Are you ready for a marine energy revolution in Wales?
In Wales, we’re always searching for new ways of driving innovation. New opportunities, new ventures and new partnerships are part and parcel of Wales’ ambition to grow and excel in the world of business.
By helping to establish and develop new industries, we can produce a catalyst for the Welsh economy which will boost business, create new jobs and accelerate economic growth. Simultaneously, we’ll foster new talent, develop new skills and provide new opportunities for today’s and future generations.
One of our key ambitions in Wales is to pave the way for a burgeoning marine energy industry. Wales’ history is steeped in energy creation, built by our contribution to the coal industry. Now, as the world looks for alternative and renewable energy sources, Wales is ideally placed to take up this mantle. Surrounded by our infamous stretching coastlines, our natural marine assets stand us apart to fulfil marine energy demands which focus on harnessing power from the sea; whether waves, tidal streams or tidal ranges. And the opportunity is very real.
The Welsh energy and environment sectors employ nearly 60,000 people, generating more than £4.8bn. And we’ve already seen rapid innovation in Wales with a growing number of marine energy initiatives and low-carbon projects.
Looking forward, the ocean energy industry plans to deploy 100GW of energy capacity across Europe by 2050 – equivalent of more than the entire UK’s electricity generation capacity [LW1] – which is anticipated to create 400,000 new jobs. Aiming to attract future development, the Welsh Government has now made formal ties with Ocean Energy Europe (OEE) which opens doors for future engagement and collaboration between the industry and Wales.
Across public sector, business and academia, we need to prepare and be ready for the opportunities that marine energy growth in Wales can create. It will build a new platform for future entrepreneurs both in terms of developing new technologies but also through support businesses and industry supply chains. Our universities will be well placed to nurture and train future talent and drive further innovation through industry research and development. And we’ll attract inward investment as the eyes of the world turn to Wales as a leader in marine energy innovation and business.
It’s only by embracing new opportunities that we will realise Wales’ potential; becoming a hot bed for innovation, benefiting from its development and helping to spur its success.
Wales is ready for a marine energy revolution. Are you?
See 5.35 on page 7 (p121)
Note 1,000 MW= 1GW