New analysis reveals that Wales has an unprecedented £46.8 billion investment opportunity from renewable energy by 2035—a transformation that could drive long-term economic growth, create thousands of jobs, and invigorate Welsh communities.
Preliminary research conducted by BiGGAR Economics and commissioned by RenewableUK Cymru, in collaboration with Marine Energy Wales and Solar Energy UK, maps out the potential economic impact of hitting Wales’s renewable energy targets for onshore wind, offshore wind, solar, and tidal power.
The analysis projects an annual average investment of £3.9 billion, peaking at £7 billion in 2028. Offshore wind, forecasted to account for £32.4 billion of this total, could become the backbone of Welsh economic growth by 2035. For Wales 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.
The research shows that while offshore wind promises long-term gains, onshore wind represents Wales’s fastest path to growth. A projected £4.5 billion in investment could enable onshore wind capacity to reach 3 GW by 2035, provided planning and grid capacity issues are swiftly addressed.
The recently released NESO 2030 Clean Power report outlines ambitious plans for grid reform to accelerate renewable energy delivery across the UK. Yet, Wales’s progress remains constrained by immediate resource shortages in planning.
Modelling data from our latest 2024 Welsh wind power report shows that at the current rate, 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 64 GW projection.
Marine Energy Wales’ State of the Sector Report 2024 revealed marine renewable energy has seen £293m invested into Wales to date.
Jess Hooper, RenewableUK Cymru Director 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.
The report launched today at RenewableUK Cymru‘s Future Energy Wales is available free to RenewableUK members or to purchase here: Welsh wind power pipeline November 2024.