On the launch of the IWA report ‘Funding renewable energy projects in Wales’, Shea Jones sets out the barriers and opportunities to Wales reaching its climate change targets
‘As a nation, we are rich in energy resources and this provides a tremendous opportunity to fuel our drive for a fairer and more prosperous Wales and to achieve a better quality of life for our own and future generations’.
This statement comes directly from the First Minister’s foreword to Welsh Government’s ‘Energy Wales: A Low Carbon Transition’. Renewable energy across Wales has the potential to substantially boost the Welsh economy and significantly help Wales to meet its climate change targets, however accessing funding for projects across Wales is currently one of the biggest barriers to achieving this potential as outlined in a report published today by the Institute of Welsh Affairs.
The report ‘Funding Renewable Energy Projects in Wales’ highlights the missed opportunities and the main barriers to being able to raise financial capital from within Wales for renewable energy schemes in order to ensure that wider economic and social benefits are retained locally. It is the first report to be launched as part of the IWA’s ‘Re-Energising Wales’ project which will set out a plan to enable Wales to meet its projected energy demands entirely from renewable sources by 2035.