A new body is to be created to support Welsh industry decarbonise and create new jobs in the green industries of the future, Economy Minister Vaughan Gething has announced.
Net Zero Industry Wales will work with an existing group of 40 business and academic partners operating within a wide range of energy-intensive industries to help them achieve Net Zero.
Minister for Economy, Vaughan Gething said: “Accelerating the decarbonisation of Welsh businesses and industry is crucial if we are to meet our ambitious net zero targets by 2050.
“The creation of Net Zero Industry Wales is an important step forward to help deliver this transition, and underlines our commitment to support industry in south Wales to decarbonise.
“I was with the Aerospace industry last week exploring the transfer of technologies to support decarbonisation in Wales and expect Net Zero Industry Wales to also act as a focus for this transfer across all our high value manufacturers.
“Another important element is working in close collaboration with the UK’s other industrial clusters to ensure Wales has access to best practice.
“Without this action, Wales and the UK will not achieve our net zero targets by 2050.
“We recognise that we cannot deliver decarbonisation in Wales alone. Our goal is to work in partnership with the UK Government to ensure that Welsh businesses and industry have access to a wide range of support.
“It is therefore critical that the tools available to businesses in Wales are fit-for-purpose and are flexible enough to recognise the complex industrial processes and challenges to be met.”
Due in large part to Wales’ industrial heritage within the steel, oil, gas and chemicals sectors in south Wales, Wales-based businesses are responsible for around 20% of the UK’s overall industrial and business carbon emissions – the majority of Welsh industrial and business carbon emissions can be directly attributed to companies along the M4 corridor.
The new body will have a number of short to medium term priorities, including:
- enabling industry to explore new economic growth opportunities by becoming a ‘world-leader’ in low-carbon manufacturing.
- support future development of a Circular Economy in Wales.
- stimulate and anchor new investments to create and retain high-skilled jobs.
- engage with stakeholders to support public and private investment.
The creation of Net Zero Industry Wales is set to help maximise the potential for stakeholder engagement, industrial participation, the drawdown of relevant UK Government funding, and ensure activities align to Welsh Government policy priorities.
The Welsh Government will support the new body with £150,000 in support each year for the next three financial years.
Later this year the Welsh Government will publish its Net Zero Skills Action Plan, which will set out how Ministers will support businesses to develop a green, skilled workforce.