are often used to save vital services and amenities such as community facilities, pubs, and shops, or can fund new organisations, such as financing renewable energy schemes and supporting local food growing projects.
These organisations are then rooted in their communities with democratic control and are resilient – our data shows that 92% are still trading after 5 years, compared to 42% for private companies.
The Community Shares Wales Resilience Project is funded by the National Lottery Community Fund Wales and delivered by Cwmpas, and helps communities raise investment to protect and strengthen the things that matter to them.
Not everybody will be able to buy shares during the economic crisis we are currently going through, but for some it provides a means of supporting your local community and saving vital assets that provide vital social value.