A new report ‘Marine Energy in Wales – Investment, Jobs, Supply Chain’ completed by Marine Energy Pembrokeshire (MEP) has highlighted the compelling economic benefits created by the marine energy sector in Wales to date.
The report, launched at the Marine Energy Pembrokeshire Annual Industry Seminar in March, highlights the positive impact of the marine energy industry on the Low Carbon Economy in Wales, providing green jobs and growth in a challenging economic climate.
In terms of total investment in Wales to date, Wave and Tidal technology developers have already spent over £34.5 million. When this is combined with marine energy research carried out by Welsh universities the figures rises to £45.4 million.
Employment benefits are also substantial; marine energy technology developers and associated Welsh project development has directly created 99 person years of employment so far. Alongside Welsh marine energy related research, this figure rises to over 174 person years of employment.
With excellent wave and tidal resource, the announcement of two marine energy Demonstration Zones and the allocation of €100.4 million of EU structural funding prioritising marine energy, Wales is well placed to reap the benefits from this nascent but growing industry.
The report ‘ Marine Energy in Wales – Investment-Jobs-Supply Chain’ along with a film of the seminar will soon be available on the MEP website.
Image: MEP