New analysis revealed today at Future Energy Wales, shows renewables presents the country with a £47bn investment opportunity by 2035.
Delegates at Future Energy Wales 2024 at the ICC in Newport heard the first insights from preliminary research conducted by BiGGAR Economics.
Commissioned by RenewableUK Cymru in collaboration with Solar Energy UK and Marine Energy Wales, it maps out the potential economic impact of hitting the country’s renewable energy targets for onshore wind, offshore wind, solar, and tidal power.
The analysis projects an annual average investment of almost £4bn, peaking at £7bn in 2028.
Offshore wind, forecasted to account for £32.4bn of this total, could become the backbone of Welsh economic growth by 2035.
For the country to secure thousands of new, well-paid jobs and capture the maximum local investment, there is urgent need for an effective industrial strategy and port infrastructure upgrades.
While offshore wind promises long-term gains, onshore wind represents Wales’s fastest path to growth.
A projected £4.5bn in investment could enable onshore wind capacity to reach just over 3GW by 2035, provided planning and grid capacity issues are swiftly addressed.
Modelling data from RenewableUK Cymru’s latest 2024 Welsh wind power report shows interest in developing renewable energy in the country has surged, with the pipeline of projects up by 18% this year, from 9GW in 2023 to more than 10.5GW in November 2024.
The growth is largely driven by new onshore arrays.
However, with delays in consenting and a constrained grid network, at the current rate of deployment, the Welsh wind portfolio is forecast to make up only 5% of the UK’s total capacity by 2035 – lagging far behind Scotland’s ambitious 64GW projection.
RenewableUK Cymru director Jess Hooper (speaking in picture) said: “Wales stands at the threshold of a historic opportunity.
“By harnessing this renewable investment potential, we can secure Welsh jobs and build a secure, long-term local economy across all parts of the country.
“But to channel this investment into tangible progress, we need stronger, immediate support from both the UK and Welsh governments.
“That is why we are calling for a coordinated, four-nations approach to accelerate wind deployment and grid upgrades.
“With strategic investment in grid capacity and planning, Wales can place wind energy at the heart of its clean energy future – achieving impactful results for our climate, economy and communities.”