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New research shows that Wales could attract £46.8bn ($59.6bn) in investments from renewable energy by 2035, the majority of which would be directed towards offshore wind.
In its research, BiGGAR Economics projected an annual average investment of almost £4bn, peaking at £7bn in 2028.
According to the research, offshore wind – forecasted to account for £32.4bn ($41bn) of this total – could become the backbone of Welsh economic growth by 2035.
The analysis further claimed that Wales must urgently create an effective industrial strategy and port infrastructure upgrades to capture the maximum local investment.
While offshore wind promises long-term gains, BiGGAR Economics said that 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.
The recently released NESO 2030 Clean Power report shows that Welsh interest in developing renewable energy has surged, with the Welsh pipeline of projects up by 18% this year – from 9GW in 2023 to more than 10.5GW in November 2024.
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, it warns.
“Wales stands at the threshold of a historic opportunity. 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-nation 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,” said Jess Hooper, RenewableUK Cymru director. |
