A new analysis unveiled at the Future Energy Wales 2024 conference reveals a £46.8 billion investment opportunity for Wales in renewable energy by 2035. This investment could drive economic growth, create thousands of jobs, and revitalize communities across the country.
The research, commissioned by RenewableUK Cymru in collaboration with Solar Energy UK and Marine Energy Wales, highlights the potential impact of meeting Wales’ renewable energy targets, focusing on onshore wind, offshore wind, solar, and tidal power.
Key findings include:
- An average annual investment of nearly £4 billion, peaking at £7 billion in 2028.
- Offshore wind could account for £32.4 billion of the total investment, positioning it as a key driver of economic growth.
- Onshore wind is seen as the fastest route to growth, with £4.5 billion in investment expected to expand capacity to over 3 GW by 2035.
To fully capitalize on this opportunity, Wales needs to address planning and grid capacity challenges, as well as invest in industrial strategies and port infrastructure.
While renewable energy development in Wales is growing, with an 18% increase in the pipeline this year, progress remains hindered by resource shortages and delays in permitting. At the current rate, Wales’ wind portfolio could account for only 5% of the UK’s total by 2035, lagging behind Scotland’s 64 GW target.
RenewableUK Cymru Director Jess Hooper emphasized the need for immediate support from both UK and Welsh governments to accelerate wind deployment and grid upgrades, ensuring Wales benefits fully from this opportunity.
Nikki Keddie, Director of BiGGAR Economics, compared the £47 billion required for meeting Wales' renewable targets to the cost of building 208 Principality Stadiums. She stressed the importance of removing barriers to project delivery to ensure that local businesses and communities capture maximum value from this investment.
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