From an economic perspective, I see the huge potential ahead of us. I recognise how marine energy projects could be a catalyst to securing long-lasting legacy benefits for the economy, and I understand how they could provide the opportunity for jobs and investment in local and regional economies across Wales—those economies that many Members have touched on and represent. I also see how they could help our transition to a low-carbon economy. And I think it's vitally important to place Wales at the forefront of this exciting sector, to put Wales at the vanguard of new tidal technologies, subject, of course, to those projects receiving the necessary approvals.

Now, we are already supporting businesses to help Wales seize the opportunity to become a leader in tidal lagoon project development, to secure an enduring legacy in developing a sustainable industry for Wales for future generations. Now, an area of activity specifically identified in Charles Hendry's report concerns the Welsh projects already in progress, particularly the pathfinder project, and we agree with the approach set out in the report for a small-scale pathfinder project as soon as is reasonably possible, to understand the impacts of such developments. And we very much welcome Charles Hendry's observation of the very strong case for the proposed Swansea bay tidal lagoon to be that small-scale pathfinder project, as it’s currently the only project in an advanced state of preparation that is necessary to become a pathfinder in the near future. But it's clear that, before that project can proceed, a number of approvals and consents need to be secured. Those have been outlined by Members today and include the strike price, a marine licence, and also a sea bed lease from the Crown Estate. There is also the issue of end-of-life decommissioning, which is yet to be agreed between the company and the UK Government. My officials have been meeting with Tidal Lagoon Power Ltd on its proposed Swansea project for a number of years across a range of areas to ensure that Wales and Welsh businesses and the economies that we represent can gain maximum benefit from the project. Ultimately, the company estimates that its proposed fleet of tidal lagoons will contribute £27 billion to UK GDP, and £3 billion per annum once operational, and it will meet to up to 8 per cent of UK electricity demand.

Another area specifically highlighted in the Hendry report is a recognition of the integrated approach that we have taken on skills and supply chain development in support of this important sector. For example, we've invested in the skills demand and supply reports for the proposed Swansea bay lagoon development. We facilitated early engagement with key stakeholders, including, crucially, the skills partnerships and provided them with early access to labour market intelligence reports, which have allowed them to be aware of the skills needs of the project.

I want to make very clear that the Welsh Government's intention is to do everything that it can to capitalise on the opportunity ahead of us. Wales, as many Members have observed today, is a tidal country, and next year, we’ve designated it the Year of the Sea. We want Wales to be celebrated for its incredible coast, but also to be the global leader in marine energy projects. Whilst the UK Government considers the findings of the Hendry report, officials will continue regularly to engage with Tidal Lagoon Power and, indeed, other potential tidal lagoon developers to ensure that, should the project receive the necessary approvals and consents, Welsh businesses, and specifically the local economies of Wales, gain the maximum benefit for our country.