Written question WQ87980
- Asked by
- Huw Irranca-DaviesLabour
- To be answered by
- Minister for Climate Change
- Tabled
- Due
- Answered
- Time to answer
- 15 days
Question
What consideration has been given to a sovereign wealth fund for Wales to maximise the benefits of the development of the off-shore wind sector?
Answer
Answered by Minister for Climate Change
Sovereign wealth funds built on revenue from the energy industry have been operating successfully across the globe, most notably in Norway. However, in order to set up a fund for Wales we first require a mechanism to generate a revenue stream from the offshore wind sector.
The initial revenue streams from offshore wind will accrue to The Crown Estate as managers of seabed rights. We believe the Crown Estate should be devolved to Wales and we have asked the Independent Commission on the Constitutional Future of Wales to address devolving the Crown Estate within their wider considerations.
In the meantime, we are strengthening our relationship with The Crown Estate with the aim of securing tangible and long lasting benefits from their activities in Wales and around our coast. We are also in contact with developers who are keen to progress the idea of a wealth fund on a voluntary basis.