Developing marine renewable energy offers Wales a realistic opportunity to deliver a low carbon economy and reduce carbon emissions in response to the Climate Emergency declaration by Welsh Government in 2019. However, the benefits for Wales go far beyond clean energy.
Wales is working hard to gain the early mover advantage and, with ongoing support, can continue to position itself as a global leader for the marine energy sector; an export market worth an estimated £76 billion by 2050.
We are already seeing the benefits that marine renewable energy can bring including highly-skilled employment in coastal regions, regeneration and growth of rural economies and ports, and export opportunities. An increase in work prospects could also attract more young people back to rural areas.
The marine energy sector also provides opportunity for existing local supply chain companies to diversify into a new industry, retaining jobs, upskilling staff and building resilience. By supporting local supply chain companies, value from investments can be kept locally in Wales.
In the last year a number of exciting developments have taken place in the sector, with projects progressing, new entrants emerging and ground-breaking research being concluded. This Marine Energy Wales: 2020 State of the Sector report details these positive changes in the industry and looks forward to what the next decade has to offer. This report summarises the findings of our industry survey and provides information on wave, tidal stream, tidal range, and floating offshore wind energy projects currently under development in Wales.